BTC - Bitcoin


Rank Logo Symbol Normalized USD USD Volume Percentage Market Cap
1 BTC 3543.704 3543.704 100.000 $61.76 B

Last Updated: Dec 17, 2018. 10:36 PM

What is Bitcoin?


Wikipedia

Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.Bitcoin has been criticized for its use in illegal transactions, its high electricity consumption, price volatility, thefts from exchanges, and the possibility that bitcoin is an economic bubble. Bitcoin has also been used as an investment, although several regulatory agencies have issued investor alerts about bitcoin.


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What problem does this coin solve?

As explained in the Bitcoin whitepaper, Bitcoin aims to fill the holes that the commerce system on the Internet suffers from. Traditional financial institutions act as “trusted third parties” for electronic payments, creating slow transfers and the need for reversal – which puts an added strain on merchants.

Bitcoin, on the other hand, is an electronic payment system that is based on cryptographic proof – not trust. This means that transactions are verified through a peer to peer network.

This solves several problems associated with traditional financial institutions:

  • Impractical to reverse, creating less of a vetting process for merchants
  • Allows quicker transactions between two parties
  • Simplified payment verification for customers and merchants
  • This reduces the possibility of double transactions and verifies transactions through a peer to peer network

You can read the full Bitcoin whitepaper, originally published in 2008, at the link below.

What’s unique about this coin?

The most unique quality of Bitcoin is that it was the first decentralized cryptocurrency. This means that it has largely paved the way for the slew of other cryptocurrencies that have emerged since. Bitcoin was the first to use the decentralized, peer to peer approval process that makes cryptocurrency so unique.

Also notable is the fact that Bitcoin was created by an anonymous developer. While the white paper was published by Satoshi Nakamoto, that turned out to be a fake alias for whoever was the real creator.

What are the use cases for this coin?

Being the most well-known cryptocurrency, there are a plethora of use cases. For instance, Bitcoin can be used as a form of payment between two individuals for a good or service. Bitcoin has the widest acceptance of any cryptocurrency out there.

For instance, several retailers allow users to purchase via Bitcoin. Those retailers include Expedia, Dish Network, and Microsoft. As mentioned earlier, Bitcoin has numerous advantages of payments via traditional financial institutions, and thus we should only expect its acceptance as a currency to continue to increase, though high fees and volatility in price make it challenging as a currency.

Bitcoin is also a common investment vehicle. With an ever-changing price, people commonly invest in Bitcoin, at high risk, looking to make a high return on their investment. It is also widely considered as the digital gold.

Development status

Bitcoin is in active development and an open standard, thus anyone can contribute to the project. With the open nature of Bitcoin, it is likely that it will be in active development for many years to come.

Bitcoin versus other cryptocurrencies

One of the most common comparisons made in cryptocurrency is between Bitcoin and Bitcoin Cash. While the names sound similar, the key difference is that Bitcoin Cash has a newer backend that allows for faster processing and heavier loads.

References

From the web

What is bitcoin? - CoinDesk
coindesk.com
To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a ...
How does Bitcoin work? - Bitcoin
bitcoin.org
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet.
Starbucks team with Microsoft on new payment using bitcoin ...
cnbc.com
Starbucks is partnering with Microsoft and ICE on a new cryptocurrency platform called Bakkt aimed at consumer use. "It's very big news for bitcoin because people say where can you spend it?
Bitcoin - Wikipedia
wikipedia.org
Bitcoin (₿) is a cryptocurrency, a form of electronic cash.It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
What Are Bitcoins and How Do They Work? - Lifewire
lifewire.com
Bitcoin is a virtual currency that blossomed in public consciousness after its price-per-coin rose above $13,000 in early 2018. The cryptocurrency (one of many) forced a complex intersection of privacy policy, banking regulation, and technological innovation.
Home | Bitcoin Partners
wixsite.com
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
What is bitcoin? - CNNMoney
cnn.com
Bitcoin is a cryptocurrency created in 2009. Marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies. Bitcoin is a new currency that was created ...
What Is Bitcoin, and How Does It Work? - The New York Times
nytimes.com
Plenty. But these other virtual currencies do not have as many followers as Bitcoin, so they are not worth as much. As in the real world, a currency is worth only as much as the number of people ...
PayPal Takes Baby Step Toward Bitcoin, Partners With ...
forbes.com
PayPal and its parent company eBay are warming up to Bitcoin, but they're doing it oh so carefully. On Tuesday, PayPal announced that it was partnering with Bitcoin processors BitPay, Coinbase and ...
What is Bitcoin? Introductory video and current Bitcoin price.
weusecoins.com
What is Bitcoin? With the Bitcoin price so volatile everyone is curious. Bitcoin, the category creator of blockchain technology , is the World Wide Ledger yet extremely complicated and no one definition fully encapsulates it.
Bitcoin: What The Heck Is It, And How Does It Work?
consumerreports.org
Do the feds care? Yes, and sort of. It’s not illegal, at any rate. The Senate Banking Committee and Senate Homeland Security Committee held hearings on Bitcoin back in November. The outcomes ...
Fidelity Brings Bitcoin Tracking to Traditional Investor ...
coindesk.com
Fidelity Labs is partnering with Coinbase to enable its customers to track their bitcoin holdings alongside traditional investments.
What is Bitcoin? (v1) - YouTube
youtube.com
Learn about Bitcoin with the most watched Bitcoin video. More information: Start Guide - https://www.weusecoins.com Mining Guide - https://www.bitcoinmining....
A Bitcoin Guide: A Brief History, How To Buy, And The ...
usconsumerfinance.com
Bitcoin transactions are anonymous, but all of the transactions are recorded on a ledger. However, the ledger does not show the names of Bitcoin users. The ledger shows a series of numbers in place of a name.

