Total Marketcap: $ 111,111,111
Change 24h: 22,222,222,222
Volume 24h: 3,333,333
Bitcoin dominance: 44 %
Crypto Info, Price, Review and Analysis
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Bitcoin (BTC)

Digital, tamperproof and openly traded money

Bitcoin Price 1 Year
$ 39,086.58
-22.58 %
Market Cap: $ 7,157 M

5 Years

1 Year

3 Months

30 Days

7 Days

24 Hours

Bitcoin Explained

Introduction to Bitcoin

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4.9

What problem does Bitcoin solve?

Name: Bitcoin

Symbol: BTC

In 2009, the concept of a peer-to-peer electronic payment system was published in a whitepaper that revolutionized the world and laid foundations for the birth of a multi-billion dollar industry of cryptocurrencies. Little did anyone know that the technologies and applications the cryptocurrencies provide will offer so much in value and open doors for further innovations. Bitcoin was the very first cryptocurrency to be accepted as a peer-to-peer version of an electronic payment system, therefore opening doors for other cryptocurrencies to be born.

The primary aim behind the inception of Bitcoin was to provide people with an easier and more efficient means of transaction that was not under the authority of any institution. Apart from the decentralization concept, it intended to solve the delay and time-costly transactional processes and cut down on the fee charges. Bitcoin, in summary, was trying to achieve the same functionality as companies like PayPal, but attempted to save users their money and render these third-party systems obsolete and useless (Nakamoto, 2009).

3Blue1Brown: But how does bitcoin actually work?

What is Bitcoin

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4.4

What does the cryptocurrency Bitcoin actually do?

The actual product or the application of the Bitcoin network is mainly for transactional purposes. Within 10 years, 350 million transactions have been processed by the Bitcoin network since 2009. The network allows up to 7 transactions per second and the transactional speeds are in seconds (Blockchain.com, 2019).

Who is behind Bitcoin

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4.0

What team is working to make Bitcoin successful?

The founder of Bitcoin has remained a mystery to the whole world. The founder goes by the name of Satoshi Nakamoto and it is still unclear as to whether this name is real or a pseudonym. The smallest Bitcoin amount that can be transferred is named after him and is known as 1 Satoshi (0.00000001 BTC). After the founder of the Bitcoin, it is the lead developer Wladimir J. van der Laan who has earned the trust and support of previous developers and the Bitcoin community on the whole. Vladimir is not involved in any other projects and is working solely for Bitcoin (Bitcoin Wiki, 2015).

Satoshi Nakamoto is the pseudonym used for the mind behind the Bitcoin vision though nobody knows his real identity or whereabouts. The current lead developer of the Bitcoin network is Wladimir J. van der Laan (laanwj) who has been working on the current post since 2014. (Bitcoin Wiki, 2015).

Bitcoin Development

Bitcoin Code Progress Analysis

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4.5

How did much the Bitcoin developers work on their coin over the last year?

The Bitcoin community works actively at all times to update and improve its code. With its tech-savvy users and many developers present on the network, the code is updated and upgraded quite frequently. Some developers have also managed to push their work directly to the source code. The lead developer right now is Vladimir J. van der Laan, who was nominated by the last leader in 2011 (Github, 2019).

Bitcoin Community

Bitcoin Public Interest

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4.6

How many people did search on Google for Bitcoin indicates how many new people first heard from Bitcoin

Search Engine: Google.com

Region: Worldwide

Searchterm: Bitcoin

Peak Popularity: 17. May 2021

Bitcoin has laid down the foundations for a global digital payment system and sooner or later, this vision will become a reality. Though, it is difficult to predict whether it would be Bitcoin, or some other cryptocurrency based on Blockchain or even some altcoin based on new technology. For Bitcoin to remain in the number game, it needs to address issues related to its transactional speed, transactional limits and the energy-intensive nature of its processes. If it can successfully solve these problems, it can maintain its position as the industry leader. Bitcoin still might be the future gold of cryptocurrencies.

Bitcoin developers are researching and working on many different projects some of which are already in their development phase. There could potentially be voting systems within the Blockchain network or possibilities for crowdfunding campaigns, but none of it is certain. It will take time to get unveiled for the general public.

