Bitcoin

Bitcoin runs on a public ledger called the blockchain, maintained by thousands of independent computers around the world. Transactions are grouped into blocks roughly every ten minutes through a process called mining, where specialized machines compete to solve mathematical puzzles. The winning miner adds the next block and earns newly created bitcoin plus transaction fees. Because every participant holds a copy of the ledger and changes require broad consensus, no single company or government can alter the record or control the network.

Bitcoin's value comes from its fixed supply of 21 million coins, enforced by code that no authority can change, combined with a network that operates without banks or intermediaries. Roughly every four years, an event called the halving cuts the rate of new coin creation in half, making Bitcoin progressively scarcer. This scarcity, along with its resistance to censorship and growing adoption by institutions, ETFs, and even governments, is why it is often described as digital gold.