![]() However, during the first few years of BTC’s existence, the competition between miners was relatively low, allowing the earliest network participants to accumulate significant amounts of coins via regular mining: Satoshi Nakamoto alone is believed to own over a million bitcoins. Bitcoin mining is the process by which thousands of computers worldwide compete to record and verify transactions on the network.īitcoin has not been pre-mined, meaning no coins have been mined and/or distributed between the founders before it became available to the public. The highest price paid for Bitcoin since it was launched was $ 68,789.63.īitcoin is considered a "store of value," and new bitcoins are created through a process known as mining (up to a maximum of 21 million coins). It means, unlike fiat currency, new bitcoin cannot be created by any official. supply of 21,000,000 BTC coins, i.e., there will only ever be 21 million bitcoins. dollar.īitcoin (BTC) is a digital currency that uses peer-to-peer technology to operate with no central authority or banks BTC transactions are carried out collectively by the network.īitcoin has a fixed max. This means anyone can purchase a fraction of a bitcoin with as little as one U.S. Each bitcoin comprises 100 million satoshis (the smallest units of bitcoin), making individual bitcoin divisible into smaller units, with each satoshi being worth 0.00000001 bitcoin. Bitcoin was the first successful cryptocurrency created by the anonymous creator Satoshi Nakamoto to allow "online payments to be sent directly from one party to another without going through a financial institution."īitcoin is a peer-to-peer online currency, meaning all BTC transactions happen directly between equal, independent network participants without any intermediary permitting or facilitating them.Īs a form of digital money that exists independently of any government, state, or financial institution, Bitcoin can be transferred globally without needing a centralized intermediary.īitcoin (BTC) is the Bitcoin ecosystem's native cryptocurrency. It uses a cryptocurrency called bitcoin to transfer value over the internet or act as a store of value like gold and silver. Bitcoin is an electronic payment system based on cryptographic proof enabling any two willing parties to transact directly with each other without the need for a trusted third party.
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