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Bitcoin (BTC) Review (9.5/10⭐)

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Bitcoin has been a hot topic for years now, generating an enormous amount of coverage and discussion. You may have heard about it on the news, but what is it really? What's the hype all about? Is it a good time to buy Bitcoin? And what about the current price estimates for Bitcoin? In this article, we will answer those questions and more as we delve into the world of BTC and cover some of the pros and cons of owning and using this cryptocurrency.
BTC/USD (5.14%)
$65,373.00
March 4, 2024, 12:19 pm [UTC]

9.5 rating

Visitor Consensus on Bitcoin Today
Positive: 53.13%Negative: 46.87%
What's your view on Bitcoin today?
 
›› Buy/Sell Bitcoin here

 

Unless you've been living inside a cave for 10 years, you've likely 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.

 

A Bit 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, with 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 this virtual currency to exist.

Bitcoin is the world's most well-known cryptocurrency; easy to transact at a low cost & often seen as a digital store of value.CryptoLists.com
 

Like a digital form of gold, Bitcoins must be mined. But, 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. Many people see it as a digital version of gold.

Bitcoin Price details




Very speculative and theoretical potential data
Last updated: March 4, 2024, 12:19 pm
›› BTC tokenomics and social media
 

Advantages of Bitcoin

+ The worlds most reputable cryptocurrency and its flagship coin.
+ Popular as store of value and the barometer of the whole industry.
+ Ease of Use with many applications enabling peer to peer retail transactions.
+ Privacy and Anonymity with much better security without the middlemen of traditional finance.
+ Cyclical patterns can make it easier than other coins to invest in, but this is not a guarantee at all.
 

Disadvantages

- Could have way quicker transaction time, but this is helped by the Lightning Network.
- Storage of BTC is not always safe without a hardware wallet - "not your keys, not your wallet".
- Very volatile, with retail investors not savvy to the cyclical nature of the coin's price actions thus far.
- Other coins perhaps have better utility, particularly Ethereum but also Solana.
 

Costs

▪ Rated at 9/10

While Bitcoin transactions aren't necessarily the cheapest, it's mainly the time that represents the main negative factor. Many people prefer to use a scaling solution such as the Lightning network for faster and even cheaper transactions.

Bitcoin might be the most famous of the cryptos, but others have come along since that are a lot faster and cheaper in terms of day-to-day utility.

 

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. When Bitcoin moves, the market follows with very few exceptions, and none of them major names.

The market cap of BTC is the barometer of the entire cryptocurrency industry, and when all time highs are reached or eclipsed it's seen as a sign of a 'space' that's in rude health.

The buzz around Bitcoin tends to work in four-year cycles, timed by the bottom of each one. For example, December 2018 to December 2022, give or take a couple of weeks. 12-16 months after a low comes the Bitcoin halving event which tends to preceed the 'bull market proper' - where incredibly sharp rises are seen over the next year and a half (including a peak in interest among the general public, further driving speculative action). Following that, there's roughly a year of downward trend, ending with a cycle low. And, the beginning of a new cycle. It's not an exact science of course, however, Bitcoin experts tend to subscribe to this analytical framework.

 

Some of the developers involved in Bitcoin

▪ Rated at 8/10
The 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.
Satoshi Nakamoto logo 

FAQ

What is the price estimates for Bitcoin?

Below are some of the most recent price predictions for BTC.

Date: 9/2, 2022: Research Firm: Fsinsight. Who? Tom Lee. Price target: $200 000.
Date: 25/5, 2022. Bank: JP Morgan. Price target: $48 640, 2023.
Date: 15/10, 2021. Fund: Ark Funds. Person: Cathie Wood. Price target: $500 000 in 2026.
Date: Beginning of 2022. Who: Bloomberg Intelligence. Price target: 100 000 USD for 2025.
Date: January, 2022. Who: Bill Miller. Price target: 100 000 by 2025.

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.

 

History of Bitcoin

2008 (18 August) - Bitcoin.org was registered.

2008 (31 October) - Whitepaper for Bitcoin was first shared with the public.

2009 (January) - The founder Satoshi Nakamoto released the open source code and started the Bitcoin Network.

2010 - The first known commercial transaction made with Bitcoin when two pizzas were bought for 10,000 BTC.

2021 - Bitcoin reaches an all time high of over 65,000 USD in November 2021.

2022 - The market 'bottom' is reach at year-end, following the aftermath of the FTX scandal.

2024 - Bitcoin reaches a new all time high in March (over 73,600 USD), over a month before the halving event, an unprecedented situtation that hasn't happened in past cycles.

