BTC stands for Bitcoin, which is a decentralized digital currency that was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin operates on a peer-to-peer network without the need for a central authority or government. It is often referred to as a cryptocurrency because it uses cryptography to secure transactions and control the creation of new units. Bitcoin is built on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers. This ensures transparency and immutability of the transaction history. Bitcoin transactions are verified by network nodes through cryptography and added to the blockchain through a process called mining. One of the key features of Bitcoin is its limited supply. There will only ever be 21 million bitcoins in existence, which makes it a scarce asset. This scarcity, combined with its decentralized nature, has led to Bitcoin being seen as a store of value and a potential hedge against inflation. Bitcoin has gained significant popularity and recognition over the years and has become the most well-known and valuable cryptocurrency in the world. Its price is determined by market demand and supply dynamics, and it has experienced significant volatility throughout its history. Bitcoin has also paved the way for the development of thousands of other cryptocurrencies, collectively known as altcoins, and has inspired the growth of blockchain technology and its applications in various industries beyond finance.
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