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What Is Bitcoin?

Cost$9387.68
Market Capitalization$160 239 919 660
Year Since2009
Circulating Supply21 000 000
AlgorithmSHA256
GenerationPoW

Bitcoin is based on the p2p protocol. It allows providing transactions without engaging any intermediary like a central bank. The entire network is responsible for the transaction control and any operations with bitcoins. Bitcoin is the first officially decentralized cryptocurrency. Its reputation led to the numerous amount of copies across the world as well as the overall evolution of the global technologies. It is not the first cryptocurrency ever created so far.

Bitcoin can boast occupying the greatest market share as well as having the largest capitalization. It has achieved the level of decapitalization of $42,998,258,088 on July 4th, 2017. It was developed for the long-term purposes. The initial model of this cryptocurrency was modified several times, but the community and loyal developers try to stick to the main principles and overcome any potential and existing market obstacles. Also, they do their best to compete with other types of cryptocurrency fairly. Bitcoin is the most traded type of cryptocurrency by today, and it is the main entry point to other cryptocurrencies. It is difficult to start such activity without trying bitcoins first. However, the price of Bitcoin is not flexible at all. Bitcoin worth can go up or drop dramatically by 10-20% per day! It is necessary to study the Bitcoin price history before making decisions.

What is Bitcoin price today anyway? According to Coinbase exchange, it is $10,082 as on the 31st of January 2017. To find out the current price of a Bitcoin in various currencies of the world, use online Bitcoin converter.

An SHA-256 algorithm is the basis of bitcoins. It is limited to 21 000 000 coins. The approximate time of adding a new block equals to ten minutes.

Bitcoin futures market data and some statistics will help to work with this cryptocurrency.

Bitcoin Stock & Features

Mobile payments made easy. Bitcoin allows mobile users to process any payments with the simple 2-step scanning and payment. There is no need to sign up, assign a card, enter Pin, or sign anything. All you need to get the bitcoin-related payments is reveal QR-code in your application to allow your friend scan your mobile device or touch each other with your devices with the help of a special radio-frequency technology called NFC.

Safety and money control. The cryptography of the military level provides Bitcoin transactions. It means that no third party is allowed to charge you or make a payment on your behalf. It is necessary to take specific measures in order to protect your wallet. However, Bitcoin makes it possible to obtain full control over your money and high level of protection against different types of fraud.

Available 24/7 from any location in the world. Just like in case of the email, you do not have to ask your family to use the same software or service provider. Bitcoin network never rests like any Customer Service that works 24/7 without any days off. It works even on holidays!

Fast and furious global payments. Sending bitcoins across the borders is just a doddle! It’s the same as giving them away to a person during the face-to-face meeting. There is no need to use banks and other intermediaries that may force you to wait for 3 or more business days to let the recipient get his/her money from you. No party has to pay extra taxes for the global transaction. Finally, you can send any amount of money without limitations.

Decide on personal expenses. Do you wonder how to buy bitcoin? You may invest any sum you want, and do it via one of the exchanges. To receive bitcoins, you do not have to pay anything. Most of the wallets allow controlling the amount of money you are ready to pay for the transfer when spending funds. The majority of such wallets offer reasonable registration fees. As for the higher fees, they may speed up the process of transactions approval. Mind that the charges have nothing to do with the transferred amount. Thus, you can send 100,000 bitcoins for the same cost as the cost of 1 unit only.

Take care of privacy. Bitcoin does not have a specific credit card number. It means no malefactor can steal its data. It is impossible to put your mask on. In fact, you can send the payment without revealing your identity. However, take into consideration that you may still need to invest some efforts in the protection of your confidential information.

Technologies

Blockchain. A block is a record of fresh transactions. Each time a block is completed, it joins the chain, creating a blockchain. It makes sense that cryptocurrencies are encrypted. Thus, processing any transactions stands for the solutions to the complex math problems. The problems turn even more complicated as the blockchain expands.

Transaction. This term refers to the movement of Bitcoin value that is gathered into blocks. It typically references the last transaction outputs as the current transaction inputs. Transactions are not encrypted. Thus, one may browse and see each transaction gathered into a block. You can see the entire list of transactions in the blockchain to learn more about the technical details.

Mining. This process stands for the compiling the latest transactions into blocks, attempting to solve a complex math problem. The initial participant who manages to find a solution has to locate the upcoming block on the blockchain and seek the rewards. They include both the recently released Bitcoin and the transaction fees. Mind that Bitcoin cloud mining companies might be scams, so choose carefully! It is also important to select Bitcoin mining software based on the expert reviews to avoid problems.