What is bitcoin and how does it work?

What is Bitcoin? Bitcoin is the first and most widely recognized cryptocurrency. It enables peer-to-peer exchange of value in the digital realm through the use of a decentralized protocol, cryptography, and a mechanism to achieve global consensus on the state of a periodically updated public transaction ledger called a 'blockchain.'

How can I use Bitcoin as a form of payment?

Bitcoin as a Form of Payment Bitcoin can be accepted as a means of payment for products sold or services provided. Brick-and-mortar stores can display a sign saying “Bitcoin Accepted Here”; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps.

Are bitcoins backed by the government?

That’s by design: Core to their decentralized nature, Bitcoins aren’t backed by the government or any issuing institution, and there’s nothing to guarantee their value besides the proof baked in the heart of the system.

What is the abbreviation for bitcoin?

BTC is the abbreviation for bitcoin. Is Bitcoin cryptocurrency? Yes, bitcoin is the first widely adopted cryptocurrency, which is just another way of saying digital money. Is there a simple bitcoin definition? Bitcoin is digital money that allows secure and seamless peer-to-peer transactions on the internet. What's the price of bitcoin?