A Guide to Bitcoin: The Most Used Cryptocurrency
Bitcoin is the largest cryptocurrency by market capitalization in the world. Bitcoin is created, distributed, stored, and traded using blockchain, a decentralized ledger system. It was introduced to the public in 2009 as the world’s first cryptocurrency, serving as the inspiration for the development of many others.
If you are interested in learning more about Bitcoin, this blog post is for you. Here, we will highlight the history of the world’s most used cryptocurrency and some of its main advantages. Let’s get started.
History of Bitcoin
We have highlighted the fact that Bitcoin was introduced to the public in 2009, though its story begins earlier than this, when distrust of central governments and banks was at a peak due to the global financial crisis. The domain name Bitcoin.org was first registered in August 2008.
It was created by a group of people known under the pseudonym Satoshi Nakamoto. In January 2009 the first Bitcoin block was mined, known as Block 0 or the genesis block. In the first sevens months after its launch, the group mined more than $1 million coins, which would be worth several billion at today’s prices.
The price of Bitcoin passed $1 for the first time in April 2011. Today, it has a value of more than $16,000, down from a high of around $64,000 in November 2021.
A limited number of Bitcoin can be produced (21 million Bitcoins). To date, approximately 18.8 million coins have been mined (though some of these have already been lost). The last Bitcoin will not be mined until 2140.
Today, it is estimated that there are around 100,000 Bitcoin millionaires and 12 cryptocurrency billionaires were listed in Forbes’ 2021 Billionaires List.
Advantages of Bitcoin
There are many advantages to using Bitcoin and other types of cryptocurrency. These include:
- Low transaction costs
- Fast transaction speeds
- Global (Bitcoin can be sent to any country in the world)
- Inflation protection
- Diversification from traditional financial assets
If you are interested in buying Bitcoin, this can be done using a cryptocurrency exchange. Even if you cannot afford to purchase an entire Bitcoin due to its high price, it is possible to buy portions of one. You can click to learn more here about buying and using Bitcoin here.
Bitcoin is becoming increasingly mainstream; it is even legal tender in El Salvador (where all citizens who opened a national digital wallet received $30) and other countries such as the Central African Republic.
Understanding the World’s Most Used Cryptocurrency
Crypto prices have skyrocketed in the years since the launch of Bitcoin, when it technically had a value of $0. Over the past 13 years, it has become the most popular crypto, used daily by people all over the world and creating many millionaires. While Bitcoin is volatile it is a great way to diversify from traditional assets.
Like this blog post on the most used cryptocurrency? Be sure to check out our other informative articles on a wide range of interesting topics.