What is Bitcoin (BTC)?

BTC definition: What is Bitcoin? Bitcoin is a form of digital currency that aims to eliminate the need for central authorities such as banks or governments. Instead, Bitcoin uses blockchain technology to support peer-to-peer transactions between users on a decentralized network.

How many BTC are there?

There will only ever be 21 million BTC. Bitcoin is digital money that cannot be inflated or manipulated by any individual, company, government, or central bank. Bitcoin is highly divisible. You can hold, send, or receive fractions of a BTC. The smallest unit, i.e. 0.000 000 01 BTC, is called a “satoshi” or “sat.”

Where is BTC stored?

Because BTC is a digital currency, it is stored in a digital wallet. Here are two ways to store your Bitcoin: If you are looking for quick access to your BTC to facilitate trading, you can consider storing your Bitcoin on the Binance exchange. Alternatively, you can store your BTC in an external BTC wallet.

How much is a Satoshi (BTC) worth?

As the world’s first cryptocurrency, Bitcoin has come a long way in terms of its value. However, one does not have to buy an entire bitcoin as bitcoins can be divided into small units called satoshis, named after the creator. A satoshi is equivalent to 0.00000001 bitcoin. There is no physical BTC token so you can think of bitcoin as digital money.