What is Bitcoin?

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what is bitcoin

 Bitcoin is the oldest and best-known cryptocurrency in the world working non-stop for more than ten years. But despite its popularity, many people still struggle to realize what it is, what does it mean, and how does it all work.

What is Bitcoin?

Bitcoin is a peer-to-peer cash protocol designed to operate without central authorities like governments and banks. Its open-source nature ensures that all its transactions, as well as the issuance of bitcoins, are collectively secured by genius math, cryptography, and network participants called miners. Such a design makes it the most sophisticated, accessible, and transparent money. Anyone with the right skills can participate in its development or build applications on top of it.

Even so, it is not easy to grasp Bitcoin and its implications. Here are some other definitions and analogies of bitcoin according to people who have studied Bitcoin for years.

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