What is bitcoin & how to use it?

How to Mine, Buy, and Use It 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.

What is the unit of account of bitcoin?

The unit of account of the bitcoin system is the bitcoin. Currency codes for representing bitcoin are BTC [a] and XBT. [b] : 2 Its Unicode character is ₿. One bitcoin is divisible to eight decimal places.

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.

What is bitcoin mining?

Bitcoin mining is a process that adds transactions to the blockchain and mints new Bitcoin. It involves solving complex mathematical problems using powerful, specialized computer hardware.