What is Bitcoin (BTC)?

Sponsored by What's this? What Is Bitcoin? Bitcoin (BTC) is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions.

Is bitcoin a market asset?

When discussed as a market asset, bitcoin is represented by the ticker symbol BTC. The term “decentralized” is used often when discussing cryptocurrency, and simply means something that is widely distributed and has no single, centralized location or controlling authority.

What is bitcoin & how does it work?

Unlike fiat currency, Bitcoin is created, distributed, traded, and stored using a decentralized ledger system known as a blockchain. Bitcoin and its ledger are secured by proof-of-work (PoW) consensus, which is also the "mining" process that introduces new bitcoins into the system. Bitcoin can be purchased via various cryptocurrency exchanges.

Why is bitcoin a quasi-political system?

This makes Bitcoin a quasi-political system. Of the thousands of cryptocurrencies in existence, Bitcoin is arguably the most decentralized, an attribute that is considered to strengthen its position as pristine collateral for the global economy. Read more: How does governance work in Bitcoin?