What is Bitcoin?

Bitcoin is a digital currency. BTC is its abbreviation. But unlike traditional currencies, it does not have a central bank that controls it or it is not the currency of any country. Each Bitcoin unit is unique, cannot be copied, destroyed, and runs on a distributed network maintained by thousands of computers around the world. It is not a physical currency, but consists entirely of codes on computer systems.

What is Bitcoin?

As we mentioned above, Bitcoin is the first cryptocurrency ever created. It is a form of digital money that is highly fraud resistant and used within a decentralized financial system.

As a digital currency, Bitcoin is protected by thousands of lines of code. It is based on open source software that is regularly developed by a large developer community. Initially, this type of software was also referred to as Bitcoin, but to avoid misunderstandings, the major Bitcoin client software was officially rebranded as Bitcoin Core in 2014.

Bitcoin is not regulated or controlled by a single authority or organization, but is maintained by many computers (nodes) spread across the globe. The Bitcoin network is based on a distributed ledger called the Blockchain, which is responsible for keeping an organized list of all transactions. These transactions are grouped into linked blocks, forming a Blockchain (hence the blockchain).