What is Bitcoin?
This is the beginning of a few crypto lists. I need to know more about during coins. Are they good or bad? What is the difference between each one? Are some more relevant than others.
1. What is bitcoin?
Bitcoin is a decentralized digital currency that can be transferred peer-to-peer on the bitcoin network. It was released in 2009
2. Bitcoin is mined
Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a block, which is then broadcast to the network and verified by recipient nodes.
3. There will be 21million total bitcoin
limited supply. Once they are all mined there will not be more Bitcoin supply.
4. The Bitcoin network has no central storage; the bitcoin ledger is distributed
Anyone can keep a copy of the ledger.
5. Use case
Bitcoin was designed to be a peer-to-peer cash system.
It can be sent from one address to another. It is not subject to any single government entity. It can sent across borders.
People can trade it.
People can buy things with it.
People can store it as the value fluctuates.
6. Market Cap
Bitcoin has a market cap of $375,000,000,000.00 at the moment.
The price of a coin is $19,593 at the moment.
7. Is Bitcoin separate from the stock market?
Bitcoin is traded on its own exchange, independent of the global stock market.
Many of the Bitcoin owners are the same that purchase stocks. Macro economic forces appear to be effecting Bitcoin in a similar manner they are impacting Bitcoin purchases and sales.
8. What is the future of Bitcoin?
Each day it gets harder and harder to mine this coin.
Major adoption of this coin by consumers and business will increase the value over time.
Bitcoin is not immune to an economic downturn. If the global economy stalls, Bitcoin will fall in value.
If Bitcoin follows the same trajectory as the overall stock market, Bitcoin will increase in value over time, but it will be more volatile than the traditional stock market.