Bitcoin (BTC)

Digital, temperproof and openly traded money

#1

Marketcap Ranking

7,324.038 (-4.57%) arrow_drop_down

Market Price (24h change)

132,285,316,316

Total Market Cap

4.5

4.3

info_outline What is Bitcoin

5.0

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Short Description

General Data and Information. The theory behind Bitcoin was first described by Satoshi Nakomoto in a paper “Bitcoin: A Peer to Peer Electronic Cash System”published to a cryptographic mailing list on the 31st of October 2008. In this paper, Satoshi described the protocol (Proof of Work) that would solve the “double-spend”problem inherent in non-physical (digital) forms of currency. The first or Genesis block was mined by Satoshi on the 3rd of January 2009, with the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks” written into the coinbase of the block to act both as a timestamp and a rebuke to the economic instability caused by the widespread practice of fractional reserve banking. The total supply of Bitcoins is capped at 21 million coins (roughly 18 million are currently in circulation), with each coin being divisible to the 8th decimal place, with a single unit of the smallest division (0.00000001 BTC) being known colloquially as a Satoshi (or sat). The software to run miners and wallets is open source and decentralized, meaning that the network is accessible to anyone with a computer and an internet connection. Transactions are validated and written into the blockchain by miners selected via the Proof of Work (SHA-256) protocol. The difficulty of the Proof of Work algorithm is adjusted every 2016 blocks (roughly 2 weeks) to maintain an average block time of roughly 10 minutes. New Bitcoins are created (minted) as a reward to the miner that mined the valid block, with the reward currently sitting at 12.5 Bitcoins per block. This block reward is halved every 210,000 blocks (roughly 4 years) until it reaches zero. This block reward serves as an economic incentive for the miners to continue securing the Bitcoin network

Milestones. 31st October 2008 - White paper released by Satoshi Nakomoto. 3rd January 2009 - Genesis block mined by Satoshi Nakomoto. 12th January 2009 -First transaction using Bitcoin; Satoshi Nakomoto sends 100 BTC to Hal Finney. 22nd May 2010 - First recorded commercial transaction using Bitcoin; aka Pizza Day. 14th January 2016 - Lightning Network white paper, a Layer-2 solution to scaling Bitcoin. 1st August 2017 - Bitcoin Cash (BCH) hard fork. 23rd August 2017 - Segregated Witness (SegWit) implemented. Utility. As the flagship cryptocurrency, Bitcoin maintains the largest market capitalization and liquidity making it the “reserve” currency against which all other crypto-currencies trade against. This means that crypto exchanges are obliged to offer BTC trading pairs ahead of any other pairing.This reserve status combined with the widespread availability of trading pairs gives Bitcoin a special status as a store of value in the crypto-currency ecosystem; trading between two alternative cryptocurrencies will often require Bitcoin as a bridge currency to facilitate the exchange. In addition, the widespread brand recognition of Bitcoin makes it is the first port of call for most newcomers to the crypto-currency space and it’s name is often considered by the wider public to be synonymous with the entire crypto-currency ecosystem. Although the acceptance of Bitcoin by vendors in the developed nations is not on the level of established fiat currencies, Bitcoin is finding more traction in developing countries where the existing fiat currencies are not able to properly function as stores of value over time

Significant Features. - Decentralized access allowing any party with the open-source software and internet access to send and receive Bitcoin irreversibly without third party interference or trust. - Decentralized governance via open-source development and forking. - Relatively slow block times in comparison to other crypto-currencies although there are solutions in development such as the Lightning Network aiming to solve the problem of scaling. - Largest hashrate (ensuring the security and resilience of the blockchain) and largest liquidity. - Most common currency for crypto-currency exchange pairing. - The hard coded scarcity (maximum 21 million coins) has led to comparisons to traditional physical scarce resources like gold. - Transactions are pseduo-anonymous. Funds are sent address to address, but an owner identity can eventually attributed to an address given enough data and analysis. - Average blocktime of 10 minutes; Total supply of 21 million BTC; Consensus via Proof of Work (SHA-256). References: .

