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 Bitcoin (BTC)?

BTC definition: What is Bitcoin? Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

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 wallet?

While wallets are often described as a place to hold or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them.