What is Bitcoin
Bitcoin (BTC) is the first and largest cryptocurrency by market capitalisation. The network was launched in January 2009 by a person or group using the pseudonym Satoshi Nakamoto. Bitcoin belongs to no company or government: the network’s rules are upheld by thousands of independent nodes around the world, and new blocks are created by miners solving a computational puzzle.
Bitcoin’s defining feature is its limited supply. No more than 21 million coins will ever exist, and the miners’ reward halves roughly every four years. That’s why BTC is often called “digital gold”: people use it as a store of value and a hedge against inflation, not just for payments.
Key facts
| Parameter | Value |
|---|---|
| Ticker | BTC |
| Network at ROVEN exchange | Bitcoin (mainnet) |
| Address format | Starts with “bc1”, “1” or “3” |
| Block time | About 10 minutes on average |
| Network fee | Paid in BTC, depends on transaction size and network load |
| Memo / tag | Not needed |
What Bitcoin is used for
- Long-term savings. Its limited supply makes BTC a popular asset for storing value for years.
- Large transfers. The Bitcoin network is the most reliable and time-tested, so it’s chosen for significant amounts.
- Cross-border payments. A BTC transfer doesn’t depend on banks or borders and works around the clock.
- Taking profit. Many people swap part of their BTC for stablecoins to lock in its dollar value.
How to exchange Bitcoin at ROVEN exchange
- Choose a direction, for example BTC → USDT TRC20, and enter the amount. The payout appears in the form straight away.
- Enter the wallet address for the coin you’ll receive and create the order — the rate is locked for 30 minutes.
- Send the exact BTC amount to the address in the order, choosing a sufficient network fee.
- After Bitcoin network confirmations, the operator checks the transfer and sends the payout. The payout hash appears on the order page.
What to watch out for
- A BTC transfer usually takes 20–60 minutes because of network confirmations — that’s normal, and the rate in your order doesn’t change.
- Don’t lowball the fee when paying an order with a timer: a low-rate transaction can wait a long time in the queue.
- “bc1” addresses are cheaper to use: their transactions take up less block space.
- If a transaction is stuck, bump the fee with RBF instead of sending the money again.
How to store Bitcoin safely
The most reliable option is a non-custodial wallet for which you hold the seed phrase: only you control the coins. For large amounts, use a hardware wallet: the private key never leaves the device, and the address and amount are confirmed on its screen. Keep the seed phrase offline in several safe places and never type it into websites. Keeping BTC on an exchange is convenient for trading, but then the exchange controls the coins, not you.
Halving and Bitcoin’s supply
Roughly every four years, every 210,000 blocks, the miners’ block reward is cut in half — an event known as the halving. Fewer and fewer new coins enter circulation, and the last BTC will be mined around 2140. After that, miners will earn only transaction fees.
Frequently asked questions
Why doesn’t the Bitcoin fee depend on the amount?
The network charges for block space, not for the number of coins. Sending 0.01 BTC costs the same as 1 BTC if the transactions are the same size.
Can I receive BTC on an exchange address?
Yes. Enter your exchange’s BTC deposit address on the Bitcoin network. Bitcoin doesn’t use a memo.