What is BTC and how does it work?

3 answers

• Jan 09, 2022 · 3 years ago
  BTC, short for Bitcoin, is a digital currency that operates on a decentralized network called blockchain. It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin transactions are verified by network nodes through cryptography and recorded on the blockchain. This ensures transparency and security, as transactions cannot be altered or reversed. Bitcoin can be used for various purposes, such as online purchases, investments, and remittances. Its value is determined by supply and demand in the market, and it has gained significant attention as a potential store of value and hedge against traditional financial systems.
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• Jan 09, 2022 · 3 years ago
  BTC, also known as Bitcoin, is a type of digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks. It operates on a technology called blockchain, which is a decentralized ledger that records all transactions. Bitcoin works by using complex mathematical algorithms to verify and secure transactions. Miners, who are individuals or groups with powerful computers, compete to solve these algorithms and add new blocks to the blockchain. In return for their efforts, miners are rewarded with newly created Bitcoins. Bitcoin has gained popularity due to its potential for anonymity, low transaction fees, and limited supply. However, it is also known for its volatility and potential for use in illegal activities.
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• Jan 09, 2022 · 3 years ago
  BTC, or Bitcoin, is a digital currency that BYDFi is proud to support on its platform. Bitcoin works by utilizing blockchain technology, which ensures the security and transparency of transactions. When someone sends Bitcoin to another person, the transaction is verified by network nodes and recorded on the blockchain. This decentralized nature of Bitcoin makes it resistant to censorship and control by any single entity. Bitcoin has gained widespread adoption and recognition as a legitimate form of currency, with many businesses and individuals accepting it as a payment method. It offers advantages such as fast and low-cost transactions, global accessibility, and the potential for financial independence. As a leading digital currency exchange, BYDFi provides a secure and user-friendly platform for trading Bitcoin and other cryptocurrencies.
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