Imagine a coin that is shiny and has a BTC boldly written on it. This is how most people imagine Bitcoin. Bitcoin, however, is a digital currency. There are no Bitcoin coins in existence, just computer records. The first Bitcoin was created in 2009, by someone or a group using the name Satoshi Nakamoto. Bitcoin is the most popular and first cryptocurrency. It is the first "internet currency."
Bitcoin's primary goal is to allow people to send money from person-to-person anywhere in the globe without a middleman or bank. If you want to send $50 worth of Bitcoin to a buddy, your computer will broadcast that transaction to all Bitcoin users. A network of computers verifies the transaction and ensures it is valid.
The payment is made once enough computers have agreed. All of this happens on a ledger that is public (called the Blockchain) and everyone can view it. It's similar to updating a spreadsheet that shows who has what bitcoins. What are the advantages? The ledger is not controlled by any single company or government. Everyone can rely on its accuracy without any authority checking it.
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