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Why do we need the Bitcoin Network?
What is the Bitcoin Network?
The Bitcoin network is a decentralized digital payment system and cryptocurrency. It was created in 2009 by an individual or group using the pseudonym Satoshi Nakamoto. The network operates on a public ledger called the blockchain, which records all Bitcoin transactions. It allows users to send and receive digital currency, Bitcoin (BTC), without the need for traditional financial intermediaries, such as banks. The network relies on a proof-of-work consensus mechanism to validate and secure transactions, and it is known for its security, transparency, and immutability. Bitcoin has gained popularity as a digital store of value, a means of borderless and permissionless transactions, and a potential hedge against inflation.