BTC, Bitcoin (BTC)

1. cryptocurrency

Bitcoin (BTC) is the first implementation of a cryptocurrency, acting as a decentralized digital currency without a central bank or single administrator. It can be sent from user to user on the peer-to-peer Bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded on a public distributed ledger called a blockchain.

2. security

Bitcoin is known for its high security and hash power, making it a reliable store of digital value. The security of Bitcoin is maintained by a distributed network of miners who validate transactions and add them to the blockchain. This decentralized nature of Bitcoin makes it resistant to censorship and control.

3. scalability

The Bitcoin network aims to balance scalability and security. By keeping the blockchain ledger size as small as reasonable, it ensures that anyone can run, verify, and help secure the blockchain without trusting any third parties. This approach makes the Bitcoin network extremely difficult to censor and control, as the data requirements are small enough to get through any barriers or censorship.

4. usage

Bitcoin is not only a store of value but also a medium of exchange. Many merchants worldwide accept Bitcoin as a form of payment. Additionally, some payment points of sale that accept Bitcoin may also accept other cryptocurrencies such as Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and others. It's worth trying them all out to learn the differences and experience using cryptocurrency as a form of currency.

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* All terms and definitions may update as the Cryptionary improves.