Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Bitcoin is changing the way we see money as we speak. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way. It is a decentralized peer-to-peer internet currency making mobile payment easy, very low transaction fees, protects your identity, and it works anywhere all the time with no central authority and banks.
Bitcoin is designed to have only 21 million BTC ever created, thus making it a deflationary currency. Bitcoin uses the SHA-256 hashing algorithm with an average transaction confirmation time of 10 minutes. Miners today are mining Bitcoin using ASIC chip dedicated to only mining Bitcoin, and the hash rate has shot up to peta hashes.
Being the first successful online cryptography currency, Bitcoin has inspired other alternative currencies such as Litecoin, Peercoin, Primecoin, and so on.
The cryptocurrency then took off with the innovation of the turing-complete smart contract by Ethereum which led to the development of other amazing projects such as EOS, Tron, and even crypto-collectibles such as CryptoKitties.
Where is Bitcoin available for purchase?
You can exchange BTC tokens on both decentralized and centralized crypto platforms. The favored choice for purchasing and trading Bitcoin is Binance, notably the BTC/USDT pair, which saw a trading volume of $ 1,74 BN. in the past day. Additionally, Bybit and OrangeX are popular alternatives for trading tokens.
What is the highest value Bitcoin (BTC) has ever reached?
Bitcoin (BTC) reached its peak price at 73,738 $ on 14 March 2024, approximately 6 months ago ago. Presently, the current price is -26.73% lower than this all-time high.
What is the historical minimum price for Bitcoin (BTC)?
The minimum price reached for Bitcoin (BTC) was 67.81 $, documented on 06 July 2013, more than 11 years ago. In comparison, the current price is 79,569.66%, it above this historical low.
What is the fully diluted valuation of Bitcoin (BTC)?
The fully diluted valuation (FDV) of Bitcoin (BTC) stands at $ 1,14 TN.. This figure reflects the maximum potential market capitalization, considering that the current circulating supply is at its maximum of 21,000,000 BTC tokens. The realization of this FDV might take several years depending on the emission schedule of BTC tokens.