Based on the ideology of free markets, 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 open-source software. 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 under pseudonyms, it has been utilized by criminals, leading to the attention of regulatory authorities, resulting in its ban in many countries as of 2021. Bitcoin (abbreviated 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. Transactions on the network are verified using cryptography and recorded in a distributed ledger called a blockchain without the presence of a central authority overseeing it. Consensus between nodes is achieved through a computationally intensive process based on proof of work known as mining, which secures the Bitcoin blockchain. Mining consumes large amounts of electricity and has been criticized for the environmental impact of Bitcoin.