I’m pretty sure ChatGPT offered a better response to what is bitcoin than 99% of people can give for the everyday person:

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Bitcoin is a decentralized digital currency that allows peer-to-peer transactions without the need for intermediaries like banks or governments. It was introduced in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto.

Key Features of Bitcoin:

1. Decentralized: Bitcoin operates on a distributed ledger called the blockchain, maintained by a network of computers (nodes) worldwide.

2. Limited Supply: There will only ever be 21 million bitcoins, making it deflationary by design.

3. Blockchain Technology: Each transaction is recorded in a block and added to the blockchain in a secure and transparent manner.

4. Anonymity: Bitcoin transactions do not require personal information, but they are pseudonymous; all transactions are publicly visible on the blockchain but tied to wallet addresses, not real identities.

5. Mining: New bitcoins are created through a process called mining, where computers solve complex mathematical problems to validate transactions and secure the network.

How is Bitcoin Used?

• As a Currency: For buying goods and services, though its adoption for this purpose varies.

• As an Investment: Many see Bitcoin as “digital gold,” used as a store of value or speculative investment.

• For Transfers: Used to transfer money quickly across borders, often with lower fees than traditional systems.

Bitcoin’s value and use cases depend on factors like market demand, regulation, and technological developments.

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