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Introduction Video

How does Bitcoin actually work? | 3Blue1Brown

The math behind cryptocurrencies. Home page: https://www.3blue1brown.com/ Brought to you by you: http://3b1b.co/btc-thanks And by Protocol Labs: https://protocol.ai/join/ Some peo ...

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Screenshot from Website

bitcoin.org
BTC Websitemore_vert

Visit Webpage

Website Informationclose

Organization: WhoisGuard, Inc.
Name: WhoisGuard Protected
Country: PA
City: Panama
Zipcode:
Address: P.O. Box 0823-03411
Mail: abuse@namecheap.com
Creation date: 2008-08-18
Expiration date: 2021-08-18
Nameserver: DNS1.REGISTRAR-SERVERS.COM

attach_money Product Analysis

4.9

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Whitepaper

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.


The whitepaper of Bitcoin is 9 Pages long.

The most influencial keywords are: Transact, Block, Nodes, Hashing, Hashed, Timestamped, Chain, Proof, Double, and Works.

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Close Competitors

  • 1.) ATBCoin

    ATB Coin is an innovative decentralized cryptocurrency incorporating the best advanced technologies and satisfies the needs of all market players to the best advantage – users, investors and business owners. This universal payment tool differs significantly from other cryptocurrencies due to a number of innovations, but at the same time has such important qualities as decentralization and anonymity.

  • 2.) Bitcoin Atom

    Bitcoin Atom (BCA) is a SegWit enabled Bitcoin fork with atomic swaps, hybrid consensus and lightning network.

  • 3.) Emercoin

    Emercoin - Distributed blockchain services for business and personal use

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Product analysis

Bitcoin was founded back in January 2009. Its source code was released publicly on github on December 2010 under the MIT License license.
Organization wise, Bitcoins Development is Decentralized and is being developed under the lead of Satoshi Nakamoto.

The consensus on which the Bitcoin network is run is called POW, while the underlying algorithm is called SHA256.
In the current state of Bitcoin currently is Working product

group Community Analysis

4.7

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Communities & Events

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.

view_list r/bitcoin Subreddit
person 1,188,255 Subscribers
directions_run 2,556 Active Users
create 193 Daily Posts
speaker_notes 2,126 Daily Comments
linkOpen Subreddit

There is no official Telegram Channel for BTC yet

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person Members
directions_run Online
linkOpen in Telegram

Official Twitter account for Bitcoin

view_list @bitcoincoreorg Channel
person 101,675 Followers
08.09.2019
11:02
Bitcoin Core 0.18.1 Released! https://t.co/uSV3Mxfk6G 929 favorite
05.02.2019
10:55
Bitcoin Core 0.18.0 Released! https://t.co/T2UPgqK9ga 1,185 favorite
12.25.2018
09:48
Bitcoin Core 0.17.1 Released https://t.co/afp0glUdkD Happy holidays! 1,070 favorite
10.03.2018
11:48
Bitcoin Core 0.17.0 Released https://t.co/ciwCREngon 714 favorite
09.29.2018
05:46
Bitcoin Core 0.15.2 was released https://t.co/Hppk5ZD9D5 This is a backport release with CVE-2018-17144 vulnerability fix 165 favorite
09.29.2018
05:46
Bitcoin Core 0.14.3 was released https://t.co/Fwl1mccqBA This is a backport release with CVE-2018-17144 vulnerability fix 117 favorite
09.18.2018
21:26
Bitcoin Core 0.16.3 was released: https://t.co/SsbsJsqSTo Upgrade recommended due to vulnerability fix 920 favorite
07.29.2018
17:11
Bitcoin Core 0.16.2 Released https://t.co/EfMhZ7GINx 760 favorite
06.15.2018
17:15
Bitcoin Core 0.16.1 Released https://t.co/HoP1IT3wkq 516 favorite
02.26.2018
11:00
Bitcoin Core 0.16.0 Released https://t.co/slIfNyPIVZ 1,871 favorite
Name Date Description
CME Futures BTCX19 12.02.2019 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.
LA Bit Conf 12.12.2019 Latin America Bitcoin & Blockchain Conference in Uruguay from Dec 12th - 13th.
CME Futures BTCZ19 12.30.2019 Bitcoin Futures Contract (BTCZ19) settles on December 30, 2019.
New Category: Perishables 12.31.2019 Additional product category expansion: perishables. A full partnership announcement to come.
CME Futures BTCH20 03.30.2020 Bitcoin Futures Contract (BTCH20) settles on March 30, 2020.
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Google Trends Analysis


