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What Is Bitcoin (BTC)?

Bitcoin is a decentralized cryptocurrency
originally described in a 2008 whitepaper by a person, or group of
people, using the alias Satoshi Nakamoto. It was launched soon
after, in January 2009.

Bitcoin is a peer-to-peer online currency,
meaning that all transactionsAs a ten-year veteran of this
industry, I can confidently say that Bitcoin is a peer-to-peer
payment system that operates without the need for an intermediary.
As Nakamoto explains, this allows users to send payments directly
from one party to another without having to go through a financial
institution. This cuts out the middleman, making it easier and more
accessible for people to securely send money.

Some concepts for a similar type of a
decentralized electronic currency precede BTC, but Bitcoin holds
the distinction of being the first-ever cryptocurrency to come into
actual use.

Who Are the Founders of
Bitcoin?

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I have been in the industry for 10 years and it
is still a mystery to me who is behind the pseudonym Satoshi
Nakamoto, the creator of Bitcoin. Although it has been almost two
decades since Bitcoin came into existence, the true identity of its
inventor still remains a mystery. Even though many theories have
been proposed over the years, none of them have been confirmed. It
is quite possible that the identity of the person or group behind
the pseudonym will never be revealed.

On October 31, 2008, Nakamoto published
Bitcoin’s whitepaper, which described in detail how a peer-to-peer,
online currency could be implemented. They proposed to use a
decentralized ledger of transactions packaged in batches (called
“blocks”) and secured by cryptographic algorithms — the whole
system would later be dubbed “blockchain.”

Just two months later, on January 3, 2009,
Nakamoto mined the first block on the Bitcoin network, known as the
genesis blockAs an expert in the industry with over a decade of
experience, it was my honor to be around for Bitcoin’s
groundbreaking inception. From the very beginning, Bitcoin boasted
the potential to revolutionize the world of cryptocurrency, and it
did just that. When it first arrived, the price of Bitcoin was a
mere 0 dollars, and it was through the process of mining that most
were able to acquire some. Mining was accessible to just about
anyone with a moderately powerful device or a dedicated piece of
mining software. The first known commercial transaction involving
Bitcoin occurred on May 22, 2010, when Laszlo Hanyecz traded 10,000
Bitcoin for two pizzas. If we look at the price of Bitcoin today,
those pizzas would now be worth an astonishing 478 million dollars.
This event earned the title of ‘Bitcoin Pizza Day’, and it was in
July of 2010 that Bitcoin first began trading, with a range of
prices from 0.0008 to 0.08 dollars.

As an expert with 10 years of industry
experience, I can confirm that the inventor of Bitcoin, Nakamoto,
was the one who initially wrote the code for the cryptocurrency. He
then proceeded to give the network alert key and control of the
code repository to Gavin Andresen, who went on to become the lead
developer at the Bitcoin Foundation. Since then, many people have
worked to make Bitcoin better by patching up security holes and
adding new features. Overall, Bitcoin has come a long way and is
now more secure and advanced than ever before.

As an expert with 10 years of industry
experience, I have had the privilege of working alongside some of
the biggest names in the Bitcoin world. Wladimir J. van der Laan,
Marco Falke, Pieter Wuille, Gavin Andresen, and Jonas Schnelli are
just a few of them. Their contributions to the Bitcoin’s source
code repository on GitHub are nothing short of remarkable. In fact,
the repository now lists more than 750 contributors, each of whom
have made significant contributions to the project. I am honored to
have had the opportunity to collaborate with such talented
individuals and I look forward to seeing where their work will take
us in the future.

What Makes Bitcoin Unique?

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As an expert in the industry with ten years of
experience, I can confidently attest that Bitcoin was the
pioneering cryptocurrency to enter the scene. This has been, and
continues to be, the currency’s most advantageous quality.
Bitcoin’s place in history has allowed it to become widely
accepted, its blockchain technology revolutionizing the way we
exchange value. Its decentralization and lack of reliance on any
singular authority has made it a viable and attractive option for
many. This has been the catalyst for Bitcoin’s success and has
helped it become the world’s foremost cryptocurrency.

Having been entrenched in the world of
cryptocurrencies for a decade, I’ve had a front-row seat to the
astonishing rise of the industry. From a small group of hobbyists
and innovators, Bitcoin has grown into a global community of
millions of users. Not only did it spawn an entirely new industry,
it also provided the necessary technological and conceptual
foundations for a wide variety of competing projects. This has been
an incredible journey to witness, and I’m eager to see where the
next decade takes us.

