Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
In the current global financial landscape, traditional currencies are subject to centralized control by governments and financial institutions, leading to issues of inflation, lack of financial inclusion, and susceptibility to economic crises. Additionally, traditional banking systems involve intermediaries, resulting in higher transaction costs and slower cross-border transactions. In light of these challenges, there is a growing need for a decentralized, secure, and globally accessible form of currency that provides individuals with greater financial autonomy, lower transaction costs, and increased privacy. Bitcoin emerges as a potential solution, offering a limited supply, decentralized nature, and the ability to facilitate peer-to-peer transactions on a global scale, thereby addressing the shortcomings of traditional financial systems.
Bitcoin is decentralized by virtue of peer-to-peer (p2p) communication and guarantees security using cryptography. It operates on a technology called blockchain, which ensures transparency, immutability, and trust in transactions.
To get started with Bitcoin, you'll need a digital wallet. You can choose from various wallets available for different devices. Once you have a wallet, you can obtain bitcoins through exchanges or by accepting them as payment.