In fact, Bitcoin is a digital currency created in January 2009 following the housing market crash. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
Furthermore, these are some key takeaways about BTC:
- Firstly, launched in 2009, Bitcoin is the world’s largest cryptocurrency by market cap.
- Unlike fiat currency, Bitcoin is created, distributed, traded, and stored with the use of a decentralized ledger system known as a blockchain.
- Obviously, Bitcoin’s history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that.
- In addition, as the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of other projects in the blockchain space.
1.Firstly, What is Bitcoin (BTC)?
BTC is one of several tokens of a global digital assets trading firm BiKi.com. Besides, via BiKi.com website, users can also learn about bitcoin mining, bitcoin trading, bitcoin converter, price USD, cointracking, coinbase earn, worldcoinindex or cash price, etc…) and its partnership with other prestigious brands to build up long term relationship with customers.
About Bitcoin, a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. Because of this, we propose a solution to the double-spending problem using a peer-to-peer network.
Therefore, the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power. As long as a majority of CPU power is controlled by nodes that are not cooperating to attack the network, they’ll generate the longest chain and outpace attackers.
Moreover, the network itself requires minimal structure. Messages are broadcast on a best effort basis, and nodes can leave and rejoin the network at will, accepting the longest proof-of-work chain as proof of what happened while they were gone.
2. SO, What are the competitive advantages of Bitcoin?
Payment freedom: Also, it is possible for users to send and receive bitcoins anywhere in the world at any time. Further, no bank holidays, borders. Further, no bureaucracy. So, Bitcoin allows users to have full control and supervision of their money and assets.
Choose your own fees: There is no fee to receive bitcoins, and many wallets let you control how large a fee to pay when spending. Besides, the higher fees are, the faster confirmation of your transactions will be.
Fewer risks for merchants: Furthermore, BTC transitions are secure. Since, irreversible and do not contain customers’ sensitive or personal information. As a result, this protects merchants from losses caused by fraud or fraudulent chargebacks and no need for PCI compliance. In addition, the net results are lower fees, larger markets and fewer administrative costs
Security and control: Further, Bitcoin users are in full control of their transactions. Since, it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Therefore, this offers strong protection against identity theft. BTC users can also protect their money with backup and encryption
Transparent and neutral: Additionally, all information concerning BTC money supply is always available on the block chain for anybody to verify and use in real-time. Hence, this allows the core of BTC to be trusted for being completely neutral, transparent and predictable.
3. BTC Data
[Updated on 23rd June 2020 based on: https://www.coingecko.com/en/coins/bitcoin]
|Market Cap Dominance||64.16%|
|Volume / Market Cap||0.1141|
|24h Low / 24h High||$9,385.25 / $9,738.18|
|7d Low / 7d High||$9,298.36 / $9,678.68|
|Market Cap Rank||#1|
|All-Time High||$19,665.39 -50.9%Dec 16, 2017 (over 2 years)|
|All-Time Low||$67.81 14137.8%Jul 06, 2013 (almost 7 years)|
|Bitcoin/Bitcoin Ratio||1 BTC = 1.0 BTC|
- Firstly, BTC Official Website: https://www.bitcoin.org/
- Secondly, White paper: https://bitcoin.org/bitcoin.pdf
4. Finally, BTC Website Community Socials
- Firstly, Reddit: https://reddit.com/r/Bitcoin
- Secondly, Twitter: https://twitter.com/btc
- Thirdly, Facebook: https://www.facebook.com/134466763256650
- As well as Bitcointalk: https://bitcointalk.org/