What is Bitcoin?
Bitcoin is a decentralized digital currency that allows peer‑to‑peer transactions without banks or governments. It runs on blockchain technology, which is a public ledger that records all transactions securely and transparently.
Key Points About Bitcoin
- It was reated in 2009 by an anonymous figure (or group) known as Satoshi Nakamoto
- Symbol: ₿, Code: BTC
- Bitcoin introduces when 2008 financial crisis emrges.
- Decentralized: It is maintained by a global nework of computers known as nodes, No central authority controls it.
- Blockchain: Means every transaction is recorded on a shared ledger, preventing fraud and double‑spending.
- Mining: New bitcoins are created through a process called mining, where computers solve complex mathematical problems. The reward halves roughly every 4 years (currently 3.125 BTC per block as of 2025)
- Supply Limit: It has only limited supply of 21 million ( 2Cr 10 Lac) bitcoins, thats why its price increases as like Gold.
Why Bitcoin Matters
- Alternative to traditional money: It enables users to direct global transfers without banks.
- Secure & transparent: Transactions are verified by cryptography and recorded permanently on the blockchain.
- Financial freedom: Individuals control their funds without intermediaries
- Investment asset: Bitcoin now treating as a “digital gold” due to its limited supply and potential.
How Can People Use Bitcoin
- Payments: Buy goods/services online or in person where accepted
- Remittances: Across border payments can be send quickly and cheaply
- Investment: Many people holding it as a long‑term asset or trade for profit
- Innovation: Forms the basis for other cryptocurrencies and blockchain applications
Things to Remember
- Volatility: Bitcoin’s price can swing dramatically
- Security: Safe storage requires wallets (hardware, software, or custodial)
- Regulation: Rules vary country by country; in India, Bitcoin is not legal tender but trading is allowed under certain conditions