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What is Bitcoin?
Bitcoin is a digital money system that works without a bank in the middle. This is the plain-language version.
The short answer
Bitcoin is a network of computers that collectively maintains a shared record of who owns what. Instead of a bank confirming a payment, thousands of independent participants confirm it together, following rules that no single party can quietly change.
The unit of value moved across that network is also called bitcoin.
How it actually works
A shared ledger
Every transaction is recorded in a public record that anyone can inspect and no one can secretly rewrite.
Keys, not accounts
Ownership is proved with a private cryptographic key. Whoever holds the key controls the coins, which is why custody matters so much.
Mining
Participants compete to add new blocks of transactions, spending real computing power. That cost is what makes rewriting history impractical.
A capped supply
The protocol limits total issuance to 21 million coins, issued on a slowing schedule.
Why people hold it
Some hold bitcoin as a hedge against currency debasement, because supply cannot be increased by decision. Others value censorship resistance: transactions that do not depend on a bank's permission. Many simply treat it as a high-volatility asset with a long track record relative to the rest of the sector.
The risks worth stating plainly
Bitcoin's price has fallen more than seventy percent from a peak on several occasions. Lost keys mean permanently lost coins. Regulation varies by jurisdiction and continues to evolve. Position sizing matters more here than in almost any other asset.
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