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Table of Contents:
- What is Bitcoin? When was BItcoin created?
- Who created BTC? Who is Satoshi Nakamoto?
- Bitcoin mining - what is it?
- Halving Bitcoin - what exactly is it?
- How much is BTC? How to check its price on the chart?
- Bitcoin quotes. On which exchanges is it available?
- Wallet for Bitcoin. Which one to choose?
- How to buy Bitcoin?
- How to invest in BTC?
Bitcoin (BTC for short) is the oldest cryptocurrency in the world. It was created in 2008 by a person or a group of people hiding under the code name Satoshi Nakamoto . This coin differs from the traditional currencies known to you so far , such as the Polish zloty or the US dollar , in that it is not in physical form .
Bitcoin , like all other cryptocurrencies, has been placed on a so-called blockchain ( blockchain ) . In other words, it is in a decentralized, distributed network . This means that it cannot be managed by a single entity or institution . The power over this virtual coin is exercised by all users of its network.
Bitcoin (BTC) - related sites:
|Bitcoin Project Specification|
|Polish Bitcoin Forum (community)|
|BitcoinTalk Forum (English-speaking forum)|
|Bitcoin community on Reddit|
|Bitcoin StackExchange (Q&A) - developer forum|
Satoshi Nakamoto (unknown)
Year of creation
Total number of coins (total BTC supply)
transnational in nature
Why was Bitcoin created?
You already know what Bitcoin is , or at least you have its outline before your eyes. You are probably wondering for what purpose it was created. Why would you need a virtual coin that cannot exist in physical form, and in addition is placed on some blockchain unknown to you ?
Well, the very assumptions of the creator of Bitcoin - Satoshi Nakamoto, showed that this cryptocurrency was to be an alternative to fiat money . As you probably know, traditional currencies inflate (lose their value) as a result of unskillful governmental rule.
In the case of Bitcoin, it is completely different. Firstly, it has already in advance a specific supply , it means that it can not be him more than 21 million . Second, because it is on a blockchain , no state institution or central bank can lay a hand on it . It is almost impossible to completely destroy or disable Bitcoin, as it is hosted on thousands of servers around the world.
Bitcoin vs fiat money
Limited supply, there will be no more than agreed
Unlimited supply, central banks can print it indefinitely according to the economic needs of the country
Its price fluctuates strongly due to various factors
It is subject to inflation as a result of incompetent rule of state organs
Each country has its own currency
Mined by cryptocurrency miners
Printed by central banks
Decentralized, it is in the hands of all participants in its own network
Centralized, under strict control by governments and central banks
Although Satoshi Nakamoto himself wanted Bitcoin to be adapted to instant transactions , without any time or continental restrictions, today this cryptocurrency can perform as many as three basic functions. For some people, it is virtual money , thanks to which they can quickly send funds to a person from the other side of the world at any time of the day or night . Others, on the other hand, see Bitcoin as a speculative asset that can bring them a large return on investment . Still others treat this cryptocurrency as a safe haven for their savings.
Basic functions of Bitcoin
It allows you to make transactions . They last 8 minutes on average . There is no time limit . You don't need to use the services of banks or other financial institutions to send BTC to someone . The amount of Bitcoin coins you own is tied to the public address of your cryptocurrency wallet . You do not need to provide personal information such as your name and surname to complete the transaction .
On the blockchain (blockchain) you will only see the public address of your wallet and the person to whom you send funds in BTC , as well as their number and transaction date, nothing more. While banks only post transfers on certain days of the week and times, there are no such limits in the case of the Bitcoin network . Everything is done automatically, without the intermediation of third parties.
For some people, BTC may be a speculative asset due to the volatility of its rate. People who invested in Bitcoin when it was worth a few dollars are now billionaires. However, remember that the BTC price not only rises, but also falls. The rates of all cryptocurrencies are very unstable.
Bitcoin investors are divided into two groups: hodlers - people who buy this virtual currency and then store it for years in a cryptocurrency wallet , counting on profits, and traders - market players who take short positions, buy BTC coins when their rate drops and then sell when Bitcoin's price rises . This is how they make money on the difference in Bitcoin's exchange rate .
Although it seems irrational to keep savings in such an unstable asset as cryptocurrencies , for many people they are the last resort. This is when traditional financial systems are collapsing and people are looking for alternatives to protect their capital.
In such cases, they often resort to Bitcoins , not to make transactions with them or to count on investment returns, but to prevent the situation in their country from affecting the money they have earned. The constantly fluctuating cryptocurrency becomes more valuable to them than the collapsing fiat money.
