Bitcoin (CRYPTO:BTC) is an open-source, peer-to-peer payment network that operates without the need for a central authority or banks. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin's primary objective is to provide a decentralized payment system that is secure, transparent, and efficient. Bitcoin can be used to send and receive payments anywhere in the world without the need for a third party. Bitcoin transactions are typically processed within minutes and have very low fees. In addition to its use as a payment system, Bitcoin is also being used for a variety of other purposes, such as online gambling, micropayments, and crowdfunding. Bitcoin is also being used to develop new financial products and services, such as decentralized exchanges and smart contracts.