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Bitcoin is a digital currency, often referred to as cryptocurrency, that operates on a decentralized network called blockchain. It was invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto and was released as open-source software in 2009. Here are some key points about Bitcoin:

1. **Decentralization**: Bitcoin operates without a central authority or middlemen, such as banks. Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain.

2. **Limited Supply**: Unlike traditional currencies, Bitcoin has a limited supply. There will only ever be 21 million bitcoins in existence. This scarcity is designed to create value over time.

3. **Mining**: Bitcoin mining is the process of validating transactions and adding them to the blockchain. Miners compete to solve complex mathematical problems, and the first to solve the problem gets to add a new block of transactions to the blockchain and receives a reward in the form of newly created bitcoins.

4. **Security**: Bitcoin transactions are secured using cryptographic techniques, making them secure and tamper-resistant. The decentralized nature of the network also makes it resilient to censorship and hacking attempts.

5. **Wallets**: Bitcoin is stored in digital wallets, which can be software applications or hardware devices. Each wallet has a private key that allows the owner to access and manage their bitcoins.

6. **Volatility**: Bitcoin's price can be highly volatile, with significant fluctuations in short periods. This volatility has attracted both investors seeking high returns and critics concerned about its stability as a currency.

Overall, Bitcoin represents a new form of money that operates outside traditional financial systems, offering potential benefits such as lower transaction fees, faster international payments, and financial inclusion for unbanked populations. However, it also poses challenges related to regulatory concerns, scalability, and environmental impact due to its energy-intensive mining process.