Why is Satoshi Nakamoto hiding his identity?
These questions have intrigued the cryptocurrency community since the inception of Bitcoin . Who was the character hiding under the code name Satoshi Nakamoto and why was she so concerned about anonymity? But was it just a person? Or maybe a group of people? We will probably never know that again.
So let's consider why the real Nakamoto was so anxious to remain anonymous? Well, first of all, the cryptocurrency he created is a kind of threat to the existing financial system. Governments are hostile to Bitcoin because they cannot control it. They completely dislike this lack of power. If the creator of BTC did not hide under a code name, its security itself could probably be threatened.
11 years ago, this mystery man published a Bitcoin white paper . Many people also call it Satoshi Nakamoto's Manifesto . This document explores all the functions of BTC , as well as the technical capabilities of its network. It also explains the reasons why Bitcoin was created .
Interestingly, over the decade, many daredevils began to argue that they are the creators of the most popular cryptocurrency in the world. However, none of them presented sufficient evidence to support their thesis.
People trying to impersonate Satoshi Nakamoto
This man is known to everyone as the self-proclaimed Satoshi Nakamoto. All because Wright gave himself this nickname, announcing to everyone that he is the father of Bitcoin. When summoned to present fundamental evidence that would testify that what he was saying was true, he failed to complete the task.
Of course, he explained that he couldn't do it because it would destroy his years of anonymity. However, many people felt that this fact showed that Wright was not really who he said he was.
|In the case of Dorian Nakamoto, things were a bit different. This man insisted from the beginning that he had nothing to do with Bitcoin. In 2014, a journalist of the American version of Newsweek conducted an unreliable investigation, as a result of which she found Dorian Nakamoto. |
Badly combined facts meant that just after the publication of an article about the alleged creator of Bitcoin in this magazine, a multitude of paparazzi appeared at the house of Dorian Nakamoto. This compromised the privacy of this man who he claimed had never had anything to do with Bitcoin.
Satoshi Nakamoto Renaissance Holdings
|In mid-2019, a marketing company called Satoshi Nakamoto Renaissance Holdings stated that after many years of silence, the creator of BTC decided to break the silence. This was quite unusual because the real Nakamoto would not try to reveal himself through intermediaries, but would rather use a cryptocurrency forum such as bitcointalk. The community perceived it rather as another marketing gimmick and a desire to appear in the world.|
|Another daredevil who appeared on the horizon in 2019 was a German speaker and consultant in the field of blockchain and cryptocurrencies - Jörg Molt. At one of the conferences that took place at the University of India, he introduced himself as Satoshi Nakamoto. Of course, because of this feat, he met with a huge criticism from the community, which very quickly hailed him as a fraud.|
As you probably guessed, Bitcoins do not come out of thin air. They are mined through special devices called cryptocurrency miners . This whole process is known as mining, or simply BTC mining. The people who do this are called cryptocurrency miners, sometimes also miners (from the English word miner).
People who have never had contact with this industry before and had a completely different idea of \ u200b \ u200bthe cryptocurrency mine, may be completely surprised. Why? Well, a cryptocurrency mine can actually be any room in which mining equipment works on solving complicated mathematical puzzles. All this to receive a reward in the form of a BTC block. The initial image of a real miner with a crowbar should therefore be set aside.
How does Bitcoin mining run?
How exactly is the process of digging Bitcoin and how they look excavators kryptowalutowe ? Well, miners receive a so-called Proof of Work (PoW). BTC coins are this proof of work. To do this job, however, you need powerful computing devices.
All of them have equal chances of solving the crypto puzzle. Does this mean that Bitcoin mining is easy? How come. Over time, the difficulty of mining BTC grew, while once a cryptocurrency miner could use a regular mining computer, now without a good cryptocurrency miner it will not be able to extract Bitcoins. Equipment with greater computing power is gaining an advantage in this field.
Bitcoin mining history
Initially, regular PCU processors were used to mine Bitcoin. The cryptocurrency miner shared the computing power of his computer to receive BTC in return. However, no one knew then that this cryptocurrency would be worth so much in the future. So for the first few years after Bitcoin was born, it could be mined via laptops or computers. However, everything changed very quickly, with time the PCU could no longer meet the challenges posed by the PoW. They were not able to perform so many calculations simultaneously.
Thus, the PCU was replaced by graphics cards - GPUs. They could handle many algorithms, but due to their lower efficiency and the consumption of large amounts of electricity, they simply became unprofitable. Then the ASIC, i.e. the integrated circuit, entered the action. Unlike the GPU, which was used for computer games and video rendering and had no single purpose, the ASIC was adapted to perform predetermined functions. In this case, it was BTC mining.
