Bitcoin (BTC) price, information, updates, and more. BTC is a cryptocurrency which was invented by Satoshi Nakamoto in 2009.
What is Bitcoin?
At the time, Bitcoin price was far under $1 US. Satoshi Nakamoto is the pseudonym for a mysterious developer (or group of developers) who has opted to remain anonymous. Nakamoto announced the digital currency is a white paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.” The whitepaper introduced the crypto as a way to decentralize transactions, eliminating the need for any central governance from a bank or government body. Instead, the cryptocurrency is a peer-to-peer version of electronic currency which allows funds to be sent directly from one party to another with no intermediary. It operates on blockchain which was also invested by Satoshi Nakamoto just a year prior. A Blockchain is a distributed ledger system which infinitely stores all of the data from transactions within its network. Rather than requiring a third-party for verification or validation, it uses a peer-to-peer system. Furthermore, when a Bitcoin transaction is conducted, the transaction data is stored on blockchain. Each transaction is called a block. Every block has a hash, which is a unique piece of code containing the hash of the previous block, a timestamp, and transaction data. Once a block is added to the ledger, it cannot be changed or tampered with. If this happens, the block’s hash will be altered. Therefore it will no longer match the hash of the previous block. In this case, the block will be marked invalid, and the network’s nodes will need to validate it. A node is simply one of the many computers which work together to verify all information existing on a blockchain. Rewards in crypto incentivize nodes. This process is called mining. Bitcoin price has experienced significant fluctuation since its inception. The Bitcoin price began under one dollar and grew to hit a remarkable all-time high of nearly $20k in 2017. Though, the price hasn’t hit that high since then.