Bitcoin was launched in 2009 and is the largest cryptocurrency, invented anonymously in 2008. Each bitcoin exists as a computer file stored in a digital wallet. All bitcoin transactions are recorded on a public ledger called the blockchain. New bitcoins are introduced through bitcoin mining, a process where computers solve complex math problems. While some countries and companies accept bitcoin, the legal status varies and regulatory bodies have expressed concerns about its unpredictability. In 2021, El Salvador became the first country to make bitcoin legal tender, approved by a supermajority in its legislative assembly. The president believes this will boost financial inclusion and bring investment and economic opportunities to the country.

1. Bitcoin

2. • Launched in 2009, bitcoin is the world's
largest cryptocurrency.
• The cryptocurrency was invented in 2008
by an unknown person or group of people
using the name Satoshi Nakamoto.
• Each Bitcoin is basically a computer file
which is stored in a 'digital wallet' app on a
smartphone or computer.
• Every single transaction is recorded in a
public list called the blockchain.

3. • Bitcoin mining is the process by which new bitcoins are
entered into circulation.
• Bitcoin mining is performed by high-powered
computers that solve complex computational math
problems.
• It is the only way to release new cryptocurrency into
circulation.
• In other words, miners are basically "minting" currency.

4. • The legal status of bitcoin varies from state to state and is still
undefined or changing in many of them.
• There are also hundreds of other notable companies that accept the
cryptocurrency as a valid form of payment.
• Elon Musk announced that Tesla would accept bitcoin as a form of
payment.
• The Bank of Singapore has suggested that the 12-year-old currency
could replace gold as its store of value.
• However, the head of the Bank of England, Andrew Bailey, warned
about the unpredictability of Bitcoin, saying it makes him, "very
nervous".

5. El Salvador creates history
• The Central American nation’s Bitcoin law, which was sent to its
Congress on Wednesday morning by President Nayib Bukele, was
approved.
• It was approved in the legislative assembly by a “supermajority”
with 62 out of 84 votes.
• Tax contributions can be paid in Bitcoin.
• Exchanges in Bitcoin will not be subject to capital gains tax, just
like any legal tender.

6. What does
this mean for
the country?
• According to experts, EI Salvador's decision to
make bitcoin a legal tender will boost financial
inclusion in their country.
• "It will bring financial inclusion, investment,
tourism, innovation, and economic development
for our country," - Nayib Bukele.
• President Nayib Bukele says Bitcoin will make it
easier for Salvadorans living abroad to send
payments home.