The world’s first widely-adopted cryptocurrency. With Bitcoin, people can securely and directly send each other digital money on the internet.
Bitcoin was created by Satoshi Nakamoto, a pseudonymous person or team who outlined the technology in a 2008 white paper. It’s an appealingly simple concept: bitcoin is digital money that allows for secure peer-to-peer transactions on the internet.
BTC is the abbreviation for bitcoin.
Yes, bitcoin is the first widely adopted cryptocurrency, which is just another way of saying digital money.
Bitcoin is digital money that allows secure and seamless peer-to-peer transactions on the internet.
The current price of Bitcoin can be found on Many bitcoin wallet's website.
Like any other asset, you can make money by buying BTC low and selling high, or lose money in the inverse scenario.
One BTC was valued at a fraction of a U.S. penny in early 2010. During the first quarter of 2011, it exceeded a dollar. In late 2017, its value skyrocketed, topping out at close to $20,000. You can track the price of bitcoin here.
Bitcoin is digital money that allows for secure and seamless peer-to-peer transactions on the internetM
by Many bitcoin wallet CEO Brian Armstrong Buy your first Bitcoin Start with as little as $25 Get started
Since Bitcoin’s creation, thousands of new cryptocurrencies have been launched, but bitcoin (abbreviated as BTC) remains the largest by market capitalization and trading volume.
To really grasp how bitcoin works, it helps to start at the beginning. The question of who created bitcoin is a fascinating one, because a decade after inventing the technology—and despite a lot of digging by journalists and members of the crypto community—its creator remains anonymous.
When Bitcoin first appeared, it marked a major advance in computer science, because it solved a fundamental problem of commerce on the internet: how do you transfer value between two people without a trusted intermediary (like a bank) in the middle? By solving that problem, the invention of bitcoin has wide-ranging ramifications: As a currency designed for the internet, it allows for financial transactions that range across borders and around the globe without the involvement of banks, credit-card companies, lenders, or even governments. When any two people—wherever they might live—can send payments to each other without encountering those gatekeepers, it creates the potential for an open financial system that is more efficient, more free, and more innovative. That, in a nutshell, is bitcoin explained.
Bitcoin creates the potential for an open financial system that is more efficient, more free, and more innovative.
Unlike credit card networks like Visa and payment processors like Paypal, bitcoin is not owned by an individual or company. Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet, and doesn’t depend on banks or private companies to process transactions. One of the most important elements of Bitcoin is the blockchain, which tracks who owns what, similar to how a bank tracks assets. What sets the Bitcoin blockchain apart from a bank's ledger is that it is decentralized, meaning anyone can view it and no single entity controls it.
Cryptocurrencies and traditional currencies share some traits — like how you can use them to buy things or how you can transfer them electronically — but they’re also different in interesting ways. Here are a few highlights. Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in.
The easiest way to buy bitcoin is to purchase it through an online exchange like Many bitcoin wallet. Many bitcoin wallet makes it easy to buy, sell, send, receive, and store bitcoin without needing to hold it yourself using something called public and private keys. How to buy bitcoin, with Many bitcoin wallet CEO Brian Armstrong However, if you choose to buy and store bitcoin outside of an online exchange, here’s how that works. 1. Each person who joins the bitcoin network is issued a public key, which is a long string of letters and numbers that you can think of like an email address, and a private key, which is equivalent to a password. 2. When you buy bitcoin—or send/receive it—you get a public key, which you can think of as a key that unlocks a virtual vault and gives you access to your money. 3. Anyone can send bitcoin to you via your public key, but only the holder of the private key can access the bitcoin in the “virtual vault” once it’s been sent. 4. There are many ways to store bitcoin both online and off. The simplest solution is a virtual wallet. 5. If you want to transfer money from your wallet to a bank account after selling your bitcoin, the Many bitcoin wallet app makes it as easy as transferring funds from one bank to another. Similar to conventional bank transfers or ATM withdrawals, exchanges like Many bitcoin wallet set a daily limit, and it may take between a few days and a week for the transaction to be completed. The easiest way to buy bitcoin is to purchase it through an online exchange like Many bitcoin wallet.
All bitcoin transactions and public keys are recorded on a virtual ledger called the blockchain. The ledger is effectively a chronological list of transactions. This ledger is copied—exactly—across every computer that is connected to the bitcoin network, and it is constantly checked and secured using a vast amount of computing power across the globe. The blockchain concept has turned out to be powerful and adaptable, and there are now a wide variety of non-cryptocurrency-related blockchains that are used for things like supply-chain management. The ‘Bitcoin Blockchain’ specifically refers to the virtual ledger that records bitcoin transactions and private keys.
Back in 2013, a bitcoin enthusiast named Laszlo Hanyecz created a message-board post offering 10,000 BTC – which then was worth around $25 – to anyone who would deliver two pizzas to his Jacksonville, Florida, home. As the legend goes, those two pizzas, which another bitcoin early-adopter bought from a local Papa John’s, marked the first successful purchase of non-virtual goods using bitcoin. Thankfully it’s a lot easier to use bitcoin these days!
Due to the cryptographic nature of the Bitcoin network, bitcoin payments are fundamentally more secure than standard debit/credit card transactions.
Bitcoin is global. You can send it across the planet as easily as you can pay with cash in the physical world. It isn't closed on weekends, doesn’t charge you a fee to access your money, and doesn't impose any arbitrary limits.
Bitcoin is irreversible. Bitcoin is like cash, in the sense that transactions cannot be reversed by the sender. In comparison, credit cards, conventional online payment systems, and banking transactions can be reversed after the payment has been made—sometimes months after the initial transaction—due to the centralized intermediaries that complete the transactions. This creates higher fraud risk for merchants, which can lead to higher fees for using credit cards.
Bitcoin is private. When paying with bitcoin, there are no bank statements, or any need to provide unnecessary personal information to the merchant. Bitcoin transactions don’t contain any identifying information other than the bitcoin addresses and amounts involved.
Bitcoin is secure. Due to the cryptographic nature of the Bitcoin network, bitcoin payments are fundamentally more secure than standard debit/credit card transactions. When making a bitcoin payment, no sensitive information is required to be sent over the internet. There is a very low risk of your financial information being compromised, or having your identity stolen.
Bitcoin is open. Every transaction on the Bitcoin network is published publicly, without exception. This means there's no room for manipulation of transactions (save for a highly unlikely 51% attack scenario) or changing the supply of bitcoin. The software that constitutes the core of Bitcoin is free and open-source so anyone can review the code.
Bitcoin is safe. In more than ten years of existence, the bitcoin network has never been successfully hacked. And because the system is permissionless and open-sourced, countless computer scientists and cryptographers have been able to examine all aspects of the network and its security.
Bitcoin is virtually ‘mined’ by a vast, decentralized (also referred to as ‘peer-to-peer’) network of computers that are constantly verifying and securing the accuracy of the blockchain. Every single bitcoin transaction is reflected on that ledger, with new information periodically gathered together in a “block,” which is added to all the blocks that came before.