The evolution of cryptocurrency miners
The mathematical equations facing cryptocurrency miners are automatically generated by the Bitcoin network. The more miners join it and start competing with each other, the more difficult the crypto puzzle becomes. Solving it takes a lot of time and energy. Also, the size of the reward for each additional BTC block mined changes. This event is called a halving. It takes place every 4 years, and more precisely every 210,000 blocks excavated. Adjusting the mining difficulty allows the rate of currency issuance to stabilize at a certain level.
What is halving?
Recently, a lot has been heard about Bitcoin halving. What is this phenomenon actually and what consequences can the cryptocurrency community expect. It is worth realizing that this event is nothing new, as it takes place every 4 years after Bitcoin is born. In the BTC mining chapter it was mentioned that the difficulty of mining these coins changes over time. For each 210,000th block of BTC dug, miners get half the payment for their work.
Prize for mining the BTC block
|2009 year||50 BTC|
|November 2012||25 BTC|
|July 2016||12.5 BTC|
|May 2020||6.25 BTC|
When will Bitcoin halving end?
Bitcoin halving will continue until all of its coins have been digged. The last BTC block is likely to be mined after 2140. Why did Satoshi Nakamoto come up with something like halving Bitcoin? Well, this mechanism is designed to balance supply and demand. Imagine a situation where all 21 million BTC immediately enter the market. The demand for them would then be much lower.
Miners, on the other hand, would have no incentive to continue approving transactions on the Bitcoin blockchain. Reducing the reward for each successively mined BTC block eliminates this problem. Note that with limited supply, the price of Bitcoin also gets higher .
How can halving affect the BTC rate?
Nobody really knows. Although many speculators insist that Bitcoin's price will increase significantly , some believe that the opposite will happen, as mining BTC itself will be less profitable. However, it is worth looking at all of this in terms of what happened after the halvings that happened in the past.
The first reduction of the reward for each successively mined Bitcoin block took place on November 28, 2012. At that time, the BTC rate was only USD 13.42. Halving did not have a significant impact on the BTC price itself . It is worth adding, however, that soon the Bitcoin rate increased to $ 230 . However, many people say that it happened as a result of the rescue operation in Cyprus.
In 2013, the price of BTC soared after investors from all over Europe questioned the security of banking systems. The situation in Cyprus was not very interesting at the time, many inhabitants of this tiny island then fought for access to their own cash stored by the banks of this country. Some of them have suffered huge losses on their deposits.
Another halving took place in 2016. Not much has changed then either. During this event, Bitcoin was traded around $ 650 , a week after it traded around $ 675. A strong boom in Bitcoin's price took place only in December 2017 .
How will it be this time? Well, a lot of theories have already been put forward on this subject. The most popular one is the Bitcoin shortage. It claims that as a result of the reduced supply, the BTC price will increase significantly by the end of 2020.
The most popular questions about halving and Bitcoin
In which year will the last Bitcoin be mined?
|Calculations show that it will take place after 2140. However, it is impossible to determine the exact date.|
What happens when Bitcoin can no longer be mined?
|After all BTC coins have been mined, miners will still be compensated with a transaction fee for approving the transaction.|
How many Bitcoins do miners mine daily?
|On average, 144 blocks are mined each day. This is an average of 1,800 Bitcoins. It follows from here: 144 * 12.5 = 1800.|
The current price of Bitcoin
The current Bitcoin price in Polish zlotys can be found at the beginning of the page. How to read it on the chart? It's very simple and intuitive! Regardless of which side you use, it looks pretty similar everywhere. Horizontally, you will find the time range, you can reduce or increase it to daily, weekly, monthly, yearly, etc. according to your preferences. The vertical line on the right or left reflects the Bitcoin price . The bars at the bottom show the transaction volume (they appear on professional charts).
Where to check the Bitcoin rate?
Do you want to quickly check the BTC rate ? Use our calculator! All you need to do is enter the BTC number you are interested in in the empty box, and our cryptocurrency converter will perform the calculations for you.
Due to the fact that BTC is the most popular virtual currency, it is listed on many cryptocurrency exchanges. These platforms fall into two main types: crypto-crypto exchange exchanges and crypto-fiat exchange exchanges. In the case of the first category, in order to buy Bitcoins, the user must have other cryptocurrencies to be able to pay with them.