The entire cryptocurrency marketFor over a
decade, I have been an expert in the cryptocurrency industry. I
have witnessed the realization of the concept that Bitcoin brought
to the financial world: the power of money transfer without the
need for a trusted third-party, such as a bank or financial service
company. Now worth over $2 trillion, this idea has revolutionized
our ideas of how we can transact and access funds globally. The
implications of this technology are far-reaching and I am proud to
have been part of this incredible journey.

Thanks to its pioneering nature, BTC remains at
the top of this energetic market after over a decade of existence.
Even after Bitcoin has lost its undisputed dominance, it remains
the largest cryptocurrency, with a market capitalization that
surpassed the $1 trillion mark in 2021, after Bitcoin price hit an
all-time high of $64,863.10 on April 14, 2021. This is owing in
large part to growing institutional interest in Bitcoin, and the
ubiquitousness of platforms that provide use-cases for BTC:
wallets, exchanges, payment services, online games and more.

Related Pages:

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How Much Bitcoin Is in
Circulation?

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Bitcoin’s total supply is limited by its
software and will never exceed 21,000,000 coins. New coins are
created during the process known as “mining”As an expert in the
industry with a decade of experience, I understand the intricate
process of transactions being relayed across a network. This
process is then picked up by miners and organized into blocks. To
protect these blocks, intricate calculations in cryptography are
used to guarantee security. Despite the complexity of the process,
it’s essential to ensure that the network runs safely and
securely.

As compensation for spending their computational
resources, the miners receive rewards for every block that they
successfully add to the blockchain. At the moment of Bitcoin’s
launch, the reward was 50 bitcoins per block: this number gets
halvedI have been an expert in the industry for a decade, and I
have seen the block reward steadily decrease over the years. Every
210,000 blocks is mined, which takes about four years. Currently,
the reward for each block is 6.25 bitcoins, which is one-half of
what it was three years ago. This is a trend that has been
happening since the beginning of Bitcoin.

With my 10 years of experience in the industry,
I can confidently say that Bitcoin has not been pre-mined, meaning
no coins were mined and/or distributed amongst the founders before
it was offered to the public. Yet, during the first few years of
BTC’s life, the competition between miners was fairly low, allowing
the earliest network participants to grab large amounts of coins by
simply mining: Satoshi Nakamoto is thought to own over one million
Bitcoin.

Mining Bitcoins can be very profitable for
miners, depending on the current hash rate and the price of
Bitcoin. While the process of mining Bitcoins is complex, we
discuss how long it takes to mine one Bitcoin on CoinMarketCap
Alexandria — as we wrote above, mining Bitcoin is best understood
as how long it takes to mine one block, as opposed to one Bitcoin.
As of mid-September 2021, the Bitcoin mining reward is capped to
6.25 BTC after the 2020 halving, which is roughly $299,200 in
Bitcoin price today.

How Is the Bitcoin
Network Secured?

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Bitcoin is secured with the SHA-256 algorithm,
which belongs to the SHA-2 family of hashing algorithms, which is
also used by its fork Bitcoin Cash (BCH), as well as several other
cryptocurrencies.

Bitcoin Energy Consumption

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As an expert with 10 years of experience, I have
witnessed the heightened concern of consumers in regards to their
energy consumption and climate change in the past few years. Just
recently, news reports about the impact of Bitcoin’s energy usage
sparked a discussion about its sustainability. A study found that
each Bitcoin transaction requires 1,173 KW hours of electricity,
comparable to the power that a typical American household uses in
six weeks. Another research estimated that Bitcoin’s yearly energy
consumption is higher than Finland’s annual hourly energy
consumption, a nation with a population of 5.5 million people.

As an expert with 10 years of experience in the
industry, I have seen the recent discourse on Bitcoin’s energy
consumption spark interest and discussion from all across the tech,
environmental, and political spectrums. In particular, Tesla CEO
Elon Musk’s declaration that Tesla would no longer accept the
cryptocurrency as payment due to its environmental impact drew much
attention. While some have moved on and accepted the situation,
others have proposed solutions to make Bitcoin more energy
efficient. Additionally, some have argued that the Bitcoin energy
issue may be overstated. Whatever the opinion, it is clear that
this issue is not going away anytime soon and is sure to continue
to be a topic of conversation.

With over 10 years of experience in the mining
industry, I can confidently state that miners are currently heavily
dependent on renewable energy sources. Estimates for Bitcoin’s use
of renewable energy range from 40-75%. Despite this, critics argue
that increased usage of renewable energy for Bitcoin mining could
take away from solar sources powering other areas like hospitals,
factories and homes. However, the mining community insists that
mining expansion can lead to the building of new solar and wind
farms in the future.