Social News




2018: The Year Of The Bitcoin Bust?
Yahoo Finance | Dec 17, 2018. 10:47 PM
With Christmas nearing, bitcoin is celebrating a big ... no SEC-approved crypto ETF and lack of security in the cryptocurrency market. Writing On The Wall The cryptocurrency markets are ...




9th Gear speeds up foreign exchange transactions with blockchain tech
The Business Journals | Dec 17, 2018. 03:42 PM
9th Gear has developed a B2B marketplace that uses privately permissioned blockchain technology to enable same-day Foreign Exchange (FX) transactions. The company said this offers on-demand liquidity, offering greater transparency, reduced risk and lower ...




Stocks Crash, Gold And Bitcoin Surge Higher
TalkMarkets | Dec 17, 2018. 09:36 PM
This won’t be the last time that you read this headline. The stock market is crashing again to start the last trading week before Christmas. The Dow and S&P 500 both declined by 2.1% today, while the Nasdaq is down 2.3%. The major drivers of this market ...




It's been one year since bitcoin was interesting
Yahoo Finance | Dec 17, 2018. 08:47 PM
Following the crypto market is not. Throughout the popping of the 2017-18 cryptocurrency ... consultant’s pitch deck will. Bitcoin and cryptocurrencies and blockchain were supposed to usher ...




Tesla: Musk Doesn't Respect The SEC, But Bondholders Don't Respect Musk
Seeking Alpha | Dec 17, 2018. 09:32 PM
Just like Bitcoin, Tesla is the type of security that can go to the moon and back, or vice versa, very easily and very quickly. We have no direct position in Tesla, for good or for bad.




One of the first crypto millionaires says bitcoin is ‘dead’
New York Post | Dec 17, 2018. 02:10 PM
When it comes to bitcoin investor burnout, it takes one to know one. Erik Finman, who gained renown after becoming one of the earliest crypto millionaires, told MarketWatch in an interview that ...




Bitcoin climbs above $3,400, headed for biggest daily rise in nearly three weeks
Reuters | Dec 17, 2018. 02:05 PM
LONDON (Reuters) - Bitcoin rose sharply on Monday, climbing above $3,400 in a move traders ascribed to heavy buying on Japan and Hong Kong-based exchanges. The original cryptocurrency jumped as much as 11 percent on the Bitstamp platform and was headed for ...




Markets Update: Cryptocurrencies Start the Week With Modest Gains
Bitcoin News | Dec 17, 2018. 07:36 PM
Cryptocurrencies have had a tough year considering today is the anniversary of when the price of bitcoin core (BTC ... Has the Crypto Speculation Period Run Dry? Many cryptocurrency traders ...




Bitcoin peaked a year ago: Here’s a look at 12 months of misery
MarketWatch | Dec 17, 2018. 01:22 PM
Monday, Dec. 17, will mark one year since the price of bitcoin — the best-known cryptocurrency ... that runs on the ethereum blockchain, fell as much as 95%, losing its title of the second-largest digital currency. Crypto, % Below all-time high...




Who Needs Verizon? Blockstream Broadcasts Entire Bitcoin Blockchain From Space
Forbes | Dec 17, 2018. 05:00 PM
as users around the world will no longer need internet access to spend the cryptocurrency on every day transactions. The Blockstream startup that raised $101 million from Khosla Ventures and others is now streaming the entire bitcoin blockchain from five ...




Blockstream Satellites Now Cover Asia Pacific, Send Messages With Lightning
Bitcoin Magazine | Dec 17, 2018. 09:38 PM
While most crypto investors are shooting ... Blockstream’s full node Bitcoin satellites are something out of science fiction. Orbiting in our planet’s exosphere, the spacecrafts broadcast the Bitcoin blockchain across the globe. Anyone can access ...




