What is Bitcoin (BTC)?

Every crypto exchange and trade started with Bitcoin (BTC) currency. Being one of the first digital currencies, Bitcoin uses peer-to-peer network technology and facilitates digital payments instantly. Bitcoin was invented in 2008 by an unknown persons or group of people using the name Satoshi Nakamoto. It was launched in 2009 with the symbols: BTC, ฿, ₿. Bitcoin uses its unique properties and allows its exiting uses that more of the previous currency exchange systems couldn’t even cover.

Bitcoin (BTC) is a set of digital processes and computer network protocols. Just like a collection of computers, or nodes, that run Bitcoin code and stores the history of Bitcoins exchange and a blockchain for all the transactions.

Bitcoin (BTC) protocol has a block time of 10 minutes and supports both the lightning network, which is a second-layer infrastructure for payment and segregated witness, which uses soft-fork for the increase in transaction numbers on a block. The legacy Bitcoin block has a size limit of 1 MB, change on block size will require a network hard-fork. On August 1st, 2017, the 1st hard-fork occurred on 1st Aug 2017 which introduced a block-size limit of 8 MB and caused the generation of Bitcoin Cash (BCH).

Blockchain

Bitcoin (BTC) works on some protocol networks which is called Blockchain. A blockchain is said to be a set of blocks or networks. The term was first created by Stuart Haber and W. Scott Stornetta.in 1991.In every block, there is a set of distributed transactions which means it is public and anyone, whether or not you run a Bitcoin “node” can see those transactions taking place live because of the decentralization. Decentralization means having no central authority and the power is distributed equally on the network.

Public & Private Keys

Just like other currencies Bitcoin (BTC) is also a type of cryptocurrency and its price and values of tokens are stored using a combination of public and private “keys” that are long strings of letters and numbers linked using the mathematical encryption and computer algorithms which were used to design them. The public key which is just like your bank account number is used as the address that is published to the users and to which others may use for Bitcoin (BTGC) exchange. The non-public or private key just comparable to your ATM pin code is supposed to be a secret number and most effectively can be used to authorize Bitcoin Trade and transactions.

Hashes

In cryptocurrency world, all transactions are taken as input and processed through an algorithm called hashing algorithm and give an output consisting of letters and numbers. In the case of Bitcoin, this algorithm is Secure Hashing Algorithm SHA-256. How SHA-256 works.

Mining

The process in which members of peer-to-peer platform confirm the secure transactions by adding them in the blockchain is called mining. Miners receive some percentage of bitcoins for their work. SHA-256 algorithms are used by Bitcoin (BTC) miners to ensure the blockchain transactions.

There are a lot of things which people consider valuable to them like diamonds and gold. Bitcoins are of much higher value as far as the price is concerned because people are willing to trade and exchange them for different services and real goods, and even for cash. Some people like the thing that Bitcoin Exchange is not controlled by governments and central authorities like banks etc. Everyone can sell BTC or trade Bitcoin BTC with an exchange of any Digital Currency and fairly anonymously.

Just like any other global currency, Bitcoin BTC can also be transferred and exchanged globally. However, there are major differences between traditional money and digital money like Bitcoin currency.

Decentralization

The key feature of Bitcoin is in the nature of its Decentralization property and being independent of central authorities, institutions, and governments. No one owns the digital currency and it’s maintained and operated by independent global networks.

Transparency

One of the vital points about the Bitcoin currency is its immutability and transparency. Bitcoin transitions are not only publicly available but they also can’t be reversed. Moreover, there is no central authority and control over your Bitcoin exchange and Trade. So, once your transaction takes place it will always stay on the secure network of blockchain.

Security

Bitcoin (BTC) currency is super secure because it is encrypted and backed with the full support of the Blockchain System. Blockchain is the main tool working behind the scenes as described above and it uses a volunteer network of independent computers that work together to encrypt and secure the transactions happening on the Bitcoin system. The system makes it sure that the personal information is hidden from the other users and even if hackers somehow manage to get into the system, there would be nothing valuable for them to steal.

Bitcoin is the most famous and powerful cryptocurrency, and there is no surprise in the fact that you can buy it from anywhere in the world and using any service. Whether it’s big international markets or local shady websites, Bitcoin rules everywhere. However, with the increase of exchange services and trading platforms, it becomes an extreme challenge in buying and selling your Bitcoins BTC without any significant fraud involved. So, users should be very careful with Bitcoin exchange and purchase. The main rule of business is to use only authentic and verified services. This is where B4U Wallet would let you in. B4U Crypto Wallet is a globally secured and user-friendly crypto exchange service. Whether you’re new to the crypto space or an experienced trader, let us deal with your business stress. Download B4U Wallet Mobile App Now to buy not only Bitcoins but also other Cryptocurrencies.

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