What is Bitcoin?
Bitcoin is the first decentralized cryptocoin ever built on top of a blockchain. It was created by an anonymous person or group of people with the nickname Satoshi Nakamoto in 2009 as an open source project.
To understand the Bitcoin blockchain we can imagine a book, where each page number contains a signature that can validate the content of that page and its previous one. This signature is computed by an algorithm known as SHA-256 and cannot be reversed. In other words we can calculate the A-256 signature from some content, but we can’t get content if we know its SHA-256 signature. Back to the example with the book: if we tear out a page from the book, we can easily understand that a page is missing. The same is with adding an inexistent page. All the pages are copied between members of the chain, and this is why the Bitcoin Blockchain is considered a distributed network.
Bitcoin is an open source project maintained by a developer team with over 580 active contributors. The code of the chain is available on Github. The main purpose of Bitcoin was decentralized but trusted, low fee money transactions between people and businesses around the world. Nowadays over 100.000 vendors accept Bitcoin for payments. And there are between 2.9 and 5.8 million unique users who actively use Bitcoin cryptocurrency wallets. The price of Bitcoin can be very volatile due to speculation and has changed in the past more than +/-20% during a single.
- Historical Data
- Following massive BTC purchase announcement, MicroStrategy says it may sell up to $1B in stockCointelegraph.com News – 12 hours agoThe firm said it intended to use the proceeds from the offering “for general corporate purposes, including the acquisition of Bitcoin.” The same day business…
- Algorand (ALGO) price strengthens as institutional investors back the projectCointelegraph.com News – 12 hours agoBacking from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week. Consolidation periods tend…
- Price analysis 6/14: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, LTC, BCHCointelegraph.com News – 14 hours agoBitcoin’s surge above $40,000 and the breakouts from select altcoins may be signals that the bottoming process has begun. Bitcoin (BTC) has risen above the…
- French Football Federation launches official player NFTs with SorareCointelegraph.com News – 14 hours agoLes Bleus players and their sports stats will be tokenized on the blockchain for trading and playing in fantasy games. With the Euro 2020 championship…
- ‘Bitcoin is not an asset that is designed to be leveraged,’ says Caitlin LongCointelegraph.com News – 15 hours agoThe Avanti Financial CEO says Bitcoin shouldn’t be leveraged and that regulations for stablecoins are underway. All eyes are on Bitcoin (BTC), with the largest…