14ko11NvcemFm2q5NpjpGiTbPhmB8pfnpC: Bitcoin (BTC) is a decentralized currency that eliminates the need for central establishments such as banks or governments by using a peer-to-peer internet network to confirm transactions directly between users.

Price History

  • $107,740.67.
  • Vol 123,400,807,539 BTC
  • 19:25
  • Market info
  • Market Cap : $2,026,754,136,615
  • Diluted Market Cap : 2,026,754,136,615
  • Vol 24h : $113,861,429,534
  • Vol / Market Cap : 0.06
  • 24h Change : -5.52%
  • 1h Change : 0.48%
  • 24h High: $108,786
  • 24h Low : $100,142
  • Circulating Supply : 19,812,990
  • Max Supply : 21,000,000

Bitcoin Address: 14ko11NvcemFm2q5NpjpGiTbPhmB8pfnpC

A short-term history

Satoshi Nakamoto created Bitcoin in 2009, a pseudonymous developer. Since Bitcoin is being designed to be completely decentralized and not controlled by one authority, it presents a problem to banks who insist on the paper bills. It has a total supply of 21 million, and its scarcity and a decentralized nature, make it almost impossible to inflate or manipulate.

This is why most people view bitcoin as being the absolute store of value or ‘Digital gold’. That’s why bitcoin is a fully open source, works on a proof of work blockchain, a shared public ledger and history of transactions organized in blocks that are chained together to prevent tampering. This is a technology that records each transaction permanently. The Bitcoin network uses users to verify transactions called mining in order to verify that new transactions are consistent with what older transactions have already been confirmed to prevent people from spending Bitcoins they don’t have, or to do so twice.

BTC in practice

The process of creating new (bitcoins) is part of the bitcoin mining. Miners are reward by bitcoins for these services by operating computer systems to help secure the network and validate incoming transactions. Full nodes that run these Bitcoin miners also use customized hardware, called Application Specific Integrated Circuit Chips (ASICs), to generate and find new blocks.

When a series of computationally demanding problems are solved and a completed ‘block’ is added to the ever growing chain, this is the result of the process called ‘mining’, which is a notoriously unpredictable exercise due to changement and fluctuation in network demand and value, referred to as the ‘network difficulty’. Mining also involves secondary income sources, including transaction fees, which help to reward the miners while incentivizing them to secure the network, validate the transactions. In addition, such an independent network of miners cannot allow fraud or false information to be record, since all miners must confirm that data collected is true and should be added to the blockchain with a process called ‘proof of work.’

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Bitcoin (BTC) is a decentralized digital currency that removes the need for a central authority such as a bank or a government and moves transactions relatively, directly from individual to individual frequently through a peer to peer (P2P) network instead of through predetermined channels, you can put it that way.