Bitcoin is a decentralized digital currency that uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Transactions are recorded on a public ledger called a blockchain, which allows anyone to track the history of a specific Bitcoin.
Users can send and receive bitcoins, which are kept in a digital wallet, by transmitting the transaction to the network and having it verified by network nodes. The process of verifying transactions, called "mining," involves solving complex mathematical equations and is incentivized by the reward of newly minted bitcoins and transaction fees.
The decentralized and secure nature of Bitcoin makes it different from traditional currencies, which are usually issued and controlled by governments. It operates on a peer-to-peer network, allowing for direct transfers without intermediaries.
