What Is BTC
Hello everyone, my name is Cuihua, the editor of POWPOWER, POWPOWER has been focusing on the mining area for 4 years, is the official distributor of IPollo, and has established long-term partnerships with Bitmain, Avalon, Jas miner, inno, Whatsminer and Goldshell.
Bitcoin (currency symbol: ฿; English name: Bitcoin; English abbreviation: BTC) is an electronic currency generated by open source P2P software. The concept of virtual currency Bitcoin was first proposed by Satoshi Nakamoto (possibly a pseudonym) in 2009. This is a cryptocurrency, so called because it uses cryptography to control the creation and transfer of money. Users send payments to the network by broadcasting digitally signed messages. Participants are called miners to validate and time stamp transactions to a shared public database called the blockchain, where they are rewarded with transaction fees and new incoming bitcoins. The capitalized “Bitcoin” refers to the technology and network it uses, while the lowercase “bitcoin” refers to the currency itself. Bitcoin can be obtained through mining and can also be exchanged for goods, services, and other currencies.
Bitcoin can be said to bring the monetary properties of gold to the digital world. As a result, Bitcoin fully unleashes the power of network effects at the scale and speed of the global internet. And, it’s worth mentioning that since Bitcoin is a form of money, its network effects are arguably even stronger than social media networks like Facebook.
Bitcoin trading is the process of exchanging bitcoins for local currency, goods or services, or other cryptocurrencies. Your options range from peer-to-peer exchanges, to giant centralized bitcoin exchanges similar to stock exchanges.
Bitcoin is not a static protocol; it can and does evolve over time as needs and circumstances change. The process of making improvements to Bitcoin is called “Bitcoin governance”, which includes both formalized procedures and a form of decision-making known as “rough consensus” (derived from the development culture of open source software)