The potential that Bitcoin holds has been on for show time and time again, and to say that it is massive would be an understatement. If the team successfully solves the related issues plaguing other cryptocurrencies, Bitcoin can find itself at the centre of all-digital payment systems. The number of businesses to accept Bitcoin will increase drastically and there can come a day when Bitcoin would be used for small scale day-to-day transactions.

Google Trends is a tool that shows how many people search for a specific search keyword worldwide compared to its peak. The more people search for Bitcoin on google, the higher the Google Trends curve rises. The Google Trends search data is based on the search keyword Bitcoin Bitcoin had its peak interrest 1 ago. At that time, more people searched for Bitcoin than anytime this year. The interrest of newcomers for Bitcoin seems to be falling, which is unacceptable!

Bitcoin Sentiment Analysis

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4.5

How positive/negative are people on different crypto-related subreddits talking about Bitcoin

Based on: Reddit.com

Positive/Negative Posts Ratio: 4:1

Bitcoin saw the peak of its glory in the ‘bull-run’ of 2017-2018 when it increased by tenfold and took the whole world by storm. However, after that, its popularity took a major hit. The number of newspapers and websites willing to write and publish articles about Bitcoin reduced drastically, as more and more alternative cryptocurrencies stormed the market each day.

Currently, Bitcoin holds around 50% of the market capitalization of all cryptocurrencies available and is getting accepted by more and more businesses. Recently, Bitcoin was announced as a legal medium for the general public to pay their taxes in the State of Ohio. With this major development in November 2018, it is likely that more states will follow in introducing similar incentives (Ma, 2019).

Sentiment Analysis uses Machine Learning to analyze whether a post on reddit is written with joy or anger. The more excited people are about a project, the more positive posts there are on reddit. If a project behaves scammy, negative posts dominate. A good indicator is the positive-to-negative post ratio. For every 4 positive post about Bitcoin, there are 1 negative posts, which is a acceptable ratio. A recent post mentioning Bitcoin with a lot of positive feedback was posted in r/CryptoMarkets by u/Fullback22x: Take a deep dive into NOVO the new anti-rebase, volume based, and anti-whale token

Bitcoin Enthusiasts Analysis

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4.8

How did the community of enthusiasts that follow Bitcoin closely develop over the last year?

Bitcoin’s community is very active and remains one of the strongest communities to date. Though the number of people that trade with Bitcoin has decreased drastically with time, many people are still ‘HODL-ing’ (holding/storing) the tokens in the hope of large returns on their investments.

Bitcoin Price Analysis

Bitcoin Price Overview

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4.0

Key price metrics such as All-Time-High (ATH) and Market-Cap of Bitcoin

Rank: 1

Price: $ 39,086.58

Volume (24h): $ 7,157 M

Although, no official partnership has been announced by any business with Bitcoin, the popularity and originality of the technology are enough to help it grab the attention of many businesses worldwide. If some business accepts cryptocurrencies as a payment method, rest assured Bitcoin is always there at the top. Even Microsoft now allows users to deposit Bitcoin on their accounts (Microsoft, 2018) and companies like Expedia give their users the option to book hotels using Bitcoin (Street, 2014).

There are many altcoins (alternative cryptocurrencies) that are aiming to achieve what Bitcoin had announced in its whitepaper. Each technology claims that they offer better transaction speed, less transactional limits, pseudonymity, programmable contracts (smart contracts) and fewer price charges, in some way or another. Coins like Monero (privacy), Ethereum (smart contracts) and Nano (scalable, energy saving and feeless) have managed to offer these benefits to an extent.

Bitcoin had its all-time-high (ATH) at 10. November 2021 at a price of $ 68,692.14. Today, Bitcoin is traded for $ 39,086.58, which is a -43.1 % drop from the previous ATH. If you had bought Bitcoin 1 year ago, you would have made a loss of 22.58 %. Going even more back, if you had bought Bitcoin 5 Years ago (or at the first possible chance), you would have made a gain of 3,233.16 %.