What is Bitcoin/BTC is a simple question. First, it’s an asset and it is a type of currency with a value.
It’s really easier to define Bitcoin than a regular currency because Bitcoin has a maximum capacity that regular currency does not have. From the tech perspective, It’s just software an algorithm that is basically a set of protocols.
Bitcoin has the highest rate among other cryptocurrencies and it has the largest market worth compare to other cryptocurrencies.
In the past governments & banks were very suspicious regarding Bitcoin but now they understand that they can’t fight it anymore – it is here!
There are some countries that adopted Bitcoin as their national currency like Venezuela and El Salvador.
The biggest disadvantage of Bitcoin compared to other currencies is the safeguard.
It cannot be protected as money since the blockchain system still suffering from hacking.
Bitcoin is a digital currency that can be sent, received, and kept via the blockchain which is a decentralized system that records transactions.
Bitcoin miners are basically a computer that runs an algorithm to solve complicated puzzles in order to complete groups of transactions called blocks.
only after a grope is successfully created, they are added to the blockchain record and the miners are rewarded by receiving bitcoins.
All participants related to BTC activity such as wallets and crypto-exchanges are connected to the blockchain.