Fiat money such as PLN or USD is not supported on these platforms. This type of exchanges is mainly used by experienced players who have already had any contact with the cryptocurrency industry. They are not popular with beginner investors looking to buy BTC with traditional currency. Such transactions can be made on the crypto-fiat exchange platform.
Types of exchanges for Bitcoin (BTC)
|You can buy BTC on them for other cryptocurrencies|
|You can buy BTC for traditional money, e.g. PLN, USD, etc.|
Interesting facts about cryptocurrency exchanges
It is worth knowing that cryptocurrency exchanges can be divided into one more category: centralized (managed by a company or institution) and decentralized (based on blockchain). The latter cannot be used with a trading bot, therefore they have a smaller trading volume and liquidity, which is why they are also not very popular.
It should also be remembered that each cryptocurrency platform is different: some have simple interfaces, others more complicated, some of them have a rich offer, others are based on leading cryptocurrencies, etc. Before choosing the right platform, you should consider all these aspects. attention.
If you want to trade Bitcoin, choose an exchange with low transaction fees, and if you care about a long-term investment, focus on the exchange's liquidity. Also remember about security issues. Don't treat cryptocurrency platforms as your wallet. Stock exchanges, due to the amount of accumulated assets, very often fall victim to hacking attacks. This also happens with reputable platforms.
Examples of cryptocurrency exchanges for Bitcoin (BTC)
Bitcoin - BTC price history over the years
Initial Bitcoin price
Created in 2009, Bitcoin initially cost only a dozen or so cents. The price of Bitcoin was similar to the price of ICO projects currently under development, which are largely used to finance projects and start-ups. The price soared quickly and you can see a big jump on the chart. The history of the Bitcoin rate can be followed on many websites.
Where to check the historical price of Bitcoin?
Ommyo on its chart also offers you to track the cryptocurrency rate over the years. The graph shows us how susceptible to fluctuations an asset Bitcoin is and how quickly its price can fluctuate.
You are probably wondering how you can get possession of Bitcoin, since it is not in physical form. Well, the BTC you purchased will be assigned to the public address of your wallet. Each Bitcoin wallet consists of two keys: private and public.
Wallet for Bitcoin
How do wallets work?
To better understand how Bitcoin wallets work, we will use a metaphor. Imagine your mailbox. Only you have the code (private key) with which you can open it. Other people can throw letters (BTC) into it because there is a small hole in it that allows it, but they can't get anything out of there.
The moment you lose your code and it falls into the wrong hands, the person who finds it and knows the address of your mailbox can open it and take its contents. Therefore, it is important that you keep your code (private key) safe and not share it with other people.
If you lose or forget what your code (private key) looked like, you will also not have access to your own box (wallet for Bitcoin). In such a situation, no one will be able to help you. Many people have lost their cryptocurrencies in this way.
Types of wallets for Bitcoin
Wallets for BTC can be divided into two main categories: cold wallets and hot wallets. Choosing the right cryptocurrency wallet is very important because the security of your Bitcoins depends on it.
Wallets for Bitcoin
Cold wallets for BTC
Hot wallets for BTC
Where can you buy Bitcoin?
Do you want to buy BTC? You can use several options: cryptocurrency exchange, online cryptocurrency exchange, bitomat, as well as personal selling. However, you should be careful with the latter option. It is much safer to trade by using brokers, even if you would then be charged higher transaction fees. This way you will be sure that the other person will fulfill the contract.
How to buy Bitcoin as soon as possible?
Are you wondering how to buy BTC the fastest? Use our Ommyo.cash cryptocurrency exchange office. You can buy Bitcoins with us without going through the tedious verification process. All you need to do is enter the amount of BTC that interests you in the appropriate window, and then enter your e-mail address and public wallet address. It couldn't be easier! For that, go here !
Security of funds
Before you make any investment decision, make sure your funds are safe. Store them in a safe place, never entrust your private keys to other people. The cryptocurrency market is volatile, the Bitcoin exchange rate is not constant, as it is subject to frequent changes. Never invest funds that you cannot afford to lose! Also avoid unnecessary emotions.
What to avoid when investing in Bitcoin?
This industry is full of FUDEM (information that is supposed to evoke specific emotions in the user), it is not worth succumbing to it. Always stick to your own investment strategy, don't follow the crowd blindly. Also, try to avoid FOMO, the fear of not making a purchase when the BTC price rises , or the fear of not selling it when Bitcoin is falling sharply. Emotions have never been and will never be a good advisor for a cryptocurrency investor .
Author: Karolina Kropopek
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