Bitcoin Price（BTC）

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What is Bitcoin?

Bitcoin (BTC) is a cryptocurrency designed to function as a currency and payment method that is not controlled by any individual, group or organisation. This eliminates the need for a trusted third party (e.g. a mint or bank) to be involved in financial transactions.

It was introduced to the public in 2008 by an anonymous developer or group of developers known as Satoshi Nakamoto. Since then, it has become the world’s most well-known and largest cryptocurrency, inspiring the development of many others.

Bitcoin’s Blockchain Technology

As a form of digital currency, Bitcoin isn’t hard to understand. For example, if you own some Bitcoin, you can use your cryptocurrency wallet to pay for goods or services with it. However, the way Bitcoin actually works is very complex.

It uses the SHA-256 hashing algorithm to encrypt the data stored in the blocks on the blockchain. Put simply, the transaction data stored in a block is encrypted as a 256-bit (64-digit) hexadecimal number. This number contains all the transaction data and information linked to the blocks preceding it.

How to Mine Bitcoin?

A variety of hardware and software can be used for this purpose. When Bitcoin was first released, it was possible to mine it competitively using a personal computer. However, as it became more popular and more miners joined the network, the chances of being the one to solve the hash decreased. While you can still use a personal computer for mining if it has newer hardware, the individual chances of solving a hash are minuscule.

This is because you are competing with a network of miners that generates around 220 quintillion (220 exa) hashes per second.

Machines called application-specific integrated circuits (ASICs) have been built specifically for mining and can generate around 255 trillion hashes per second. By contrast, a computer with the latest hardware generates around 100 million hashes per second.

To successfully become a Bitcoin miner, you have several options. One option is to use mining software compatible with Bitcoin on your existing personal computer and join a mining pool. Mining pools are groups of miners who combine their computational power in order to compete with large ASIC mining farms.

How to buy Bitcoin?

The easiest way to buy Bitcoin is through a crypto exchange like BTCC. BTCC makes purchasing Bitcoin easy and accessible whether you use fiat currency or crypto. Trusted by over 9.1 million investors across 100 countries, BTCC is dedicated to offering excellent crypto trading service for all trades. If you’re ready to dive in and make your first Bitcoin purchase, register with BTCC today.