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New to Binance Square, thrilled to share and connect with everyone here! Bitcoin (BTC) is the first and most well-known cryptocurrency, created in 2008 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin revolutionized the concept of digital currency by introducing a decentralized, peer-to-peer system that allows users to transact directly without the need for intermediaries like banks. ### Key Features of Bitcoin: 1. **Decentralization:** - Unlike traditional currencies, Bitcoin is not controlled by any central authority, such as a government or financial institution. Instead, it operates on a decentralized network of computers (nodes) that validate and record transactions on a public ledger known as the blockchain. 2. **Blockchain Technology:** - The blockchain is the backbone of Bitcoin. It is a distributed ledger that records all Bitcoin transactions in chronological order. Each block in the blockchain contains a group of transactions, and once added, it cannot be altered. This ensures transparency and security. 3. **Limited Supply:** - Bitcoin has a fixed supply of 21 million coins. This scarcity is built into the Bitcoin protocol, making it deflationary by design. The limited supply is one of the factors that contribute to its value, as demand increases while supply remains constant. 4. **Mining:** - New Bitcoins are created through a process called mining, where powerful computers solve complex mathematical problems to validate transactions and add them to the blockchain. Miners are rewarded with newly created Bitcoins and transaction fees. 5. **Anonymity and Privacy:** - While Bitcoin transactions are transparent and recorded on the blockchain, the identities of the parties involved remain pseudonymous. Users are identified by their public keys (Bitcoin addresses) rather than personal information.