Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for a central authority. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto.
Unlike traditional currencies, which are regulated by governments and financial institutions, Bitcoin relies on a decentralized network of computers to maintain and verify transactions. This network is known as the blockchain.
When a user sends Bitcoins to another user, the transaction is broadcast to the network and verified by a group of computers known as nodes. These nodes confirm the transaction by solving complex mathematical equations, and once the transaction is confirmed, it is added to the blockchain.
Once a block is added to the blockchain, it cannot be altered or deleted, which makes it highly secure and resistant to fraud. Additionally, Bitcoin transactions are anonymous, making it difficult for third parties to trace the source or destination of funds.
Overall, Bitcoin provides a secure and efficient way to transfer funds without the need for a middleman, offering users increased control over their money and financial transactions.