<h3>What is Bitcoin (BTC)?</h3>Bitcoin (BTC) is the world's first decentralised cryptocurrency, launched in 2009 by an anonymous creator or group known as Satoshi Nakamoto. Operating on a peer-to-peer network, Bitcoin enables users to send and receive payments without relying on banks or intermediaries. Known as the ‘original’ cryptocurrency, you can buy Bitcoin in Australia from cryptocurrency exchanges such as Coinstash.<h3>How does Bitcoin work?</h3><ul><li>Blockchain Technology: Bitcoin's transactions are recorded on a distributed ledger called the blockchain, which links transaction data in a secure, chronological chain.</li><li>Consensus Mechanism: Bitcoin uses Proof of Work (PoW), where miners solve complex mathematical puzzles to validate transactions and add new blocks to the blockchain.</li><li>Algorithm: Bitcoin employs the SHA-256 hashing algorithm to secure transactions and maintain network integrity.</li><li>Smart Contracts: While Bitcoin doesn’t support advanced smart contracts, it enables conditional transactions through multi-signature addresses.</li></ul><h3>What are the potential use cases for Bitcoin?</h3><ul><li>Online Payments: Used for purchasing goods and services globally.</li><li>Cross-Border Remittances: Enables cost-effective international transfers with reduced fees compared to traditional methods.</li><li>Investment Asset: Often referred to as "digital gold," Bitcoin is a popular store of value and hedge against inflation.</li></ul><h3>What is the history of Bitcoin?</h3><ul><li>2009: Bitcoin was introduced with a value of $0, and its first transaction was recorded.</li><li>2010: The first real-world Bitcoin transaction occurred when 10,000 BTC was exchanged for two pizzas.</li><li>2017: Bitcoin Cash (BCH) forked from Bitcoin due to scaling debates.</li><li>2021: Bitcoin reached an all-time high of over $64,000, cementing its position as the largest cryptocurrency by market capitalisation.</li><li>2024: BTC reached a new all-time high of over $150,000. </li></ul>

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