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What is Bitcoin and how does it work?

Bitcoin is the first and most widely known cryptocurrency, launched in 2009 by the anonymous figure Satoshi Nakamoto. It operates on a decentralized blockchain network, where transactions are verified by miners using proof-of-work. Bitcoin allows peer-to-peer transfers without banks, using digital wallets and public/private keys for security. Supply is capped at 21 million coins, making it scarce and often compared to digital gold. Bitcoin can be traded on exchanges, stored in wallets, or used for payments at some merchants. Its value fluctuates based on supply, demand, and investor sentiment. While volatile, Bitcoin remains the foundation of the cryptocurrency market.