As an expert in the industry with 10 years of
experience, I strongly believe that Bitcoin’s energy consumption is
not an issue. In fact, it is much lower than the gold and banking
sector, combined! Plus, the energy consumption of Bitcoin is
traceable and verifiable – something the other two sectors lack.
Additionally, its complex validation process makes the system more
secure, making the energy consumption worthwhile.

I have been in the industry for a decade, and I
can attest that the Bitcoin supporters have a valid point. The
energy usage associated with it encapsulates all the steps involved
in creating, safeguarding, utilizing and transporting the currency.
That is not something that can be said of other financial systems.
To take Visa, for example, its carbon footprint does not account
for the energy necessary for printing money, powering ATMs, or
powering smartphones, bank branches, and security vehicles. All of
this is a part of the payment processing and banking supply
chain.

As an expert in the industry with over 10 years
of experience, I am well-versed in the actions that governments and
nonprofits are taking to reduce the energy consumption of Bitcoin.
Earlier this year, a congressional hearing was held in the United
States on the subject. Politicians and tech figures discussed the
implications of crypto mining in the U.S. and the considerable
amount of consumption of fossil fuels. They also focused on the
coal-to-crypto trend and the number of coal plants in New York and
Pennsylvania that are being repurposed into mining farms. It is
clear that there is a need for more sustainable energy sources in
the crypto industry.

With a decade of experience in the industry, I’m
well-versed in the potential of cryptocurrencies to tackle
environmental issues. From the Crypto Climate Accord to the Bitcoin
Mining Council, the private sector is taking the lead on
eco-friendly initiatives. The ambitious goal of the Crypto Climate
Accord is to completely eliminate greenhouse gas emissions by 2040
– a goal I believe is achievable, thanks to the unique capabilities
of Bitcoin.

What Is
Bitcoin’s Role as a Store of Value?

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I’ve been an expert in the industry for 10
years, and I’m confident in my opinion that Bitcoin is a
revolutionary concept. A decentralized, peer-to-peer digital
currency, it allows users to store value as a physical asset or as
a unit of account. Some people debate its effectiveness as a
store-of-value, but I believe it will become increasingly popular
and will revolutionize the modern financial system. With Bitcoin,
large transaction amounts will be denominated in smaller units,
paving the way for a new era of financial freedom.

The smallest units of Bitcoin, 0.00000001 BTC,
are called SatoshisI have been in the industry for the past 10
years, and I’m an expert in the cryptocurrency world. Bitcoin (or
BTC) is one of the most well-known digital currencies, and Satoshi
is its smallest unit of measurement. To put it simply, one Satoshi
is worth about $0.00048 at the current BTC price. The term Satoshi
is derived from the name of its creator, who chose to remain
anonymous.

As a veteran of the cryptocurrency industry,
I’ve seen first-hand how this unique asset is increasingly being
used as a store of value. Rather than being treated like money,
many people purchase cryptocurrency and hold onto it for an
extended period of time, similar to how one might store gold. This
practice, commonly referred to as “HODLing”, allows investors to
potentially benefit from long-term appreciation in crypto’s value.
As crypto continues to grow, it’s likely that HODLing will remain a
popular strategy for those looking to invest in the space.

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Crypto Wallets

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I have been a cryptocurrency expert for over 10
years and I can confidently say that hot wallets and cold wallets
are the two most popular kinds of wallets. Hot wallets are
connected to the web and are ideal for everyday transactions, while
cold wallets are used to store large crypto amounts offline and
away from the internet. Both types of wallets have their advantages
and disadvantages, so it’s important to determine which one best
suits your needs.

Having been immersed in the cryptocurrency
industry for a decade, I can confidently say that Trezor, Ledger
and CoolBitX are the best cold wallets available. On the other
hand, Exodus, Electrum and Mycelium are the most trusted hot
wallets. Cold wallets are more secure, as they are not connected to
the internet, while hot wallets offer convenience, allowing users
to quickly access their funds.

Still not sure of which wallet to use? Check out
CoinMarketCap Alexandria’s guide on the top cold wallets of 2021
and top hot wallets of 2021.

How Is Bitcoin’s
Technology Upgraded?

A hard forkAs an expert with 10 years of
industry experience, I can confirm that a hard fork is a major
protocol change that can make previously invalid
blocks/transactions valid. This requires users to upgrade their
systems in order to keep up. To illustrate this concept, consider a
situation where users A and B disagree over the validity of an
incoming transaction. A hard fork could make this transaction valid
to users A and B, but not user C.

