Bitcoin is a digital currency. Its abbreviation is BTC. Unlike fiat currencies, Bitcoin does not depend on any central authority. Financial control of Bitcoin is performed by thousands of computers located in every part of the world. A person or an institution can join the Bitcoin ecosystem by downloading Bitcoin’s open-source software. Users can also transfer Bitcoin to each other without the need for any intermediaries. Announced by Satoshi Nakamoto in 2008 and made available to the public in 2009, Bitcoin is also the first cryptocurrency. Bitcoin cannot be censored and cannot be spent more than once as it has a limited supply.