Bitcoin (BTC)

Though there are now tens of thousands of cryptocurrencies, Bitcoin or in short BTC is one of the very first cryptocurrencies ever made. Unlike US dollars or other FIAT-money, which may be held in hand or in a bank account, there’s no central authority or centralized payment system which controls Bitcoin. Bitcoin functions within a peer-to-peer network which allows anyone around the world to send and get bitcoin, irrespective of their financial status.

Bitcoin was released in 2009 by a person or group under the pseudonym Satoshi Nakamoto. When Bitcoin entered the worldwide crypto exchange it took the world by storm, setting a precedent for the creation of alternative cryptocurrencies. Bitcoin is now the most significant example of blockchain technology, with a market capitalization of over $112 billion.

The Idea Behind Bitcoin

The basic idea behind Bitcoin was to create a digital currency that allows transactions to be made without any interference from a central authority. The cryptocurrency process is peer-to-peer open-source software, meaning there is no government, company, or bank responsible for Bitcoin. Since Bitcoin is not legal tender, it has triggered the production of other virtual currencies collectively called heritage coins. Bitcoin is created, distributed, stored, traded, and traded through a decentralized ledger system known as a blockchain.

Bitcoin’s history as a store of value was turbulent, with the cryptocurrency soaring to around $20,000 per coin in 2017. The blockchain-based digital currency has had mad highs and lows, so in the event that you’ve waited so long to shop, you can find a few coins now. 2 decades later, it is worth greater than $1.5 billion and is at an all-time high of $2.2 billion.

Not only is Bitcoin truly revolutionary in theory but, it is also disrupting the global economy and monetary system by giving a payment system that’s ahead of its time. Today there are about 6,000 altcoins which basically means a cryptocurrency alternative to Bitcoin, such as Ethereum or Litecoin.

Where Can You Buy Bitcoin?

If you want to get started with Bitcoin you’ll need to use a cryptocurrency exchange to trade and a cryptocurrency wallet to store it securely. The majority of cryptocurrency exchanges allow you to purchase Bitcoin but we at ScandiCrypto recommend Coinbase, which is the most popular and user-friendly option if you want to purchase Bitcoins immediately.