BTC is an abbreviation of Bitcoins. Bitcoins are called BTC in short. Bitcoin is a digital currency or an online financial system. Bitcoins are also known as Crypto currency. Bitcoins use Cryptography for security measures. Cryptography protects Bitcoins from counterfeiting measures. Cryptography also allows Bitcoins operating independently of a central bank.
The term Bitcoin
is derived from two words, Bit and Coin. BTC is also used as the unit of Bitcoin. Bitcoins are digitally operated payment system that works in peer to peer system. The transfer or transactions of Bitcoins are made from one Bitcoin wallet to another Bitcoin wallet. No intermediary is needed for transfers or transaction of Bitcoins and it can be transferred directly from one individual to other individual.
Every Bitcoin wallet has a secret piece of data called seed. This seed is needed to sign a Bitcoin transaction by opening that particular Bitcoin wallet. This seed also serves the purpose of proving mathematically that the Bitcoins have been transferred from the particular Bitcoin wallet.
The transaction records are entered in Bitcoin Blocks. A link of Bitcoin Blocks serve as a chain. This chain of Bitcoin blocks is called Blockchain
. Every entry made in a Bitcoin block is permanent. They are irrevocable and non destructible.