What is BTC?

BTC stands for Bitcoin, a groundbreaking digital currency proposed in 2008 by an individual or group using the pseudonym Satoshi Nakamoto.

Diverging from traditional currencies, Bitcoin is a digital asset operating independently of central banks or governments. It functions as a fully decentralized system, documenting activities in a digital ledger known as the Bitcoin ledger. This decentralization ensures that no single entity or government dictates the currency's operations or usage.

In essence, users collectively participate in the protocol's operation, adhering to precise coding rules that govern the total circulation of Bitcoin, transaction conduct, and the creation of new Bitcoin. Bitcoin serves the dual purpose of a store of value and a medium of exchange.

As a digital medium of exchange, Bitcoin facilitates buying and selling on most cryptocurrency exchanges or dedicated Bitcoin platforms. The generation of new Bitcoin, termed Bitcoin mining, involves using potent cryptographic mining computers to solve intricate mathematical equations crucial for network maintenance.

Throughout the mining process, Bitcoin employs cryptography and game theory to validate and record transactions, storing them in a public database system known as the blockchain ledger.

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BITOY Team