Bitcoin is a digital currency, also known as a cryptocurrency. It was invented in 2008 by an unknown individual or group, Satoshi Nakamoto. It went live in January 2009. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.

Bitcoin is not supported by a central bank, a government, or any assets. Instead, it relies on a distributed ledger called the blockchain. This blockchain records all transactions across a network of thousands of computers. BTC is immune to censorship, fraud, and intervention from central authorities due to its decentralized nature.

The total amount of bitcoins that will ever be created is limited to 21 million. The purpose of this scarcity is to resemble the qualities of commodities like gold while avoiding inflation.

Canada is known for its relatively progressive stance towards cryptocurrencies. It offers a supportive environment for innovation in this crypto space. As of March 20, 2024, Bitcoin price in Canadian dollars is around $85,576.63. For Canadians looking to invest in Bitcoin, Maple Investments is a leading choice as it offers different crypto-related services within a regulated framework.