Bitcoin is a decentralized digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious and pseudonymous Satoshi Nakamoto. Bitcoin is known as a cryptocurrency because it uses cryptography to keep it secure. Bitcoin was the first ever cryptocurrency created.
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There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted). All Bitcoin transactions are verified by a massive amount of computing power via a process known as "mining.”
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