Bitcoin is a digital currency that operates on a decentralized network called blockchain technology. It was invented in 2008 by an unknown person or group of people using the pseudonym Satoshi Nakamoto and was released as open-source software in 2009. Bitcoin transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers called miners. Bitcoin can be used for various purposes, including online purchases, investment, and as a means of transferring value globally without the need for intermediaries like banks.