Impact Investing, Fed Outlook, Bitcoin Value (Podcast)
Bloomberg L.P. | Dec 17, 2018. 09:06 PM
Matt Winkler, Bloomberg News Editor-in-Chief Emeritus, explains how the cryptocurrency boom found value where there wasn’t any. Bloomberg Stocks Editor Dave Wilson has his "Chart of the Day", he says falling S&P 500 valuation has bear-market look.




Bitcoin Is in the Doldrums After Hitting an All-Time High a Year Ago
Fortune | Dec 17, 2018. 04:57 PM
Bitcoin has discovered gravity, after just a year of riding high in the cryptocurrency universe. As of Monday morning, Bitcoin was down 83% to $3,391 from its peak on Dec. 17, 2017 of $19,870 ...




CNBC Exclusive: CNBC Transcript: DoubleLine Capital CEO Jeffrey Gundlach Speaks with CNBC's Scott Wapner Today
MSN | Dec 17, 2018. 09:36 PM
This time like we talked about a year ago it was crypto, bitcoin which was truly a mania, we talked a year ago it just went up. Maybe in the end it's a good thing or the block chain technology is a good thing. The way it was being treated and believed in ...




Bitcoin jumps 11%, rebounding above $3,400 on the one-year anniversary of its $19,000 record
CNBC | Dec 17, 2018. 06:33 PM
The world’s largest cryptocurrency ... bitcoin on the map, especially among retail investors. Bitcoin kicked off last year below $1,000 and by December brought its total gains to 1,300 percent, according to CoinDesk. Those gains brought in a new era of ...




Stocks Slammed As Liquidations Accelerate; Bitcoin, Bonds, & Bullion Bid
TalkMarkets | Dec 17, 2018. 08:33 PM
It's an ol' fashioned buyers' strike" according to CNBC's Bob Pisani. But it's the worst start to December since at least 1950, Bob?! Most worryingly for the asset-gatherers and commission-takers, there is no capitulation... it's death by a million ...




Skip the Car With the Big Red Bow
Kiplinger | Dec 17, 2018. 08:20 PM
Sandy: If you just google Bitcoin IRA, you'll see lots of companies offering them ... Finally, if you want to put crypto currencies or any kind of bitcoins in your IRA and you already have some, you can't just go set up an IRA and move them into them.




Crypto Bounce Heartens True Believers Waiting for Market Bottom
Bloomberg L.P. | Dec 17, 2018. 05:26 PM
After one of the worst stretches of losses for cryptocurrencies on record, enthusiasts are taking comfort in a recovery in prices of digital assets including Bitcoin, Ether, EOS and Litecoin. “It seems as though there’s a broad crypto bounce with all ...




Bitcoin, Ethereum prices rebound after three-month slide
clickondetroit.com | Dec 17, 2018. 08:07 PM
Bitcoin and other cryptocurrencies are seeing a price jump ... Since the peak last year, the entire cryptocurrency market capitalization has fallen by more than 80 percent. The market value went from $592 billion in December 2017 to about $109 billion ...




Teen Bitcoin Millionaire Erik Finman Proclaims Bitcoin Is ‘Dead’ Long-Term
CoinTelegraph | Dec 17, 2018. 07:18 PM
Teen crypto ... “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.” He gave a similarly grim forecast for Litecoin (LTC), the altcoin ...




Happy Anniversary. Bitcoin peaked one year ago today
ForexLive | Dec 17, 2018. 05:31 PM
It was 1 year ago today, that the price of bitcoin peaked at $19,891. Five days later, the price tumbled to $10,400. The next high on January 7th reached $16,841 before the price tumbled to the February low at $5873. There have been ups and downs since ...




The Passing of Cypherpunk Tim May Is a Stark Reminder of Bitcoin’s Grassroots
insidebitcoins.com | Dec 17, 2018. 09:32 PM
The famous Cypherpunk mailing list in which these ideas were discussed, included…Read More. The post by Liam J Kelly appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News




Bitcoin surges 10% as broad-based rally adds $13 billion to market value of all coins
MarketWatch | Dec 17, 2018. 07:13 PM
Cryptocurrency prices ... last stood at $113.6 billion. Read: Bitcoin peaked a year ago: Here’s a look at 12 months of misery Stephen Innes, head of Asia Pacific trading at Oanda said he sees further downside for crypto prices, because the asset remains ...




Bitcoin Mining: With Difficulty Down, Will Cryptocurrency Miners Recover In 2019?
International Business Times | Dec 17, 2018. 10:30 AM
The end of 2018 will mark a difficult year for bitcoin miners. Riding the wave of crypto mania in ... be able to survive turbulence in BTC. No one should be surprised by this trend. Over the past few years we’ve seen cryptocurrency markets move from ...




No Christmas Rally in Sight as Bitcoin Drops Another 8 Percent: BTCManager’s Week in Review Dec 17
insidebitcoins.com | Dec 17, 2018. 07:42 PM
For investors who were hoping for a year-end rally to take out of a dark red year in the crypto markets ... appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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