What is Bitcoin?
Bitcoin is the original cryptocurrency. It was created in 2009 by an anonymous software developer using the alias Satoshi Nakamoto as a decentralized currency, meaning Bitcoin isn't restricted or controlled by any authority other than its blockchain process. The network itself regulates how and when Bitcoins are issued and manages the transaction collectively across the entire global network.
How Does Bitcoin Work?
Bitcoin uses public-key cryptography, an encryption method that creates a public and a private key to ensure one-way algorithmic functions to protect the network. This cryptography is in conjunction with peer-to-peer networking and Bitcoin transfers between Anonymous User 1 and Anonymous User 2. In simpler terms, the Bitcoin network self-regulates through a blockchain process called "mining." For transactions to be accepted and for Bitcoin currency to transfer (via one-time-use addresses for both sender and recipient), the blockchain process must constantly check itself with complicated mathematical operations that are carried out on the computers of "miners" around the world. Any fraudulent activity would automatically invalidate all previous blocks in the chain, which cannot happen due to the way the blockchain system is designed.
What Is Bitcoin Used For?
Users around the world can use Bitcoins to instantly pay for goods and services or transfer currency without the usual "paper trail" associated with transactions between individuals. In its early years, many retailers were hesitant to accept Bitcoin. In 2020, that isn't the case- many retailers from shopping to travel sites now accept Bitcoin. Paypal has announced their plan to begin accepting Bitcoin, a huge leap for digital currencies. Paypal CEO said of this decision, Paypal wants to "meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce."
Some features and characteristics of Bitcoins are that it is:
Irreversible, once completed and checked by the blockchain.
Fast and Secure, instant transfers between all users, regardless of location, 24 hours a day.
Borderless, Bitcoins can be accessed by anyone worldwide at any time, making it an attractive method of money management in underdeveloped countries without a trusted banking system.
It's Anonymous, requiring no identification, solely reliant on the integrity of the blockchain to certify payments and the existence of funds. Blockchain encryption guarantees the privacy and anonymity of users.
Can I Get Rich by Investing in Bitcoins?
Many people are drawn to Bitcoin and other cryptocurrencies from the hype surrounding the market. The extreme value increase has led some investors to see their Bitcoin wallet value sore into the thousands of dollars over the last few years. The last time the price surged was just before Christmas in 2017. As of December 10, 2020, Bitcoin is currently valued at $18,348.35, up from its one-year low in March of $3,858, coinciding with the Covid-19 outbreak.
Keep track of the latest price changes in Bitcoin at Crypto.Co.
It is possible to increase your wealth through Bitcoin investment and possibly "get rich," however, many savvy investing experts would hazard people from becoming too involved with Bitcoin due to its volatility. Much of the inflated price is attributed to non-typical investors being drawn into Bitcoins from the hype surrounding them, rather than through wise investment practices.
Investors may yet get their golden goose- Bitcoin is projected to continue to rise in value, with some speculating that Bitcoin will reach $100,000 by December 2021.
What are Bitcoin Frequenty Asked Questions?
Where does Bitcoin (BTC) rank among in terms of popularity? How relevant is it compared to competitors?
In terms of popularity, Bitcoin currently ranks in position 1 out of the thousands of cryptocurrencies. It is also important to consider Bitcoin‘s market cap – in general, the higher the market cap of a cryptocurrency, the more dominant it is considered to be in the market. Bitcoin has a market cap of $ 644,208,432,820, which compares to Bitcoin (the most popular cryptocurrency by several metrics) with a market cap of $ 644,208,432,820, Litecoin at $ 9,653,025,774, Ethereum at $ 161,734,027,488, Tether at $ 24,942,111,863, and XRP at $ 12,749,157,083.
What is the price of Bitcoin (BTC) today (updated in realtime)?
The current price of Bitcoin is $ 34,594.00 in USD. (The price in Euros is 28.415,13 €; and the price in Bitcoin is Ƀ 1.00000000 BTC.)
How has Bitcoin (BTC) performed recently?
Bitcoin‘s price has increased in the last 24 hours by 7.89%. This compares with a seven day change of -3.38%. The trading volume over the last 24 hours was $ 53,013,910,455. Trading volume indicates how many units of a currency are being bought and sold on specific exchanges. High trading volumes are likely to drive more on-chain activity, for example when people deposit and withdraw funds. It can be a good indicator of the general interest in the cryptocurrency.
What is Bitcoin (BTC) official website?
Links to Bitcoin‘s official website, social accounts, blockchain explorer, and Github repository if applicable.
Has Bitcoin (BTC) performed well historically?
Here is a chart showing how Bitcoin has performed historically.
Where Can I Buy Bitcoin (BTC)?
Here is a breakdown of the current market prices from top cryptocurrency exchanges.
Charts & Market Data
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- Cryptocurrency makes World Economic Forum's Davos AgendaCointelegraph.com News - 17 hours agoSessions devoted to “resetting digital currencies” are scheduled at this week’s Davos Agenda. The World Economic Forum’s upcoming Davos Agenda will feature two separate sessions…
- Key metrics show this week’s $4B Bitcoin options expiry favors bullsCointelegraph.com News - 17 hours agoA record $4 billion worth of Bitcoin options expire on January 29 and multiple indicators suggest bulls have the upper hand. Over the past two…
- Breach at Indian exchange BuyUCoin allegedly exposes 325K users’ personal dataCointelegraph.com News - 18 hours agoBuyUCoin initially denied the reports of a data breach, but added that all user funds are safe. Users of Indian crypto exchange BuyUCoin have reportedly…
- Ethereum will become the main asset for investors in 2021Cointelegraph.com News - 19 hours agoThe potential of Ether greatly exceeds Bitcoin, and the community is beginning to understand the value of ETH. During the second half of 2020, we…