What is BTC
Bitcoin is the first cryptocurrency and worldwide payment system - the true OG. This means it is the first decentralized digital currency, with a system that works without a central bank or administrator. The network is peer-to-peer and the transactions go between users directly, without an intermediary. These transactions are then recorded in the public distributed ledger called the blockchain and verified on the network through the use of cryptography. Bitcoins are created as a reward for a process known as mining; which uses computational power to “mine” blocks on the blockchain. These Bitcoins can be exchanged for other currencies, products, and services. Bitcoin was originally invented by an unknown person or group under the pseudonym Satoshi Nakamoto and released as open-source software in 2009. Bitcoin has long been the face of cryptocurrency, and research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, with most of them using Bitcoin.