$BTC Bitcoin (abbreviated BTC; symbol: ₿) (in English: Bitcoin) is the first decentralized cryptocurrency. It can be sent from one person to another over the Bitcoin network in a peer-to-peer manner without the need for a third party. Transactions on the network are verified using cryptography and recorded in a distributed ledger called the blockchain without a central authority overseeing it. Consensus among nodes is achieved through a resource-intensive computational process known as proof of work, which secures the Bitcoin blockchain. Mining consumes large amounts of electricity and has faced criticism for the environmental impact of Bitcoin.