Bitcoin (BTC) current price is $6,404.59 with a marketcap of $111.23 B. Its price is 0.09% up in last 24 hours.
- Bitcoin (BTC)
- Live Price $6,404.59
24h % 0.09%
- Market Cap$111.23 B
- Volume$2.66 B
- Available Supply17.37 M BTC
More Info About Coin
Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority such as banks or payment getaways, managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source, its design is public, nobody owns or controls Bitcoin and everyone can take part.
So what exactly is bitcoin?
Bitcoin is the first ever successful cryptocurrency. It is a decentrilised currency and nobody has control over it. Bitcoin allows its users to safely and anonymously transfer money to another person without the use of 3rd parties such as banks. This makes the transactions much faster, safer and cheaper than using tradional banking system or payment getaways such as PayPal.
Bitcoin is built on a technology called the blockchain. In the simples words blockchain is a better, faster and safer internet, internet on steroids you could say.
Eventhough bitcoin is an electronic currency you can store it offline and it's actually the safest way to store cryptocurrency, because when it's offline there is noway anyone can access it.
But in order to store your Bitcoin offline you need a Bitcoin wallet and a private key that keeps it secure. You also might use a harware wallet such as Leger Nano S, a hardware wallet is one of the most secure ways to store your cryptocurrencies, that's why it's a good idea to have one.
Who created Bitcoin?
Bitcoin was created in 2008 by a person or a group called Satoshi Nakamoto, as an electronic payment system based on mathematical proof. Nobody knows the face behind this name and we will probably never know. The idea was to produce a payment system, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
How does Bitcoin work?
Bitcoin runs on an advanced technology called the blockchain. A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions.
Constantly growing as "completed" blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
As the name suggests a blockchain is a chain of blocks connected with each other. Each block contains information about transactions, wallet addresses etc.
In order for any transaction to be added to the bitcoin blockchain it needs to be confirmed by other users, bitcoin requires 30 successfull confirmations, after it's confirmed it gets added to the main blockchain and the transaction goes through.
How are bitcoins created?
Where do bitcoins come from? With paper money, a government decides when to print and distribute money. Bitcoin doesn't have a central government.
With Bitcoin, miners use GPU software(graphics cards) or ASICs (Application Specific Integrated Circuits) to solve math problems and are issued a certain number of bitcoins in exchange. This provides a smart way to issue the currency and also creates an incentive for more people to mine.
Pros & Cons
|It's decentralised||Lot of Bitcoin related scams (ponzi schemes, mining scams, exchange scams etc.)|
|It's fast, secure and reliable||It's heavily manipulated by the whales|
|Low fees||Not yet accepted worldwide|
|Instant payments anywhere in the world|
|Very likely to reach a much higher price|
BCrypto Investment Tip
Bitcoin is the first successful cryptocurrency ever created and although there are more and better currencies out there, the crypto market would not exist without Bitcoin and everything is technically linked to Bitcoin right now, that's why it's gonna stay the #1 cryptocurrency for a very long time and it will continue to rise in price as time goes by and the demand for cryptocurrencies grow.