What is Bitcoin?

Bitcoin is a digital currency created in 2009 by an unknown person or group of people under the pseudonym Satoshi Nakamoto. It is a decentralized form of currency that operates on a technology called blockchain, which is a public ledger that records all transactions made with Bitcoin. Unlike traditional currencies, Bitcoin is not controlled by any government or central authority.

Key Crypto Terms and What They Mean

• Cryptocurrency: A digital or virtual form of currency that uses cryptography for security and operates independently of any central authority.
• Blockchain: A decentralized, distributed ledger that records all transactions made with a particular cryptocurrency.
• Wallet: A digital storage system that allows users to store, send, and receive cryptocurrencies.
• Mining: The process of validating transactions and adding them to the blockchain, typically done by powerful computers solving complex mathematical problems.
• Public Key: A cryptographic key that is used to receive cryptocurrencies and is visible to others.
• Private Key: A cryptographic key that is used to send cryptocurrencies and should be kept secret.