Bitcoin, a form of digital currency, functions similarly to traditional fiat money by enabling payments and preserving value. It operates as a decentralized cryptocurrency, promoting direct transactions between individuals. Commonly known as BTC, Bitcoin holds the position of being the most prominent cryptocurrency. It is built upon the blockchain network, which relies on a network of nodes and miners to operate a wide range of computer programs. Bitcoin was introduced in 2009, and despite its creator(s) remaining unidentified, it was based on the concepts outlined in Satoshi Nakamoto’s whitepaper.
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