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Bitcoin is a decentralized digital currency, unlike traditional fiat currencies like the U.S. dollar, which are controlled by central authorities. It operates on a set of predefined rules, allowing everyone to participate in the network without any single entity having control. Transactions in Bitcoin are strictly peer-to-peer, meaning money is transferred directly from sender to receiver without intermediaries. These transactions use Bitcoin addresses, which are strings of letters and numbers. If the address owner's identity is unknown, the transaction remains effectively anonymous, enhancing privacy within the network.