|HUOBI_GLOBAL||BTC/USDT||USD 1,417,672,790.12703252||BTC 56,365.11426849|
|BITFINEX||BTC/USD||USD 504,233,441.53961527||BTC 56,306.00000000|
|BITHUMB||BTC/KRW||USD 297,956,953.49378961||BTC 55,261.83587872|
|KRAKEN||BTC/USD||USD 256,348,380.29643989||BTC 56,336.30000000|
|KUCOIN||BTC/USDT||USD 190,434,373.33019850||BTC 56,356.62319753|
|BELPAY||BTC/WBTC||USD 5,014,346.36132810||BTC 14,305.90785520|
|COINBASE||BTC/USD||USD 288.00000000||BTC 32,000.00000000|
|BINANCE||BTC/USDT||USD 8.96114504||BTC 35,934.31208222|
Bitcoin is a cryptocurrency. It is a decentralized digital currency that is based on cryptography. As such, it can operate without the need of a central authority like a central bank or a company. Bitcoin is unlike government-issued or fiat currencies such as US Dollars or Euro in which they are controlled by the country’s central bank. The decentralized nature allows it to operate on a peer-to-peer network whereby users are able to send funds to each other without going through intermediaries.
Who created Bitcoin?
Bitcoin was created by an unknown individual or group that goes by the name Satoshi Nakamoto with the idea of an electronic peer-to-peer cash system as it is written in a whitepaper. Until today, the true identity of Satoshi Nakamoto has not been verified though there has been speculation and rumor as to who Satoshi might be.
When was Bitcoin launched?
Bitcoin was launched in January 2009 with the first genesis block mined on 9th January 2009.
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Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a Blockchain. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Bitcoin has been praised and criticized. Critics noted its use in illegal transactions, the large amount of electricity used by miners, price volatility, and thefts from exchanges. Some economists, including several Nobel laureates, have characterized it as a speculative bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.
The successful miner finding the new block is allowed by the rest of the network to reward themselves with newly created bitcoins and transaction fees. As of 11 May 2020, the reward amounted to 6.25 newly created bitcoins per block added to the Blockchain, plus any transaction fees from payments processed by the block. To claim the reward, a special transaction called a coinbase is included with the processed payments. All bitcoins in existence have been created in such coinbase transactions. The bitcoin protocol specifies that the reward for adding a block will be halved every 210,000 blocks (approximately every four years). Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins[g] will be reached c. 2140; the record keeping will then be rewarded solely by transaction fees.
In other words, Nakamoto set a monetary policy based on artificial scarcity at bitcoin's inception that the total number of bitcoins could never exceed 21 million. New bitcoins are created roughly every ten minutes and the rate at which they are generated drops by half about every four years until all will be in circulation.
Bitcoin is the first cryptocurrency which is operated through an open source and peer to peer network which means that there is no central authority such as a bank or government controlling it's operation. Cryptocurrency has emerged as a currency which is accepted worldwide. The currency is the first digital currency which is held in computers and not like rupee notes. It is produced collectively by enterprises all over the word by using advanced computer software that solves mathematical problems.Bitcoin was launched in 2009 with an idea to set aside different currency and make a central currency valid all over the world. The reason why it has seen immense growth since it’s launch is that it is free of all governmental norms and is completely centralised, moreover there are only 21 million bitcoins currently in circulation and since this number is stagnant and the demand is growing, the prices will increase automatically. Bitcoin is the pioneer of creating a currency system that didn’t involve banks; rather, it is operating on a decentralized ledger using technology known as Blockchain.Hence, bitcoin being the pioneer is still one of the most trusted cryptocurrency due to it's ever evolving and profitable nature.
Bitcoin works on a ledger system using the technology of Blockchain. Each Bitcoin can be considered as a computer file which instead of being in your bank account is on your digital wallet, which can be made on a smartphone or computer. These bitcoins can be used to make any kind of transactions, people can send you in form of payment to your wallet and you can send bitcoins to other people for any kind of payment. Every payment is then recorded on the blockchain ledger which is an open source network and hence all the activities can be tracked. Which makes it possible to go back on the ledger and track the fraudulent activities such as using bitcoins you don’t own, undoing transaction history or copying a bitcoin. Cryptocurrency is often considered unsafe but if you are aware of the system , nobody can fool you.There are 3 ways in which you can get Bitcoins:You purchase them using your country's currency.You receive them by selling products or services.You mint them by solving the Advance mathematical problems, through which you can create new Bitcoins, but this could take many years. After obtaining the Bitcoin you can start trading it, using an anonymous ID.
Cryptocurrency is a new type of currency which is in digital form which is used as a medium of exchange. It has become very prominent in the last 5-10 years, for example, bitcoin has almost become an alternative currency . Most of the time, cryptocurrency is electronic-only and isn’t traded in physical form.Cryptographic money appeals to many individuals in view of its capacity to exist without a national bank and along these lines concerns secrecy and subterfuge. It appeals because of its capacity to hold esteem and not be inflated away by national banks that need to print cash. It's likewise hard to fake due to the blockchain record framework that deals with the currency.Cryptocurrencies are produced, tracked and managed through what’s called a distributed ledger such as blockchain. In a distributed ledger, the currency’s movement is processed by computers in a decentralized network, to ensure the integrity of the financial data and ownership of the cryptocurrency. Think of it like a giant never-ending receipt of all the system’s transactions that is being constantly verified by everyone who can see the receipt.Crypto-currency is said to be people’s currency which has set to become an alternative for businesses to conduct and expand business worldwide with more ease.
Blockchain technology is a new-age system of record keeping which is based on decentralized technology to secure data and promote transparency. It is distinguished from the conventional methods on fundamental bases- it stores the information in forms of block, and each block is connected to the subsequent block. On the ledger of blockchain technology any kind of information can be stored but most prominently it has been used to store financial transactions. For example, bitcoin uses blockchain to store all the data through which all transactions can be tracked easily and no central authority has control of the currency but it is divided in the decentralized way.Another important part of blockchain ledger is that once the information is stored it can’t be reversed and hence the data can’t be forged in any way and makes the system very secure.Blockchain has been widely used nowadays in many systems such as delivery tracking systems, administration systems, storing confidential information of scientific labs and paths, financial ledger systems and much more. Businesses are adopting it to bring transparency into their system and create an effective system for working.