What is Bitcoin

Bitcoin is a decentralized digital currency that operates without the control of governments or banks, using blockchain technology to record transactions securely and transparently. Unlike traditional money, Bitcoin is not tied to a single nation or financial institution, which gives people across the globe access to financial systems, especially in areas where banking is limited. This inclusivity can promote economic empowerment by allowing individuals to send, receive, and store value without relying on costly intermediaries. Additionally, Bitcoin’s transparent blockchain can reduce corruption and increase trust in financial transactions. Its limited supply also protects against inflation, offering people a more stable way to preserve wealth over time. While Bitcoin faces challenges such as price volatility and environmental concerns, innovations are addressing these issues. Overall, Bitcoin has the potential to create a better future by democratizing finance, increasing financial independence, and fostering a more open and equitable global economy (Narayanan et al., 2016).

ReferenceNarayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and cryptocurrency technologies: A comprehensive introduction. Princeton University Press.