1:06
novice
June 13, 2022
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what is bitcoin?

Bitcoin (BTC) rose to prominence as the main alternative for centralised peer-to-peer (P2P) payments on the blockchain, allowing huge amounts of money to be transferred extremely fast with no central control, unlike a bank, which acts as the third-party for overseeing the sending of money traditionally. BTC is created, traded and transferred using a decentralised ledger system otherwise known as the blockchain and allows you to pay for goods or services through cryptocurrency transfer, as well as acting as a considerable digital investment asset.

It was created by an unknown developer, or group of developers, going by the name Satoshi Nakamoto in 2009, with only 21 million tokens being made. This means that it is deflationary by nature, in that there is a decided finite amount of BTC that can never be changed and buyer power increases over time. It also works on a Proof of Work (PoW) system where 'mining' is required to make the network function.

These 21 million BTC can be mined by a series of computers competing to solve puzzles to create the next 'block’. As of April 2022, 19 million coins had been successfully mined, leaving only 2 million left.

BTC is the first and biggest cryptocurrency created. For this reason, many people refer to crypto by simply calling it ‘Bitcoin’. BTC hit its All Time High (ATH) of $69,045.00 in November 2021, and you can see BTC's current price in this link.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

what is bitcoin?

Bitcoin (BTC) rose to prominence as the main alternative for centralised peer-to-peer (P2P) payments on the blockchain, allowing huge amounts of money to be transferred extremely fast with no central control, unlike a bank, which acts as the third-party for overseeing the sending of money traditionally. BTC is created, traded and transferred using a decentralised ledger system otherwise known as the blockchain and allows you to pay for goods or services through cryptocurrency transfer, as well as acting as a considerable digital investment asset.

It was created by an unknown developer, or group of developers, going by the name Satoshi Nakamoto in 2009, with only 21 million tokens being made. This means that it is deflationary by nature, in that there is a decided finite amount of BTC that can never be changed and buyer power increases over time. It also works on a Proof of Work (PoW) system where 'mining' is required to make the network function.

These 21 million BTC can be mined by a series of computers competing to solve puzzles to create the next 'block’. As of April 2022, 19 million coins had been successfully mined, leaving only 2 million left.

BTC is the first and biggest cryptocurrency created. For this reason, many people refer to crypto by simply calling it ‘Bitcoin’. BTC hit its All Time High (ATH) of $69,045.00 in November 2021, and you can see BTC's current price in this link.

*The content hereby presented is for informational purposes only. Nothing of this content that is available to you shall be considered as financial, legal or tax advice. Please, keep in mind that trading cryptocurrencies pose a considerable risk of loss.

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June 13, 2022
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