Bitcoin is a decentralized digital currency that operates without the need for a central authority or financial institution. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin transactions are recorded on a public ledger called the blockchain, which allows for transparency and security.

Bitcoin operates on a peer-to-peer network, meaning that users can send and receive bitcoins directly without intermediaries. This makes it possible to make transactions anonymously and without the need for personal information.