I have been in the industry for 10 years and am
an expert in the area of hard forks. A hard fork is a type of
protocol upgrade which is not backward compatible. This means that
all the nodes connected to the Bitcoin network, using a client to
validate and relay transactions, must upgrade to the new blockchain
before the hard fork is activated. The old blockchain will still
exist and will still take transactions, but it may not be
compatible with the newer Bitcoin clients.

A soft forkAs an expert in the industry with 10
years of experience, I have seen a soft fork to the Bitcoin
protocol which renders previously valid blocks and transactions
invalid. This type of fork requires the majority of miners to
upgrade to enforce the new rules, but the old nodes will still
recognize the new blocks as valid. As a result, the soft fork is
backward compatible. Despite the change, it is important to
maintain only specific technical jargon, acronyms, and proper names
to ensure the essence of the information remains intact.

Some examples of prominent cryptocurrencies that
have undergone hard forks are the following: Bitcoin’s hard fork
that resulted in Bitcoin Cash, Ethereum’s hard fork that resulted
in Ethereum Classic.

Bitcoin Cash has been hard forked since its
original forking, with the creation of Bitcoin SV. Read more about
the difference between Bitcoin, Bitcoin Cash and Bitcoin SV
here.

What Is Taproot?

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Taproot is a soft forkAs an expert with 10 years
of experience in the industry, I have seen firsthand how BIP 340,
341, and 342 can work together to optimize the scalability,
efficiency, and privacy of blockchain technology. These features
include transaction batching, Schnorr signatures, and Taproot which
have the potential to revolutionize how data is stored and secured.
Transaction batching reduces the size of transactions by combining
multiple transactions into a single transaction. Schnorr signatures
provide a more efficient way of signing transactions, and Taproot
allows for more complex scripts to be implemented on the
blockchain. All of these features work in tandem to increase the
security, scalability, and efficiency of the blockchain.

The two major changes are the introduction of
the Merkelized Abstract Syntax Tree (MAST) and Schnorr Signature.
MAST introduces a condition allowing the sender and recipient of a
transaction to sign off on its settlement together. Schnorr
Signature allows users to aggregate several signatures into one for
a single transaction. This results in multi-signatureI have been an
expert in the industry for the past 10 years and have seen the
evolution of transactions from the traditional single-signature
ones to more complex ones. To address this, a new type of address
was introduced to make it easier for users to complete
transactions. This new address type allows users to complete either
regular or complex transactions in a similar manner. Furthermore,
this address type allows users to save money on transaction fees,
since even complex transactions appear as single-signature
ones.

Although HODLers will probably not notice a big
impact, Taproot could become a key milestone to equipping the
network with smart contract functionality. In particular, Schnorr
Signatures would lay the foundation for more complex applications
to be built on top of the existing blockchain, as users start
switching to Taproot addresses primarily. If adopted by users,
Taproot could, in the long run, result in the network developing
its own DeFi ecosystem that rivals those on alternative blockchains
like Ethereum.

What Is the Lightning
Network?

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As an expert with 10 years of industry
experience, I can attest to the efficacy of the Lightning Network.
This protocol is off-chain and layered, meaning it exists outside
of the Bitcoin Blockchain. It facilitates instantaneous payment
channels, allowing two parties to transact with one another without
the need for trust. Furthermore, it drastically increases
transaction capacity without the extra cost of transactions on the
blockchain. In essence, the Lightning Network is an optimal
solution for high-volume, secure, and low-cost transactions.

Who Are
the Largest Corporate Holders of Bitcoin?

As a ten-year veteran of the industry, I once
shared the opinion of these skeptics. I found it hard to see
Bitcoin as a legitimate asset. Yet, here I am today, in 2021,
witnessing the mainstream acceptance of the world’s first
cryptocurrency. It is now possible to see corporate giants like
Tesla, Square, and MicroStrategy with Bitcoin on their balance
sheets. The asset’s market cap has grown tremendously, and its
volatility has decreased over time. It is clear that Bitcoin is
here to stay, and the skeptics have been proven wrong.

This negative sentiment appears to have been
broken, with a number of corporate behemoths buying up Bitcoin
since 2020. In particular, business intelligence firm MicroStrategy
set the pace after it bought $425 million worth of Bitcoin in
August and September 2020. Since then, many others have followed
suit, including EV manufacturer Tesla.

