Bitcoins Meaning In Simple Terms

Cryptocurrencies are means of payment with the main feature – complete decentralization. Unlike, for example, Qiwi, Webmoney, etc., cryptocurrencies do not have a single server, so it’s impossible to break the network by hacking or blocking it.

Blockchain is the foundation for crypto assets. This data registry (the list of transactions) is kept on thousands of computers worldwide. All the participants have equal rights.

Cryptocurrencies have complex mechanisms running in their foundation. So far, there is no such technology that could block or replace the blockchain.

Bitcoins Meaning: Key Features

Among loads of information about the most popular crypto, we have picked the most crucial facts:

• Bitcoin is the most common crypto asset, traded on all crypto platforms and keeping leading positions on crypto charts in terms of trade volumes, liquidity, etc.
• The pair BTC USDT (pair with a stablecoin pegged to the dollar) is now traded at $20,000.
• The same as other cryptocurrencies, BTC is completely autonomous. Operations with cryptocurrencies do not require intermediaries, which allows for low transactions.
• Bitcoin network runs on the “Proof Of Work” consensus protocol. It means, that every coin is created through the complex work of high technological computers with a lot of power needed.
• The number of BTC mined is limited to 21 million.
• BTC can’t be copied. Since the asset runs on the blockchain network, it is impossible to counterfeit it. Each transaction on the network is tracked and recorded.
• It is easy to work with BTC – you easily move coins from one crypto exchange to another as well as between crypto wallets.

For purchasing BTC, we recommend using credible crypto platforms such as WhiteBIT, Binance, and Coinbase. These centralized platforms have a reliable reputation and offer a wide range of crypto pairs with BTC.