What is Bit?
Bit (also known as Bitcoin) is a decentralized digital currency, or cryptocurrency, created in 2009 by Satoshi Nakamoto. Unlike traditional currencies, which are issued and backed by central governments or central banks, Bit is not controlled by any one entity. Instead it relies on an open source protocol to ensure its security and validity. It can be used for peer-to-peer payments over the internet without going through a financial institution such as a bank or credit card company. Transactions are verified using cryptography and recorded on a public ledger called the blockchain. This system allows users to make secure online payments without having to disclose their identity. As of 2021, Bit is the most widely accepted cryptocurrency with millions of users around the world utilizing it for various transactions including buying goods and services online.
