What exactly is Bitcoin?
Cryptocurrency is a digital payment mechanism that does not rely on banks for transaction verification. It's a peer-to-peer system that allows anyone to make and receive payments from anywhere. Cryptocurrency payments exist solely as digital entries to an online database identifying specific transactions, rather than as tangible money carried around and exchanged in the real world. The transactions you make with cryptocurrencies are recorded in a public ledger. Digital wallets are used to store cryptocurrency.
The name cryptocurrency comes from the fact that it uses encryption to verify transactions. This means that storing and sending cryptocurrency data between wallets and to public ledgers requires complex coding. Encryption's goal is to ensure security and safety.
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Bitcoin, the first cryptocurrency, was created in 2009.
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