Bitcoin (BTC)

Bitcoin is the first successful digital currency based on peer-to-peer technology, with no central bank or body engaged in its transactions or creation. It was developed under the pseudonym- Satoshi Nakamoto. The source code is freely available as an open source project, and anybody can look at it and contribute to its development. The way we now view money is changing because of bitcoin. The objective was to create a means of trade that could be exchanged electronically in a safe, verifiable, and unchangeable manner, independent of any central authority.

It is decentralised peer-to-peer internet money that makes mobile payments simple, has very low transaction costs, secures your identity, and operates constantly without a central authority or banks. Bitcoin is designed to have a total supply of just 21 million BTC, making it a deflationary currency.

Bitcoin utilises the SHA-256 hashing algorithm, with an average transaction confirmation time of 10 minutes. Miners nowadays use ASIC chips specialised to only mine Bitcoin, and the hash rate has surged to peta hashes. Bitcoin, being the initial successful online cryptography currency, has influenced the development of other alternative currencies such as Litecoin, Peercoin, Primecoin, and others. The cryptocurrency then took off with Ethereum's invention of the turing-complete smart contract, which led to the creation of other great projects like EOS, Tron, and even crypto-collectibles like CryptoKitties.

Bitcoin has a similar value to other currencies because people are ready to exchange it for products, services, and current currencies. However, bitcoin's price has risen, fallen, and increased exponentially several times since its creation in 2009. Many people believe the fluctuations to be volatile.

To know more about the Bitcoin price prediction, install the top cryptocurrency app CoinGabbar today!