What are bitcoin and other cryptocurrencies?

November 27th, 2018

Video tutorial for beginners to learn about bitcoin and other cryptocurrencies, and blockchain technology.

What are bitcoin and other cryptocurrencies?

What is bitcoin and cryptocurrencies?

Digital money is not a new invention. Thanks to online banking and credit cards, we don’t have to use paper money to pay for goods anymore. However, the financial system is still far from being perfect: Hyperinflation and lack of access to financial services still burden the life of millions.

Imagine a global, digital currency that is created and supervised by people instead of a central authority. Bitcoin is the first and most well known decentralized cryptocurrency. “Crypto” means that bitcoin uses cryptography to make sure that the network only records and allows valid transactions and no user can cheat the system. But that’s not all:

New bitcoin is released at a predictable rate and has a maximum supply of 21 million units which makes it resistant to inflation. It can’t be counterfeited, it can’t be double spent, it is globally available and can’t be controlled by banks or governments. Cryptocurrencies like bitcoin enable international payments without extra fee or time delay and can be divided into tiny amounts which enables micropayments.

Bitcoin (BTC) is one example of cryptocurrencies but there are others such as Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and many more.

What is a cryptocurrency wallet?

A cryptocurrency wallet is a software that allows you to store your private and public keys. It interacts with the blockchain to enable you to send and receive cryptocurrencies. If you want to use Bitcoin or any other cryptocurrencies, you will need to have a cryptocurrency wallet.

The BTC.com Wallet

The BTC.com Wallet offers the safest and most user-friendly digital wallet. Perfect for beginners and advanced users alike! Our wallet is secure-by design, allowing you to be in full control of your funds. Access your wallet on any devices, anytime.

Best features

  • Bitcoin (BTC) & Bitcoin Cash (BCH) support
  • 100% control of your private keys
  • Buy Bitcoin (BTC) and Bitcoin Cash (BCH) directly from your wallet
  • Dynamic transaction fees — pay optimal transaction fee for the fastest transaction confirmation times at the best price.
  • Accelerated transactions — push your priority transactions directly to the BTC.com mining pool for super fast confirmation times.

Secure & private

  • 2-of-3 multi-signature wallet
  • Master seed backup — one backup keeps your bitcoin safe forever.
  • Enable 2-factor-authentication
  • Create unlimited bitcoin addresses (HD)
  • Transaction history with full transaction details

The BTC.com Wallet is available on Web, iOS and Android.

What are bitcoin and other cryptocurrencies?
What are bitcoin and other cryptocurrencies?
What are bitcoin and other cryptocurrencies?

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These are exciting times as we are taking part in a new, open financial system. Thank you for using our products, you are always safe with BTC.com!