What is Bitcoin (BTC)?

Sponsored by What's this? What Is Bitcoin? Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.

Is bitcoin a currency?

There are a number of currencies in this world used for trading amenities. Rupee, Dollar, Pound Euro, and Yen are some of them. These are printed currencies and coins and you might be having one of these in your wallet. But bitcoin is a currency you can not touch, you can not see but you can efficiently use it to trade amenities.

What is bitcoin & how does it work?

Unlike fiat currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain. Bitcoin and its ledger are secured by proof-of-work (PoW) consensus, which is also the "mining" process that introduces new bitcoins into the system. Bitcoin can be purchased via various cryptocurrency exchanges.

What is a bitcoin blockchain?

Think of it as an open Google document that updates automatically when anyone with access edits its content. As its name implies, the Bitcoin blockchain is a digital string of chronologically ordered “blocks” — chunks of code that contain bitcoin transaction data.