What is Bitcoin?

Bitcoin is a cryptocurrency — a type of digital currency. It was invented in 2008 to overcome the shortcoming of government-issued fiat currencies and traditional financial systems. Satoshi Nakamoto is credited to be the inventor of Bitcoin who is still a mystery.

Bitcoin is based on blockchain technology which itself is based on the principles of decentralization and transparency. Hence, Bitcoin is a decentralized digital currency.

But bitcoin today is more an asset than a currency. The prices of Bitcoin are volatile and categorized as a pump-and-dump scheme by many. Bitcoin also has criticism of emitting greenhouse gases, encouraging money-laundering and ransomware.

Learn More Crypto Terms

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