What is bitcoin?

Bitcoin is a type of digital currency that was created in 2009 by an anonymous person or group using the name Satoshi Nakamoto. It operates on a decentralized computer network that allows for peer-to-peer transactions without the need for an intermediary such as a bank. Bitcoin transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. Bitcoin can be used for online purchases, investment, and international money transfers. Its value fluctuates based on market demand, and its finite supply of 21 million means that it is considered a scarce asset.

This mind map was published on 24 May 2023 and has been viewed 105 times.