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ScandiCrypto » Cryptocurrencies » Bitcoin (BTC)

Bitcoin (BTC)

May 28, 2022 by Editorial Staff

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.

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

CoinbaseCoinbase✔️ Beginner friendly
✔️ Payment by card
✔️ Reliable company
4/5
Read Review
Trade

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

ExodusExodus✔️ Beginner friendly
✔️ Support most OS
✔️ Supports 125+ coins
4.5/5
Read Review
Store

Best Hardware Wallet for Bitcoin

LedgerLedger✔️ Affordable
✔️ Supports most OS
✔️ Aluminum grade
5/5
Store

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:

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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.

References

  • Bitcoin website
  • Bitcoin on Wikipedia
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ScandiCrypto consist of a small team of dedicated individuals with a passion for cryptocurrencies and its underlying technology which is blockchain. With many years of researching the cryptocurrency market, we strive to help more people get involved in crypto sharing our knowledge.

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