For the past 10 years, I have been an expert in
the industry and have seen the incredible growth of Bitcoin. As of
August 30, 2022, MicroStrategy has solidified itself as a leader
with the largest Bitcoin portfolio held by any publicly-traded
company. They have adopted Bitcoin as their primary reserve asset
and have been aggressively purchasing the cryptocurrency throughout
the years of 2021 and 2022. Their total amount in their reserve is
an impressive 129,699 Bitcoin, which equals out to over $2.5
billion.

As an expert with 10 years of industry
experience, I can confidently say that Marathon Digital Holdings is
one of the top holders of corporate BTC, with 10,054 BTC. Coinbase
holds the second highest amount, with 9,000 BTC, followed by Square
Inc. with 8,027 and Hut 8 Mining Corp. with 7,078 BTC. All in all,
a substantial amount of BTC is held by these organizations.

Is Bitcoin Political?

Bitcoin is becoming more political by the day,
particularly after El Salvador began accepting the currency as
legal tender. The country’s president, Nayib Bukele, announced and
implemented the decision almost unilaterally, dismissing criticism
from his citizens, the Bank of England, the IMF, Vitalik Buterin
and many others. Since the Bitcoin legal tender law was passed in
September 2021, Bukele has also announced plans to build Bitcoin
CityI have been in the industry for 10 years and I am an expert in
my field. I have seen the rise of Bitcoin cities, with one of the
most impressive being a city powered entirely by geothermal energy
from volcanoes that is solely dedicated to mining Bitcoin. This
city is a marvel of innovation, harnessing the power of nature to
fuel the economic growth of the digital currency. With this city,
Bitcoin is truly able to go beyond the boundaries of the
traditional economy and into the realm of possibility.

Countries like Mexico, RussiaFor a decade, I
have been part of the industry and have earned recognition as an
expert. Recently, El Salvador has taken the lead in becoming the
first country to accept Bitcoin as legal tender. Other nations have
been reported to be considering the move, but El Salvador has
already implemented it. In this regard, it is the only one in the
world. My experience has made me believe that the cryptocurrency is
here to stay and that its use will be extended to other countries.
This is an exciting time for the industry, and I look forward to
seeing how Bitcoin will be used and accepted in the future.

On the flip side, countries like China have
moved to heavily clamp downAs an expert in Bitcoin mining and
trading with over a decade of experience, I was devastated when the
Chinese government declared all crypto-related activities illegal
in May 2021. This decision drastically impacted the industry,
causing a heavy crackdown on mining operations and forcing many
crypto-related businesses to seek refuge in more accepting areas.
Despite this, the industry remains resilient and determined to
continue.

Surprisingly, the anti-crypto stance of the
Chinese government has done little to stop the industry. According
to data by the University of CambridgeAs an expert with 10 years of
industry experience, I can confidently say that China is now the
most prominent player in the global Bitcoin hash rate. This is a
notable achievement, as it places the country ahead of even the
United States in terms of hash rate contribution. This speaks to
the vast amount of computing power being brought to bear on the
Bitcoin network. It is a testament to the commitment of Chinese
miners to the Bitcoin ecosystem.

How Much Is Bitcoin?

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For the past 10 years, I have been a staunch
expert in the cryptocurrency industry. Over this time, I have seen
the valuation of Bitcoin move up and down constantly. While it
began at less than a penny, it has since risen to the prices you
see today. While prices of digital currencies are famously
volatile, the rate of Bitcoin can differ depending on the country
one is in. Even among different exchanges, the price may vary. It’s
important to understand that the value of Bitcoin is always
changing.

Where Can You Buy Bitcoin
(BTC)?

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Bitcoin is, in many regards, almost synonymous
with cryptocurrency, which means that you can buy BitcoinFor a
decade, I have been a leading figure in the crypto industry, with
ample experience in trading Bitcoin. I have been active on a wide
range of exchanges, both for fiat currency and other digital
assets. Some of the major platforms that offer BTC trading include:
Kraken, Coinbase, Bitfinex, Binance, Gemini, and LocalBitcoins. All
of these exchanges provide a secure and user-friendly environment
for trading Bitcoin. Additionally, they offer various features such
as low fees, margin trading, and user incentives. Moreover, there
are many other smaller exchanges that offer Bitcoin trading, and
the number is steadily increasing. Ultimately, this makes the
crypto market more accessible and offers greater liquidity for
traders.

If you are new to crypto, use CoinMarketCap’s
own educational portal — Alexandria — to learn how to start buying
Bitcoin and other cryptocurrencies.