What is Bitcoin ?

BTC is short form of Bitcoin

History of Bitcoin:

  • Bitcoin (₿) is a decentralised digital currency that may be sent from one person to another over the its network.
  • The cryptocurrency was developed in the year 2008 by an unknown person or group of people using the name “Satoshi Nakamoto”.
  • Bitcoins are generated as a reward for a computer-driven process known as mining.
  • It has been chastised for its usage in unlawful transactions, the high quantity of electricity (and thus carbon impact) required for mining, price volatility, and exchange theft.
  • Hal Finney, who had built the first reusable proof-of-work system (RPoW) in 2004, was the recipient of the first bitcoin transaction.
  • “Grayscale Bitcoin Trust” is the first corporate BTC holder. They have 654,885 Bitcoin, which is 3.12% of the entire supply.
  • Only 1.3 million BTC are now available for purchase on cryptocurrency exchanges.
  • In El Salvador, BTC became legal money alongside the US Dollar in 2021.
Bitcoin-BTC

What is unique about Bitcoin?

  • Only 21 million BTC will ever be created, making Bitcoin unique.
  • This will never be a constraint because transactions can be denominated in smaller sub-units of a it, such as bits (1,000,000 bits in 1 BTC).

Why Bitcoin is called “Decentralised”?

  • There is no centralised authority.
  • The Network is peer-to-peer, with no central servers.
  • No central storage & the its ledger is distributed & decentralized.
  •  The ledger is open to the public and can be stored on a computer by anyone.
  • The ledger is maintained by a network of equally privileged miners; there is no central administrator.
  • Anyone can start as “Miner”.
  • Competition ensures that the ledger is kept up to date. It is unknown which miner will create a new block until it is uploaded to the ledger.
  • Bitcoins are issued in a decentralised manner. They are given out as a reward for making a new block.
  • Without requiring approval, anyone can create a new BTC address (the BTC equivalent of a bank account).
  • Anyone can send a transaction to the network without requiring approval; the network just verifies that the transaction is valid.

Bitcoin Price:

All time High was ₹5.3M

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