What Is Bitcoin (BTC)? Bitcoin is the most popular digital currency in the world.

What Is Bitcoin (BTC)?

Bitcoin (BTC) was created in 2009 by the psuedonymous developer Satoshi Nakamoto. It’s the public face for over 2000 cryptocurrency coins, tokens, and assets available these days. Bitcoin uses a decentralized ledger (called a blockchain) to record transactions. This means the entire history of each coin is publicly available. “Mining” BTC is done by solving mathematical hashing algorithms to process/verify transactions.

Who Is Bitcoin?

The Bitcoin Foundation maintains and updates the blockchain. Its board of directors includes Chairman Brock Pierce, Vice Chairman Bobby Lee, Bruce Fenton, Michael Perklin, and Vinny Lingham.

Use Cases of Bitcoin

Bitcoin can be used as an investment vehicle or a currency. This means you can either buy low and sell high, or you can spend it like a fiat currency.

Enterprises also use its distributed ledger to time/sync their updates. And the basic components of blockchain/cryptocurrency are the inspiration for other projects.

How to Mine BTC

Mining BTC is done by joining a mining pool or purchasing several high-end ASIC cryptocurrency mining rigs. Mining rewards are halved every year, while enterprise technology continues evolving. It’s unlikely you’ll mine any BTC on your own at home anymore. BTC mining is increasingly centralized by ASIC manufacturers and businesses that rent out space on enterprise server racks.

Bitcoin Investors and Partners

Bitcoin doesn’t have official “partners” and didn’t use an ICO for investment. It is, however, the most widely accepted cryptocurrency and can be used to purchase other currencies, buy goods and services, pay bills, and more. Many crypto exchanges require Bitcoin to participate.

Learn More About Bitcoin

If you want to learn more about Bitcoin, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.

Versability

Dr. Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer. You can find his work in Cracked, High Times, HuffPost, Lifewire, Forbes, Fast Company, and dozens of other places, although much of it is no longer under his name. Dr. Penny loves annoying fake media.

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