#BSCUserExperiences Bitcoin (abbreviated as BTC; symbol: ₿) is the first decentralized cryptocurrency. It can be sent from one person to another over the Bitcoin network in a peer-to-peer manner without the need for a third party. Network transactions are verified using cryptography and recorded in a distributed ledger called the blockchain without a central authority overseeing it. Consensus among nodes is achieved using a resource-intensive computational process known as proof of work, which secures the Bitcoin blockchain. Mining consumes large amounts of electricity and has been criticized for the environmental impact of Bitcoin. Based on the ideology of the free market, Bitcoin was invented in 2008 by an unknown person known as Satoshi Nakamoto. Bitcoin began to be used as a currency in 2009, when its application was released as an open-source program. In 2021, it was adopted by El Salvador as legal tender. It is often viewed as an investment and has been described by many scholars as an economic bubble. Since Bitcoin is used pseudonymously, it has been utilized by criminals, leading to regulatory attention and resulting in its ban in many countries as of 2021.