What is Bitcoin? (BTC)
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2021, the value of one bitcoin was around 50,000 US dollars.
Despite its potential benefits, Bitcoin has faced regulatory challenges and its use as a currency has been limited. However, it has gained a following as a store of value and investment, with some proponents even calling it the "digital gold".