Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. It was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoin transactions are verified by network nodes through cryptography and recorded on a public distributed ledger called a blockchain. The currency can also be exchanged for traditional currencies or used to purchase goods and services online.
Buying goods and services: Bitcoin can be used to purchase goods and services from merchants who accept it as a form of payment.
Investment: Bitcoin can be used as an investment, with the value of a bitcoin fluctuating based on supply and demand.
Money transfer: Bitcoin can be used to send and receive money anywhere in the world, with transactions processed quickly and inexpensively.
Online gambling: Bitcoin is often used in online gambling because it provides a way to make anonymous transactions.
Darknet markets: Bitcoin is also used in darknet markets, which are online marketplaces that sell illegal goods and services.