Bitcoin Explained in 60 Seconds
8Bitcoin is the first and most widely recognized cryptocurrency, introduced in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It's a digital currency that enables peer-to-peer transactions without the need for a central authority like a bank. Bitcoin operates on a decentralized system called blockchain, a distributed ledger technology that records and verifies transactions across a network of computers. Bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems and are rewarded with new coins. The total supply of Bitcoin is capped at 21 million, making it a scarce digital asset. Bitcoin is lauded for its potential to enable fast, secure, and low-cost global transactions, but also faces criticism for its volatility, environmental impact from mining, and association with illicit activities. #shorts