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Bitcoin is a decentralized digital currency that enables peer-to-peer transactions without the need for intermediaries such as banks or financial institutions. It was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto [1]. Bitcoin transactions are recorded on a public ledger called the blockchain, which uses cryptography to ensure the security and integrity of the transactions [2].
Cryptocurrency refers to any digital currency that uses cryptography for security and operates independently of a central authority. Bitcoin is just one of many cryptocurrencies that exist today, with others including Ethereum, Litecoin, and Ripple [3]. Cryptocurrencies are often used for online transactions and as a store of value, and their value can fluctuate significantly based on market demand and other factors [4].
While Bitcoin and other cryptocurrencies have gained popularity in recent years, there are also concerns about their potential use for illegal activities such as money laundering and tax evasion [5]. Additionally, the lack of regulation and oversight in the cryptocurrency market can make it risky for investors, with many cases of fraud and scams reported in recent years [6].
Sources:
- https://www.investopedia.com/terms/b/bitcoin.asp
- https://www.coindesk.com/learn/what-is-bitcoin/
- https://www.britannica.com/topic/cryptocurrency
- https://www.nerdwallet.com/article/investing/what-is-bitcoin
- https://www.bbc.com/news/business-56052875
- https://www.ftc.gov/news-events/media-resources/identity-theft-and-data-security/fighting-fraud-cryptocurrency-markets