BTCUSDT (-0.45%)
Unless living inside a cave for 10 years, you probably heard about Bitcoin (BTC). The world's most famous cryptocurrency is based on proof of work and is seen as a store of value for many investors.
Briefly about Bitcoin
Bitcoin is a cryptocurrency and an online payment system that was invented in 2009 by an unknown person or group known as Satoshi Nakamoto. It was designed to replace traditional currencies and overcome some of the shortcomings of other currencies like cash, such as no transaction limits and lower fees. At the time, there were no smartphones, and there wasn't widespread Internet usage which would be one of the reasons technology allowed for this virtual currency to exist. The following is a list of the advantages and disadvantages of BTCs.
An easy to transact at a low cost & a digital store of value.CryptoLists.com
How Does Bitcoin Mining Work? BTC mining is the method of verifying and adding transactions to the blockchain, which is a public record. While computers are running BTC software to do this work, any processing power that views or executes a transaction will be rewarded with newly created BTCs. This incentive system helps keep the process secure by encouraging distributed verification among network participants rather than requiring trust in central management. The method of mining BTCs is purposefully designed to be resource-intensive and challenging for miners to find the same number of blocks every day. To be considered valid, each block must have proof of work. When additional BTC nodes receive a block, they verify this proof of work. The hashcash proof-of-work function is used by Bitcoin.
Utility of Bitcoin?
It's the worlds most popular cryptocurrency, with the highest volume. BTC is also seen as an alternative store of value, so it can be good to have a little in your portfolio to hedge against inflation.
Bitcoin Price details
›› BTC tokenomics and social media
Advantages at Bitcoin
+ The worlds most reputable cryptocurrency.+ Popular as store of value.
+ Ease of Use.
+ Privacy and Anonymity
Disadvantages
- Could have way quicker transaction time.- Storage of BTC is not very safe without a hardware wallet.
- Bitcoin's value can be rather volatile.
- It's still not that widely accepted.
Costs
▪ Rated at 9/10While the costs are not among the lowest for Bitcoin transactions, it's mainly the time that is the main negative factor.
Reputation and Buzz
▪ Reputation rated at 10/10▪ Buzz rated at 10/10
It's the most well-known cryptocurrency in the world, so buzz is not an issue. The reputation is solid and Bitcoin's brand name is super strong.
Some of the developers involved in Bitcoin
▪ Rated at 8/10The logos below represent some of the developers who have been involved in Bitcoin. Check out the developer about page, by clicking the logo. There you can see what coins they have developed and at what exchanges, brokers and trading platforms their coins are available.
FAQ
How do you evaluate if you are buying BTC at the right time?
There is no way of knowing when to buy Bitcoin or when it’s price is at its peak or near a downfall. While you can follow some analysts and opinionated posts on the internet, the only reasonable way to determine when to buy is with real-time data from reliable sources such as BTC charts. You can check the current price and how it has changed in the last month, the current price and how it has changed in the last 24 hours (updated every 1 minute), or the number of Bitcoin purchase per day. Look for information from as many sources as possible to determine if the time is right for you to follow the general trend.
What is a Bitcoin maximalist?
True Bitcoin maximalists believe that BTC is the only digital asset that will be needed. They don't think you should waste your time with other cryptocurrencies, the so called alt coins such as ETH and BNB. It's worth to note that Bitcoin maximalism is not what Satoshi Nakamoto though when creating BTC. Bitcoin maximalists find that owning you don't need any other currency.
Screenshots from Bitcoin
More sites where to buy/sell/trade Bitcoin
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
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