t-185
What is Bitcoin
Bitcoin $99,867.06 USc-256
3.0%
Overview Information Markets News Similar Coins Historical Data Countdown to Bitcoin Classification
Overview Information Markets News Similar Coins Historical Data Countdown to Bitcoin Classification
Bitcoin
BTC Price
t-20
$99,867.06 USc-50
3.0%
1.0000 BTC 0.0%
$95,967.46 24 Hour Range $99,883.30 USc-137
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Market Capitalization
$1,983,572,472,257 fully diluted valuation
$1,983,572,472,257 24 Hour Trading Volume
$75,513,084,436 circulating supply
19,861,956
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19,861,956 maximum supply
21,000,000
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What is Bitcoin?
Bitcoin is a digital currency that was launched in January 2009, with the first block mined on January 9, 2009. It is a decentralized digital currency that relies on cryptography. Therefore, it can operate without the need for a central authority like a central bank or company. It is unlike fiat currencies issued by governments, such as the US dollar or the euro, which are controlled by central banks in countries. The decentralized nature allows it to operate on a peer-to-peer network where users can send money to each other without the need for intermediaries.
Who Created Bitcoin?
The creator is an unknown person or group known by the pseudonym Satoshi Nakamoto who proposed the idea of a peer-to-peer electronic cash system, as written in the white paper. To this day, the true identity of Satoshi Nakamoto has not been verified despite rumors and speculations about who Satoshi could be.
How Does Bitcoin Work?
While the general public sees Bitcoin as a physical currency, the reality is far from that. In fact, Bitcoin is a distributed accounting ledger stored in the form of a chain of blocks, hence the name blockchain.
In a centralized system like that of a commercial bank, if Alice wants to transact with Bob, the bank is the only entity that holds the record that
This shows how much balance Alice and Bob have. Since the bank keeps the record, it will verify if Alice has enough funds to send to Bob. Finally, when the transaction is successfully completed, the bank will deduct from Alice’s account and add the new amount to Bob’s account.
Bitcoin, on the other hand, operates in a decentralized manner. Since there is no central entity like a bank to verify transactions and maintain the ledger, a copy of the ledger is distributed across Bitcoin nodes. A node is a piece of software that anyone can download and run to participate in the network. Thus, everyone has a copy of how much balance Alice and Bob have, and there will be no dispute over the balance of funds.
Now, if Alice wants to transact with Bob using Bitcoin. Alice will need to broadcast her transaction to the network indicating that she intends to send $1 to Bob in the equivalent amount of Bitcoin. How will the system determine that she has enough Bitcoin to execute the transaction and also ensure that this same amount is not spent again?
This is where mining occurs. A Bitcoin miner will use their computers to validate Alice's transaction to add it to the ledger. To prevent the miner from adding any random transactions, they will need to solve a complex puzzle. Only if the miner is able to solve the puzzle (known as proof of work), which occurs randomly, can they add transactions to the ledger and the record becomes final.
Since operating these devices costs money due to the capital expenses of purchasing the devices and the cost of electricity, miners are rewarded with a new amount of Bitcoin that is considered part of its monetary system and some fees paid by the person wishing to make the transaction (in this case, Alice).
t-16This makes the Bitcoin ledger resistant to fraud in a way that does not require trust. While it is resistant, there are still some risks associated with the system such as a 51% attack where miners control more than 51% of the total computing power and there may also be security risks outside the control of the Bitcoin protocol.