What is Bitcoin (BTC)?
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Bitcoin (BTC) |
What is Bitcoin (BTC)?
Bitcoin is a decentralized digital currency formerly described in A 2008 white paper by a person or group using the pseudonym Satoshi Nakamoto was released shortly after in January 2009.
Bitcoin is a peer-to-peer online currency. This means that all transactions happen directly between equal and independent network participants without the need for an intermediary to authorize or facilitate. are sent directly from one party to the other without going through a financial institution.”
Some of the concepts for a decentralized electronic currency are similar before BTC, but unlike Bitcoin, it was the first digital currency to actually go live.
Who is the founder of Bitcoin?
The creator of Bitcoin was initially known under the pseudonym Satoshi Nakamoto in 2020. The exact identity of the person or organization behind the pseudonym is unknown.
On October 31, 2008, Nakamoto published a Bitcoin white paper detailing how the peer-to-peer online currency is implemented. They offer to use a decentralized ledger of aggregated transactions (called "blocks") and secure them with cryptographic algorithms. The whole system will be later dubbed " Blockchain ".
Just two months later, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, called the Genesis Block , marking the launch of the world's first digital currency.
However, although Nakamoto was the original inventor of Bitcoin as well as the creator of the first implementation But over the years, more and more people have contributed to improving the software of cryptocurrencies by fixing vulnerabilities and adding new features.
The Bitcoin source code repository on GitHub has a list of more than 750 contributors, with some notably Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, among others.
What Makes Bitcoin Unique?
The most unique advantage of Bitcoin comes from being the first cryptocurrency to appear on the market.
Bitcoin can create a global community and give birth to a completely new industry with millions of enthusiasts creating, investing, trading and using Bitcoin and other cryptocurrencies in their daily lives. The emergence of cryptocurrencies has created the idea and technology basis that inspired the subsequent development of thousands of competing projects.
All Cryptocurrency Markets Now valued at more than $300 billion, it is based on the idea that Bitcoin was created: money that anyone can send and receive from anywhere in the world without relying on trusted intermediaries such as banks and brokerage firms. finance
This pioneering nature has allowed BTC to remain at the top of this dynamic market after more than a decade of existence, even though Bitcoin has undoubtedly lost its dominance. but still digital currency biggest With a market cap that fluctuates between $100-$200 billion in 2020, largely due to the prevalence of platforms that provide use cases for BTC: wallets , exchanges. payment service Online games and more
How many Bitcoins are in circulation in the market?
The total supply of Bitcoin is limited by software and will not exceed 21,000,000. New coins are created during a process known as “mining” : as transactions are forwarded across the network. Coins are collected by miners and packed into blocks. This is protected by sophisticated encryption calculations.
in return for spending on their computing resources. Miners are rewarded for every block they successfully add to the blockchain. At the time of Bitcoin launch, the reward was 50 bitcoins per block: this amount was halved. When 210,000 new blocks are mined every time It took about four years to network. In 2020, the block reward was halved three times and consisted of 6.25 bitcoin.
Bitcoin is not pre-mined. This means that no coins are mined and/or distributed among the founders before the average person can acquire bitcoin. However, in the first few years of BTC inception, competition among miners was relatively low. This allowed the early network participants to collect large amounts of coins through regular mining: it is believed that Satoshi Nakamoto alone owned more than a million Bitcoin.
How is the Bitcoin network secured?
Bitcoin is secured with the SHA-256 algorithm, which belongs to the SHA-2 family of hashing algorithms, which is similar to Bitcoin Cash ( BCH ) as with many other cryptocurrencies.
Where to buy Bitcoin (BTC)?
In many ways, Bitcoin is almost synonymous with digital currency. This means that you can buy or sell on almost any crypto exchange - both for fiat money and other cryptocurrencies. Some of the main markets where BTC is traded are:
- IQ Option
- Binance
- bybit
- Celsius
- Nexo
- Crypto.com
- Gate.io
- OKEx
- KuCoin
- CoinBene
- eToro
- Huobi Global
- Bitfinex
- FTX
- ZG.Com
- CoinTiger
- Bitkub
- Satang Pro
- Olymp Trade
- Expert Option
- Binomo
- TradingView
- Deriv.com
- Exx.com
- FatBTC
- BitMart
- XM
- Exness
- FBS
- Skrill
- Neteller
- MinerGate
If you're new to cryptocurrencies, use CoinMarketCap's Easy Guide to Buying Bitcoin.
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