The Google Trends chart displays the search interest on google in Bitcoin relative to its peak over the last year. A rising chart shows growing interest int he project.

code Development Analysis

4.7

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Github Analysis

Code Updates (Commits)


Every change to the codebase of Bitcoin is registered as a commit. More active projects have many commits, dead projects nearly none.

Code line changes (+/-)


Extending a project results in many new lines of code. Changing existing code results in nearly the same amount of additions and deletions. Projects that are growing show a large number of code additions with relatively few deletions.

Programming languages

Repository Numbers

star 41,139 Stars
remove_red_eye 3,501 Watchers
usb 24,570 Forks
sync_problem 1,066 Open Issues
border_color 0 Comment Coverage
lock_open MIT License License

attach_money Price Analysis

4.7

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Price Prediction

$ 8,436.541 (-1.88%) arrow_drop_down

Predicted USD Market Price in 24h

$ 7,784.907 (-9.46%) arrow_drop_down

Predicted USD Market Price in 14d

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Converter BTC - USD

Convert between BTC and USD with the live Bitcoin prices, aggregated from all big exchanges that trade Bitcoin.


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Market insights

Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.

account_circle Team Analysis

4.9

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Team

Lead

Satoshi Nakamoto - Founder
Satoshi Nakamoto is the name used by the unknown person or people who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, they also devised the first blockchain database.In the process, they were the first to solve the double-spending problem for digital currency using a peer-to-peer network. They were active in the development of bitcoin up until December 2010.


supervisor_accountSocial Network Links

Members (4)

Satoshi Nakamoto

Founder

launch

Wladimir J. van der Laan

Blockchain developer

launch

Jonas Schnelli

Blockchain developer

launch

Marco Falke

Blockchain developer

remove_red_eye Product Review by Coinpaper

4.4

How things stand

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Most newspapers and -sites reduced the amount of reporting about Bitcoin after the huge “bull run” in January 2018. Bitcoins current market capitalization is around 50% of all the cryptocurrencies available.
Bitcoin is getting accepted by more and more merchants. Ohio became the first state (November 2018) where people can pay their taxes with Bitcoin. [1]

4.5

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The early Bitcoin community was tech savvy and many developers are still working on the Bitcoin core code with only a limited number of developers being able to push directly to the source code. Lead developer right now is Wladimir J. van der Laan (laanwj) who has been nominated by the last leader in 2011. [1]

4.5

Product description

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Bitcoin is the first cryptocurrency as a peer-to-peer version of an electronic payment method. Bitcoins goal is to provide a solution to transfer electronic money online with high transaction speed for people around the globe. This is already possible today through financial institutions or PayPal, but Bitcoins solution would make these third-party institutions obsolete and thus saving the user money. [1]

4.9

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At the time of this writing, 350 million transactions have been processed by the Bitcoin network since 2009. Transaction times are measured on the order of seconds. Current limit is around 7 transactions per second. [1]

4.0

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Bitcoin was developed by a person/group named Satoshi Nakamoto, hence the smallest transferable value 0,00000001 Bitcoin (seven zeros after the comma) is called 1 Satoshi. No one knows who the real Satoshi Nakamoto is. Lead developer right now is Wladimir J. van der Laan (laanwj). Van der Laan has a good reputation among the Bitcoin community and he was well trusted by the previous lead developer Gavin Andresen. Van der Laan doesn’t have any other designated projects. [1] [2]

