Bitcoin for Beginners: What You Need to Know about BTC

[pewajar]

Bitcoin is the first and most valuable cryptocurrency. Learn what it is, how it works, and the pros and cons.

BTC definition: What is Bitcoin?
Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

Transactions are authenticated through Bitcoin’s proof-of-work consensus mechanism, which rewards cryptocurrency miners for validating transactions.

Launched in 2009 by a mysterious developer known as Satoshi Nakamoto
[1]
, Bitcoin (BTC) was the first, and remains the most valuable, entrant in the emerging class of assets known as cryptocurrencies.

Bitcoin price today
The following chart shows current and historical Bitcoin price data.

How does Bitcoin work?
Each Bitcoin is a digital asset that can be stored at a cryptocurrency exchange or in a digital wallet. Each individual coin represents the value of Bitcoin’s current price, but you can also own partial shares of each coin. The smallest denomination of each Bitcoin is called a Satoshi, sharing its name with Bitcoin’s creator. Each Satoshi is equivalent to a hundred millionth of one Bitcoin, so owning fractional shares of Bitcoin is quite common.

Blockchain: Bitcoin is powered by open-source code known as blockchain, which creates a shared public history of transactions organized into "blocks" that are "chained" together to prevent tampering. This technology creates a permanent record of each transaction, and it provides a way for every Bitcoin user to operate with the same understanding of who owns what.

Private and public keys: A Bitcoin wallet contains a public key and a private key, which work together to allow the owner to initiate and digitally sign transactions. This unlocks the central function of Bitcoin — securely transferring ownership from one user to another.

Bitcoin mining: Users on the Bitcoin network verify transactions through a process known as mining, which is designed to confirm that new transactions are consistent with other transactions that have been completed in the past. This ensures that you can’t spend a Bitcoin you don’t have, or that you have previously spent.

[amaretosdefractor]

If you know so much about bitcoin, mb you can explain to me what is halving of bitcoin is and what should I know about that? coz for that moment I know just that Bitcoin halving decreases the number of new Bitcoins that are generated per block which lowers the supply of new Bitcoins, thus making the purchase price of the coin more expensive. But is there any other info that is valuable for me? thanks.