What is Bitcoin?
Bitcoin is the first decentralized cryptocoin ever built on top of a blockchain. It was created by an anonymous person or group of people with the nickname Satoshi Nakamoto in 2009 as an open source project.
To understand the Bitcoin blockchain we can imagine a book, where each page number contains a signature that can validate the content of that page and its previous one. This signature is computed by an algorithm known as SHA-256 and cannot be reversed. In other words we can calculate the A-256 signature from some content, but we can’t get content if we know its SHA-256 signature. Back to the example with the book: if we tear out a page from the book, we can easily understand that a page is missing. The same is with adding an inexistent page. All the pages are copied between members of the chain, and this is why the Bitcoin Blockchain is considered a distributed network.
Bitcoin is an open source project maintained by a developer team with over 580 active contributors. The code of the chain is available on Github. The main purpose of Bitcoin was decentralized but trusted, low fee money transactions between people and businesses around the world. Nowadays over 100.000 vendors accept Bitcoin for payments. And there are between 2.9 and 5.8 million unique users who actively use Bitcoin cryptocurrency wallets. The price of Bitcoin can be very volatile due to speculation and has changed in the past more than +/-20% during a single.
- Historical Data
- 3 reasons Bitcoin suddenly dropped 3% in 1 hour and recoveredCointelegraph.com News - 1 hour agoThe price of Bitcoin abruptly dropped over 3% in under an hour after surging to $13,350, but its high time frame log charts remain highly…
- Bitcoin breaking through $12K is huge but don't expect higher prices before 2021Cointelegraph.com News - 2 hours agoBitcoin price may now see sideways action for a few months after breaking through crucial multi-year resistance at $12,000. The previous week has been tremendous…
- Corporate disclosure is the only way to get crypto institutionalizedCointelegraph.com News - 5 hours agoDisclosure best practices need to be adopted as their lack is holding the industry back. Some people predicted that crypto assets were going to be…
- Gold ‘breaking down’ against Bitcoin is highly bullish for BTC — AnalystCointelegraph.com News - 11 hours agoReal Vision Group CEO Raoul Pal says gold is “breaking down” against Bitcoin, a signal that the bullish case for BTC continues to strengthen. Earlier…
- China's central bank lays regulatory foundation for CBDCCointelegraph.com News - 16 hours agoThe new draft law legitimizes digital yuan and may criminalize the issuance of yuan-backed stablecoins by third parties China’s central bank, the People’s Bank of…