What is Bitcoin?

Web definitions: A decentralised digital currency created in 2009; A client for the above currency.
(en.wiktionary.org/wiki/bitcoin)

Bitcoin has the potential to disrupt traditional financial systems and empower individuals in developing economies.

Bitcoin transactions are pseudonymous, providing a level of privacy while still being traceable on the blockchain.

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Bitcoin is a ground-breaking decentralized digital money that gives individuals financial sovereignty while also disrupting existing monetary institutions and providing secure, transparent peer-to-peer transactions.

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Bitcoin is the world's first decentralized digital currency, created by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It was introduced in a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" published in 2008. Bitcoin is based on blockchain technology, which is a distributed ledger that records all transactions across a network of computers.

At its core, Bitcoin serves as a digital medium of exchange that enables peer-to-peer transactions without the need for intermediaries like banks. It operates on a decentralized network of computers, collectively known as nodes, which validate and record transactions on the blockchain. This decentralized nature makes Bitcoin resistant to censorship and interference from central authorities.

How is Bitcoin related to cryptocurrency exchanges?

Cryptocurrency exchanges are online platforms that allow users to buy, sell, and trade various cryptocurrencies, including Bitcoin. These exchanges act as intermediaries, matching buyers and sellers, and providing a secure environment for conducting digital asset transactions.

Bitcoin serves as the backbone of the cryptocurrency market and plays a significant role in most exchanges. It is often used as a base pair or trading pair, meaning it is used to establish the value of other cryptocurrencies. For example, when trading altcoins (other cryptocurrencies), traders often compare their value to Bitcoin's value.