What Is Bitcoin?
Bitcoin is the first-ever decentralized global digital currency. Among other things, this means that it is entirely computerized and doesn’t exist in a physical form.
Bitcoin can be sent quickly and securely from anywhere in the world, and you only need an internet connection. Its price is determined by the free market, subject to supply and demand.
Built on a decentralized network, it operates free of any central control, including but not limited to bank or government oversight. It relies on open-source and peer-to-peer software and cryptography. Known as blockchain, this technology is also fully transparent and immutable. Any changes to it can only happen following a majority consensus.
The consensus algorithm that powers Bitcoin’s blockchain (also called distributed ledger technology) is called Proof of Work.
Cryptocurrency can be stored in digital addresses spread throughout the Internet. To make it easier for regular users to keep safe, there are many digital wallet providers, each one with a dedicated address where you can receive BTC.
As mentioned above, Bitcoin is based on open-source technology, and many developers have contributed and continue working on the protocol daily.
Bitcoin FAQ
Sending Bitcoin
Buying Bitcoin
Blockchain & Mining
Let’s Talk Numbers
Total Existing Bitcoins / Max Supply:
19,838,019 / 21,000,000
Value of all Bitcoins:
$1.66 trillion
Bitcoin transactions (24-hours):
386,020
24H Transactions’ value:
$3.64 billion
Source: CoinGecko and Blockchain.com
Ok, Now What?
After reading the basics, you are welcome to continue to our articles that will guide you through the crypto world:
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- Basic crypto terms and the ultimate 6 advantages of bitcoin
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- I want to buy Bitcoin! Actually, is it time to buy Bitcoin now? (meet the DCA).
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- I’ve bought some BTC already… where do I store them? Read about digital Bitcoin & crypto wallets.
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- Need a quick wallet? Here are our guides to the Mycelium wallet. Hardware wallets are more secure – like Trezor and Ledger Nano S.
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- I heard about cryptocurrencies, which are not Bitcoin… Meet the Altcoins.
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- Start from the 5 must-have crypto websites.
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- Advanced trading strategies and tips: Bitcoin and crypto margin trading, and 15 must-read tips for trading altcoins and Bitcoin.
Bitcoin FAQ For Beginners
Who invented Bitcoin?
In 2008, during the global economic meltdown, also known as the Subprime mortgage crisis, someone using the pseudonym Satoshi Nakamoto decided it was the right time for the first decentralized currency. This individual (or a group of people) remains unknown over a decade later. However, here are five interesting facts about Satoshi Nakamoto that you may not know.
Although some people have since claimed to be Satoshi, none have provided sufficient proof.
On October 31st, 2008, the idea for Bitcoin was introduced with the release of a whitepaper. Titled Bitcoin, a Peer-to-Peer Electronic Cash System, it was written by Satoshi Nakamoto.
In the first couple of years, BTC had almost no monetary value. However, it propelled the creation of active and strong communities that would continuously work and improve the protocol.
Back in 2010, Satoshi left the development of the cryptocurrency, with their last known communication being an email from April 2011.
In the following years, the community became bigger and stronger as more and more improvements were made and new use cases for Bitcoin started to appear.
