Bitcoin is the first decentralized cryptocurrency, created in 2009 by an unknown person using the name Satoshi Nakamoto. It operates on a peer-to-peer network without the need for a central authority. Bitcoin transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain.

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The concept of decentralization is what sets Bitcoin apart from traditional fiat currencies. It's remarkable to think that an anonymous individual's vision has led to the creation of a global, decentralized financial system.