Mining glossary
BTC - what is it?

BTC is an abbreviation that stands for the digital coin Bitcoin.

Due to certain factors, some abbreviations are applied simultaneously to several concepts. This is precisely what happened with the BTC letter combination. It is used both in a broader concept to refer to the digital coin Bitcoin and the entire cryptocurrency system and to a specific program that is used within this system.

BTC as a designation for Bitcoin

Each digital coin that is activated today on the cryptocurrency market also has an abbreviated name in addition to its full name. It is BTC that applies to Bitcoin.

Bitcoin is the first digital currency that was introduced as the main instrument of a unique financial system under the following conditions:

  • absolute decentralization;
  • complete confidentiality and anonymity of each participant in the system;
  • commercial regulation of the value of the coin.

Bitcoin is a digital coin whose value is determined based on several factors. The primary condition is the percentage ratio of commercial demand and supply. Such factors as the halving cycle, changes in US Federal Reserve rates, the behavior of market whales, and announcements from well-known commercial and financial organizations also have an impact.

The Bitcoin cryptocurrency system assumes a complete absence of centralized control and regulation by government officials. All transactions are carried out transparently and openly, without the participation of intermediaries.

BTC as a definition for software

To technically be able to sell and buy Bitcoins, you need to have a cryptocurrency wallet. The official software provided by the developers of the Bitcoin system is called Bitcoin Core. It is for this client program that the abbreviation BTC is used.

The program has different formats:

  • cloud web version;
  • desktop.

The first allows you to spend less computing resources on computer equipment. The system has a serious load when installing the desktop version of BTC, so the PC power must be sufficient to use this crypto wallet effectively.

The use of Bitcoin Core today ensures the highest level of reliability and security, which maintains the high popularity of this particular Bitcoin wallet.