Bitcoin (BTC) is the pioneering cryptocurrency built on peer-to-peer (P2P) network technology, removing the necessity for centralized banks or authorities in transactions and creation.
Currently, Bitcoin is the most popular cryptocurrency in the world and has created a global investment fever. So what is Bitcoin? Who created Bitcoin? How does Bitcoin work? All will be answered by AZCoin below.
What is Bitcoin (BTC)?
Bitcoin (BTC) is a cryptocurrency created in 2009 by an anonymous group of programmers under the pseudonym Satoshi Nakamoto. It enables peer-to-peer transactions without the need for a third party, using blockchain technology to ensure security. With a limited supply of 21 million coins, Bitcoin is the first digital currency, paving the way for the cryptocurrency market.
Who created Bitcoin?
Satoshi Nakamoto is a pseudonym, and no one knows who is truly behind it. In 2008, Satoshi Nakamoto published a paper on Bitcoin and blockchain technology and subsequently developed the source code and created the first Bitcoin network.
After completing the initial software for Bitcoin in 2019, Satoshi Nakamoto accepted suggestions and changes from the community. By 2010, he had left the project. To this day, the true identity of the person or group behind the name Satoshi Nakamoto remains a mystery.
History of formation and development of Bitcoin
The history of Bitcoin begins in 2008, when a user named Satoshi Nakamoto published a scientific paper describing a peer-to-peer electronic cash system. Bitcoin was officially born on January 3, 2009 with the mining of the first block, also known as the genesis block, which had a reward of 50 bitcoins. Since then, Bitcoin has experienced rapid growth and become a valuable investment as well as a widely accepted means of payment.
Before Bitcoin was created, there were many other cryptocurrency technologies such as ecash by David Chaum and Stefan Brands, and cryptocurrency proposals based on digital scarcity such as b-money by Wei Dai and bit gold by Nick Szabo1. These ideas contributed to the formation of Bitcoin.
How Bitcoin work
Bitcoin operates on a cryptographic technology called blockchain. The blockchain is a type of distributed database stored on computers across the Bitcoin network. It contains information about all transactions from the creation of Bitcoin to the present.
Each Bitcoin transaction is confirmed by a network of computers (also known as miners) to ensure that no one can spend the same Bitcoin twice. These computers use cryptographic technology to solve a difficult puzzle to verify and record all transactions in the blockchain.
What are the potential and risks of investing in Bitcoin?
Potential
- Value growth: Bitcoin has seen periods of sudden price increases, attracting many investors.
- Independence: Not controlled by any government or financial institution.
- Blockchain technology: This technology provides a transparent transaction recording system that is difficult to tamper with.
Risks
- Price fluctuations: Bitcoin prices can fluctuate widely in short periods of time.
- Security risks: Exchanges and e-wallets can be hacked, leading to loss of funds.
- Lack of regulation: The absence of a regulatory safety net can increase investor risk.
Technical information about BTC coin
- Name: Bitcoin
- Ticker: BTC
- Blockchain: Bitcoin
- Token Type: Native Coin
- Contract: Updating
- 24-hour trading volume: 18,265,754,009 US$
- Market capitalization: 1.313.668.494.606 US$
- Total supply: 21.000.000 BTC
- Circulating supply: 19.700.743 BTC
How to buy Bitcoins?
In Vietnam, you can buy Bitcoin through many best crypto exchanges such as:
Which wallet is safe and secure to store Bitcoin in?
Here are some popular Bitcoin wallets:
- Exchange wallets: Coinbase, Binance, Remitano, Bitkub,…
- Mobile wallets: Trust Wallet, MetaMask, Exodus, Atomic Wallet,…
- Software wallet: Electrum, Bitcoin Core,…
Is Bitcoin investment safe?
Investing in any asset has risks and Bitcoin is no exception. The value of Bitcoin can fluctuate in a day and there is no organization or government that controls it. Therefore, investing in Bitcoin always carries a high level of risk.
However, with the significant increase in Bitcoin value in recent years, it has also become an attractive way to invest for many people. It is important that you have knowledge and proactively manage your assets to minimize risks when investing in Bitcoin.
Conclusion
So, we have introduce how to buy Bitcoins and trade on Safe Trade! Hope this article will help you in the Bitcoin trading process.
If you have any questions or problems about Bitcoin, please contact the AZCoin team or leave a comment below, we will support you as quickly as possible. Good luck!
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
