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.
How to Buy Bitcoin
If you want to get started with Bitcoin, you must first use a Bitcoin exchange or a exchange that allows you to buy Bitcoin. The majority of the best crypto exchanges list Bitcoin because it is the largest and most popular cryptocurrency in the world. If you are a beginner in buying Bitcoin, we recommend that you check out our beginner’s guide on how to buy cryptocurrency.
Best Bitcoin Exchange
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How to Store Bitcoin Securely
If you want to keep your Bitcoin safe, we recommend that you get a Bitcoin wallet or “Bitcoin wallet” as it is called in English. There are many different types of cryptocurrency wallets available that support Bitcoin and here are some of our most recommended Bitcoin wallets:
Best Bitcoin Wallet for Beginners
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Best Hardware Wallet for Bitcoin
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Price of BTC
Bitcoin’s value is known to be incredibly turbulent. At the end of 2017, the value increased to approximately $20,000 per BTC and in 2021 it reached its highest level of $40,000. Some of the factors in the turbulent price are due to the fact that Bitcoin’s price is based on supply and demand. When the media and influencers then hype up Bitcoin, the price naturally increases as well. In the price chart below you can see the current price of Bitcoin:
- Bitcoin
(BTC) - Price $21,240.00
- Market Cap
$406.44 B
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.
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.