#DiversifyYourAssets Bitcoin [ar 1] (abbreviated as BTC; symbol: ₿) (in English: Bitcoin) is the first decentralized cryptocurrency. It can be sent from one person to another via 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 are 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 Bitcoin's 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 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 increased regulatory attention and resulting in its ban in several countries as of 2021.