The maximum amount of Bitcoin that will ever exist is capped at 21 million. Miners receive Bitcoin as a reward for this effort.īitcoin also has its unique features. Once solved, these problems validate transactions and add them to the blockchain. In this process, people (called miners) use powerful computers to solve complex mathematical problems. It’s crucial to keep your private key secure because if it’s lost or stolen, your Bitcoin may become inaccessible or taken by others.īitcoin’s creation occurs through a process known as “mining”. The public key equates to a bank account number, and the private key serves as an ATM PIN. This process entails no physical exchange of money, instead relying on a system of public and private keys.

It’s a transparent, public ledger that records all transactions. This attribute eliminates the need for intermediaries. Hence, no government or institution holds power over it.