What is Bitcoin?

⏱ 5 min read  [ BEGINNER ]

Imagine a type of money that exists only on the internet, that nobody controls, and that you can send to anyone in the world in minutes — without a bank, without fees, and without asking permission from anyone. That is Bitcoin.

Bitcoin was created in 2009 by a person (or group) using the name Satoshi Nakamoto. To this day, nobody knows who this person really is. What Satoshi created changed the world of money forever.

So… what exactly is it?

Bitcoin is a digital currency. It only exists on the internet — there are no physical coins or notes. But unlike the money in your bank account, Bitcoin is not controlled by any government, bank, or company.

Think of it like email. Before email, to send a letter you needed a postal service. Email lets you send messages directly to anyone, anywhere, for free. Bitcoin does the same thing but with money.

Bitcoin is the first form of money in history that is truly decentralised — no single person, company or government controls it.

Why do people use it?

• To send money internationally without high fees or delays
• As a store of value — like digital gold — that cannot be inflated
• To have full control over their own money, without relying on banks
• As an investment, because its price has grown dramatically over time

Some quick facts

• There will only ever be 21 million Bitcoins — it is scarce by design
• You can buy a fraction of one Bitcoin — you do not need to buy a whole one
• Bitcoin transactions are recorded publicly on a system called the blockchain
• The Bitcoin network has never been hacked since it launched in 2009

Is it safe?

Bitcoin itself is extremely secure. The technology behind it makes it almost impossible to hack or fake. However, the platforms you use to buy and store it can have weaknesses — which is why it is important to use reputable exchanges and secure wallets. We cover this in the ‘How to buy crypto safely’ article.

Key takeaway: Bitcoin is digital money that nobody controls. Its supply is limited, it works globally, and it does not need banks or governments to function.