Crypto FAQ: What is a Bitcoin (BTC)?
- Defn: Bitcoin
[compound noun: noun "bit" + noun "coin"]
Bitcoin (a.k.a. ₿; BTC) is a cryptocurrency and global payment system. It is the first decentralized digital currency, as it works on a peer-to-peer distributed network without a centralized bank or administrator.
Bitcoin transactions are verified by network nodes through the use of strong cryptography tecniques, and recorded in a public distributed ledger called a blockchain. Bitcoin was invented and implemented by an unknown person or group of people under the name Satoshi Nakamoto, and first released as an open-source software in 2009.
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