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What Is Bitcoin (BTC)? 1

created Nov 25th 2022, 09:03 by ducanh0901


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Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit of facilitate them. Bitcoin was created, according to Nakamoto's own words, to allow "online payments to be sent directly from one party to another without going through a financial institution." Some concepts for a similar type of decentralized electronic currency precede BTC, but Bitcoin hold the distinction of being the first-ever cryptocurrency to come int actual use Who Are the Founders of Bitcoin? Bitcoin's original inventor is known under the pseudonym, Satoshi Nakamoto. As of 2021 the true identity of the person -- or organization -- that is behind the alisa remains unknown. On October 31, 2008, Nakamoto published Bitcoin's whitepaper, which described in detail how a peer-to-peer, online currency could be implemented. They proposed to use a decentralized ledger of transactions packaged in batches (called "block") and secured by cryptographic algorithms -- the whole system would later be dubbed "blockchain." Just two months late, on January 3, 2009, Nakamoto mined the first block on the Bitcoin network, known as the genesis block, thus launching the world's first cryptocurrency. Bitcoin price was $0 when first introduced, and most Bitcoin were obtained via mining, which only required moderately powerful devices (e.g. PCs) and mining software. The first known Bitcoin commercial transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. At Bitcoin price today in mid-September 2021, those pizzas would be worth an astonishing $478 million. This event is now known as "Bitcoin Pizza Day." In July 2010, Bitcoin first started trading, with the Bitcoin price ranging from $0.0008 to $0.08 at that time. However, while Nakamoto was the original inventor of Bitcoin, as well as the author of its very first implementation, he handed teh network alert key and control of the code repository to Gavin who later became the lead developer at the Bitcoin Foundation. Over the years a large number of people have contributed to improving the cryptocurrency's software by patching vulnerabilities and adding new features. Bitcoin's source code repository on GitHub lists more than 750 contributors, with some of the key ones being Wladimir J. van der Laan, Marco Falke, Pieter Wuille, Gavin Andresen, Jonas Schnelli, and others. What Makes Bitcoin Unique? Bitcoin's most unique advantage comes from the fact that it was the ver first cryptocurrency to appear on the market. It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade, and use Bitcoin and other cryptocurrencies in their everyday lives, The emergence of the first cryptocurrency has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects. The entire cryptocurrency market -- now worth more than $2 trillion -- is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted inter such as banks and financial services companies. Thanks to its pioneering nature, BTC remains at the top of this energetic market after over a decade ofo existence. Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency, with a market capitalization that surpassed the $1 trillion mark in 2021, after Bitcoin price hit an all-time high of $64,863.10 on April 14, 2021. This is owing in large part to growing institutional interest in Bitcoin and the ubiquitousness of platforms that provide use cases for BTC: wallets, exchanges, payment services, online games, and more. Related Pages: Looking for market and blockchain data for BTC? Visit our block explorer. Want to buy Bitcoin? Use CoinMarketCap's guide. Want to keep track of Bitcoin prices live? Download the CoinMarketCap mobile app! Want to convert Bitcoin price today to your desired fiat currency? Check out the CoinMarketCap exchange rate calculator. Should you buy Bitcoin with PayPal? What has wrapped Bitcoin? Will Bitcoin volatility ever reduce? How to use a Bitcoin ATM How Much Bitcoin Is in Circulation? Bitcoin's total supply is limited by its software an will never exceed 21,000,000 coins. New coins are created during the process known as "mining": as transactions are relayed across the network, they get picked up by miners and packaged into blocks, which are in turn protected by complex cryptographic calculations. As compensation for spending their computational resources, the miners receive rewards for every block that they successfully add to the blockchain. At the moment of Bitcoin's launch, the reward was 50 bitcoins per block: this number gets halved with every 210,000 new blocks mined -- which takes the network roughly four years. As of 2020, the block reward has been halved three times and comprises 6.25 bitcoins. Bitcoin has not been pre-mined, meaning that no coins have been mined and/or distributed between the founders before it became available to the public. However, during the first few years of BTC's existence, the competition between miners was relatively low, allowing the earliest network participants to accumulate significant amounts of coin via regular mining: Satoshi Nakamoto alone is believed to own over a million Bitcoin Mining Bitcoin can be very profitable for miners depending on the current hash rate and the price of Bitcoin. While the process of mining Bitcoins is complex, we discuss how long it takes to mine one Bitcoin on CoinMarketCap Alexandria -- as we wrote above, mining Bitcoin is best understood as how long it takes to mine on block, as opposed to one Bitcoin. As of mid-September 2021, the Bitcoin mining reward is capped at 6.25 BTC after the 2020 halving, which is roughly $299,200 in Bitcoin price today.

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