Bitcoin is a decentralized digital currency introduced in 2009, often utilized as a medium of exchange and a store of value. Unlike traditional currencies, it is not backed by any government or financial institution and can be 'mined' using specialized software. Transactions are recorded in a public ledger with anonymized identities, leading to debates over its potential use in illegal activities.
A cashless society is an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but via the transfer of digital information (usually an electronic representation of money) between parties.