›› Trade Bitcoin here›› Buy/Sell Bitcoin here

Screenshots from Bitcoin

Click for larger image
 

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 coin. Click on the logo to read our review.
BTC/USD, BTC/EUR, BTC/GBP, BTC/AUD, BTC/NZD, BTC/CAD, BTC/JPY, BTC/CHF, BTC/ZAR, BTC/HKD, BTC/SGD, BTC/NOK, BTC/SEK, BTC
›› Buy Bitcoin at eToro
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
BTC, BTC/USD, BTC/EUR, BTC/JPY
›› Buy Bitcoin at AvaTrade
Never speculate with money which you can not afford to loose. Cryptocurrencies exhibit significant volatility and remain largely unregulated within numerous European Union nations. They are not covered by European Union protections and do not fall under the purview of the EU's regulatory framework. Please be aware that investments in this sector are prone to market risks, which may include the total loss of the invested principal.
BTC/DAI, BTC/GUSD, BTC/USD
BTC/EUR, BTC/GBP, BTC/USD, BTC/USDT
›› Buy Bitcoin at CEX
Remember to never risk money that you can not afford to loose. Crypto currencies is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
BTC/USDT, BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/DAI, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/UAH, BTC/ZAR, BTC/PLN
BTC/USD, BTC/EUR, BTC/GBP
BTC/BRL, BTC/EUR, BTC/GBP, BTC/HUSD, BTC/RUB, BTC/TRY, BTC/USDC
BTC/ETH, BTC/ADA, BTC/LTC, VIO/BTC
BTC, BTC/EUR, BTC/EUR, BTC/USDT, BTC/USD, XRP/BTC
BTC, BTC/BNB, BTC/ETH, BTC/EUR, BTC/USDT
BTC/USDT, BTC/ETH, BTC/DAI, BTC, BTC/PAX
BTC/TUSD, BTC/USDT, BTC/DAI, BTC/USDC, BTC/BRL, NRFB/BTC
BTC/ETH, BTC/USD
BTC/USDT, BTC
BTC/ETH, BTC/USDT
BTC/AUD, BTC/BCH, BTC/BNB, BTC/BUSD, BTC/CAD, BTC/DASH, BTC/DOGE, BTC/ETC, BTC/ETH, BTC/EUR, BTC/LTC, BTC/SOL, BTC/USD, BTC/USDC, BTC/USDT, BTC/XLM, BTC/XRP
BTC/USD, BTC/USDT, BTC/BUSD, BTC/USDC, BTC/UST
BTC/DAI, BTC/EURT, BTC/USDC, BTC/USDK, BTC/USDT
BTC/USDC, BTC/USDT
BTC/USDT, BTC/EUR, BTC/GBP, BTC/JPY, BTC/XAUT, BTC/EUT, BTC/MXNT, BTC/MIM
BTC/USDT, BTC/BUSD, BTC/USD
BTC/USDT, BTC/USDC
BTC/USDT, BTC/DAI
BTC/USDT, BTC/USDT
BTC/USD, BTC/AUD, BTC/AED, BTC/CAD, BTC/CHF, BTC/EUR, BTC/GBP, BTC/JPY
BTC/USD, BTC/KRW, BTC/EUR, BTC/JPY, BTC/TRY, BTC/CAD, BTC/AUD, BTC/BNB, BTC/BUSD, BTC/BCH, BTC/DASH, BTC/DOGE, BTC/ETC, BTC/ETH, BTC/LTC, BTC/SOL, BTC/USDT, BTC/XRP, BTC/XLM
BTC/USDT
BTC/SEK, BTC/ETH, BTC/DOT, BTC/MATIC, BTC/LINK
 

Bitcoin details and tokenomics

Bitcoin Ticker: BTC
Contract address: n/a
Type of crypto: native-coin
Launch/ICO Date: November 1, 2011
Resources & Social media
🔗Blockchain URL: https://etherscan.io
 

Other tokens or coins to check out

Since you are interested in Bitcoin, you may also want to check out the coin(s) or token(s) below?
Bitcoin Newsflash
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    Read the full newsflash


    A volatile weekend for BTC before halvingA volatile weekend for BTC before halving
    Monday, 15 Apr 2024 8:36 am
    It's been a more volatile weekend than usual for Bitcoin (BTC), for many reasons. First of all, the U.S tax year ends today which might explain some of the recent sell offs. Secondly, Iran did retaliate the deadly Israeli attack on diplomats in Syria this weekend and Bitcoin dropped a bit extra after that news. However, today the Iranian mission to the United Nations said the issue "can be deemed concluded", so a wider conflict is not very likely anymore. Finally, in about 4.5-5 days, the actual Bitcoin halving is set to take place. It's estimated to be between the evening of 19th of April 2024 or in the beginning of the 20th of April. Historically, Bitcoin have been taking off a few weeks or months after the halving so let's see if the history repeat itself...
    Read the full newsflash


    Bitcoin halving special on Ledger: Zero feesBitcoin halving special on Ledger: Zero fees
    Friday, 12 Apr 2024 11:34 am
    Ledger is doing a special with the fiat-to-crypto payment processor Moonpay (see review), where they offer zero exchange fees for 24 hours. This offer is only valid until 3 PM (GMT) on the 12th of April, 2024. So grab your Bitcoin before the halving with the serious hardware wallet Ledger...
    Read the full newsflash


    Bitcoin halving party in MarbellaBitcoin halving party in Marbella
    Thursday, 11 Apr 2024 10:12 am
    It's not long left until the Bitcoin halving. If you happen to live in or simply are visiting southern Spain, then may we suggest you join us for the party on the 20th of April, 2024. We'll meet up at Paradise Beach Banus in Marbella (Spain) at around 8 PM. There will be a dinner shortly after, followed by a boat trip with drinks and possibly to mingle with other Bitcoin HODL'ers. You can read more details about the Bitcoin halving party in Marbella here and feel...
    Read the full newsflash


    Middle East escalation makes Bitcoin fallMiddle East escalation makes Bitcoin fall
    Tuesday, 2 Apr 2024 12:10 am
    A couple of missiles from the Golan Heights targeting the Iranian embassy in Syria killed a handful of diplomats and a senior Revolutionary Guards commander, BBC reports. Shortly after the news, Bitcoin and almost all cryptocurrencies started to fall significantly. Ether (ETH) is down over 5%. BNB is also down about 5% and BTC currently stand at 68 690 USDT, down 2.6% for the day. Other significant drops include Render (RNDR) that is down 7.4%, meme coins such as Pepe (-12.9%) and DogWifHat (-12%) and Near that's down 8%. If you hate seeing crypto fall (like us), then perhaps give some of the most reputable anonymous casinos a try. For those that love instant registration and withdrawals, check out LTC Casino. If you are into new Bitcoin casinos with rewarding bonuses, then head over to Cryptorino Casino...
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