4.0

Pro-Contra

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Security Relatively high. Bitcoin has been around for 10 years and its stability and security have been proven multiple times. Miners have an incentive to mine Bitcoin as the rewards are high and the cryptocurrency world relies on Bitcoin.
Adoption Bitcoin is the most accepted coin of all cryptocurrencies.
Decentralization The coin is fully decentralized.
Product availability Bitcoin is already being used by multiple merchants.
Exchange availability Every cryptocurrency exchange lists Bitcoin. Most exchanges use Bitcoin as trading pairs with other cryptocurrencies.
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Transactions per second Bitcoin can currently handle seven transactions per second. For global usage as a digital payment system it should handle at least 1000 transactions per second. VISA handled roughly 1667 TPS in the year 2016.
Transaction speed Bitcoin transactions are faster compared to transaction times for bank transfers, but they are much slower than other cryptocurrencies.
Transaction cost Bitcoin fees are relatively low compared to fees for bank transactions, but they are much higher than fees of other cryptocurrencies.
Enery consumption Bitcoin miners used 73 TWh of energy in 2017 which is equivalent to 0.33% of the global energy consumption.
Privacy Bitcoin transactions are not anonymous. They are pseudonymous, which means that someone who knows your address can analyse all your transactions. If you have Bitcoins worth of a hundred thousand dollars and you pay your coffee from that Bitcoin address, then the coffeeshop owner will know your balance and can check all of your transactions.

remove_red_eye Market Review by Coinpaper

4.4

Foresight

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There will likely be a global digital payment system and it might be a cryptocurrency. We can’t be sure whether it will be a blockchain coin or a directed acyclic graph coin (or even a new coin based on new technology). Bitcoin would need to solve some massive problems to become an efficient global currency. One is that of the limited transactions per second and another one is the high energy consumption. Bitcoin still might be the future gold of cryptocurrencies.

4.5

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Bitcoins purpose isn’t just sending money. Many new projects are being researched and some of them are in development right now. The transaction history is transparent. There could potentially be voting systems with Bitcoin or possibilities for crowdfunding campaigns.

4.5

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Bitcoins potential is huge. If the Bitcoin team can solve problems like scalability and speed, then we might possibly find Bitcoin as the centre of all digital payments. With that even more merchants would accept Bitcoin and we could possibly see ourselves buying groceries with Bitcoin in a few years.

4.8

Business

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The goal for many coins is to become the global digital payment system before Bitcoin. Key points are reputation for the coin, transaction speed, limit of transactions per second (TPS), pseudonymity and the price for fees. Some cryptocurrency teams are working hard for their projects to pass these points. (Monero for true anonymity, Dash for speed, Nano for feeless transactions and speed).

3.5

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Bitcoin doesn’t have official partners, but whenever cryptocurrencies are accepted Bitcoin is among them. Many merchants are accepting Bitcoin. You can deposit your Bitcoin on a Microsoft Account [1] or use Bitcoin to book a hotel with Expedia. [2]

4.5

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The Bitcoin community is strong and very active. Many people that trade Altcoins hold Bitcoin too or trade BTC/Altcoin. Many people support Bitcoin as was is the first developed cryptocurrency.

4.8

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Satoshi Nakamoto is the synonym for the person or group that invented Bitcoin. No one knows who the real Satoshi Nakamoto is. The current lead developer is Wladimir J. van der Laan (laanwj) who got the role in 2014. [1]

4.0

compare_arrows Exchanges

Markets

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# Exchange Pair Price 24h Volume Trusted
# 1 Coinbase Pro BTC/USD $ 7,322.700 $ 233,928,246 check
# 2 Bitstamp BTC/USD $ 7,326.270 $ 139,726,442 check
# 3 Bitfinex BTC/USD $ 7,307.520 $ 135,669,366 check
# 4 Kraken BTC/USD $ 7,319.500 $ 94,629,969 check
# 5 Kraken BTC/EUR $ 7,346.233 $ 85,376,118 check
# 6 bitFlyer BTC/JPY $ 7,321.858 $ 82,307,683 check
# 7 Binance BTC/ETH $ 7,336.011 $ 52,284,068 check
# 8 Bitstamp BTC/EUR $ 7,352.452 $ 37,106,017 check
# 9 Binance BTC/USDC $ 7,346.083 $ 36,890,272 check
# 10 Coinbase Pro BTC/EUR $ 7,362.211 $ 34,289,263 check

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