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In the ever-evolving landscape of cryptocurrency, one name stands out as the pioneer that sparked a revolution: Bitcoin. Since its inception in 2008 by an individual or group using the pseudonym Satoshi Nakamoto, Bitcoin — often referred to as 'digital gold’ — has captivated the financial world and grown to become the world's foremost digital currency, celebrated for its autonomy, security, and potential as a store of value.

Launched in 2009, Bitcoin operates independently of any central authority, such as a government or bank, and is used to buy goods and services online or exchanged for other cryptocurrencies. It is based on a technology called blockchain, a decentralised ledger that records all transactions made within the network, and does not have physical properties, existing solely in digital form. Each Bitcoin transaction is recorded on the blockchain, making it transparent and auditable.

There are several benefits Bitcoin offers, including fast and low-cost transactions, especially for international transfers. As a large part of the global population remains unbanked — with no access to financial services or ability to qualify for bank accounts — Bitcoin is capable of providing financial inclusivity, as anyone with an internet connection can, in principle, access and use Bitcoin, regardless of their location.


What Is Bitcoin Halving?

About every four years, the amount of Bitcoin rewards is halved. Here is how this has affected Bitcoin price.

About every four years, the amount of Bitcoin rewards is halved. Here is how this has affected Bitcoin price.

What Is Bitcoin Halving?

How to Use Bitcoin (BTC)

Popular ways to use Bitcoin and what traders can buy with it.

Popular ways to use Bitcoin and what traders can buy with it.

How to Use Bitcoin (BTC)

What Is Bitcoin Trading?

Learn the basics of Bitcoin trading and how to get started.

Learn the basics of Bitcoin trading and how to get started.

What Is Bitcoin Trading?

How to Send Bitcoin

Sending Bitcoin is easy and takes only a couple of minutes. Learn how to send Bitcoin on Crypto.com and start using it to do more.

Sending Bitcoin is easy and takes only a couple of minutes. Learn how to send Bitcoin on Crypto.com and start using it to do more.

How to Send Bitcoin

How to Short Bitcoin

Learn about how to short Bitcoin to potentially profit even when prices decline.

Learn about how to short Bitcoin to potentially profit even when prices decline.

How to Short Bitcoin

Why Was Bitcoin Created?

Learn about the creation of Bitcoin, the world’s first cryptocurrency.

Learn about the creation of Bitcoin, the world’s first cryptocurrency.

Why Was Bitcoin Created?

Why Is Bitcoin Valuable?

Ever wondered why Bitcoin is valuable? Here are the key factors that influence BTC’s price and market value.

Ever wondered why Bitcoin is valuable? Here are the key factors that influence BTC’s price and market value.

Why Is Bitcoin Valuable?

What is a Bitcoin Node?

Uncovering the importance of nodes in making Bitcoin the future of money.

Uncovering the importance of nodes in making Bitcoin the future of money.

What is a Bitcoin Node?

Who Created Bitcoin?

Learn what we know about the identity of the anonymous founder of Bitcoin, Satoshi Nakamoto, and the potential reasons why they decided to remain undoxxed.

Learn what we know about the identity of the anonymous founder of Bitcoin, Satoshi Nakamoto, and the potential reasons why they decided to remain undoxxed.

Who Created Bitcoin?

How Many Bitcoins Are There in Total?

Ever wonder how many bitcoins there are in total and how many can still be mined? Find answers to Bitcoin numbers in this article.

Ever wonder how many bitcoins there are in total and how many can still be mined? Find answers to Bitcoin numbers in this article.

How Many Bitcoins Are There in Total?

How Much Energy Does Bitcoin Consume?

Here’s how energy-intensive Bitcoin’s Proof of Work consensus mechanism really is and what’s being done to offset it.

Here’s how energy-intensive Bitcoin’s Proof of Work consensus mechanism really is and what’s being done to offset it.

How Much Energy Does Bitcoin Consume?

Who Owns the Most Bitcoin?

Individuals and corporations make up the list of who owns the most Bitcoin. See who they currently are.

Individuals and corporations make up the list of who owns the most Bitcoin. See who they currently are.

Who Owns the Most Bitcoin?

Bitcoin vs Ethereum: What’s the Difference Between BTC and ETH?

The two biggest cryptocurrencies are very different. Learn what makes BTC and ETH unique.

The two biggest cryptocurrencies are very different. Learn what makes BTC and ETH unique.

Bitcoin vs Ethereum: What’s the Difference Between BTC and ETH?

How Is Bitcoin Taxed? A Complete Guide for 2024

How is Bitcoin taxed? Learn everything from how various jurisdictions tax Bitcoin to key tax events and best practices for users.

How is Bitcoin taxed? Learn everything from how various jurisdictions tax Bitcoin to key tax events and best practices for users.

How Is Bitcoin Taxed? A Complete Guide for 2024

Who Accepts Bitcoin Payments in 2024?

A look into some of the brands and retailers that accept Bitcoin — and how to still buy with BTC when a business doesn’t accept cryptocurrency.

A look into some of the brands and retailers that accept Bitcoin — and how to still buy with BTC when a business doesn’t accept cryptocurrency.

Who Accepts Bitcoin Payments in 2024?

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Bitcoin (BTC): Everything to Know

Key Takeaways

  • Launched in 2009 by an anonymous person or group known as Satoshi Nakamoto, Bitcoin is a peer-to-peer (P2P) digital currency system that operates independently of any central authority.
  • Using blockchain technology to secure and verify transactions, Bitcoin gained popularity for several reasons, including scarcity, security, privacy, and decentralisation.
  • BTC, Bitcoin’s native coin, can be earned through mining or purchased on an exchange.
  • Freely available to anyone, Bitcoin wallets are typically used to buy, store, and send Bitcoin.
  • Bitcoin’s price volatility makes it attractive to certain traders.
  • An estimated 14% of all US adults own Bitcoin.

Check out Crypto.com's new BTC to USD Converter


Who Created Bitcoin?

In 2008, Satoshi Nakamoto introduced the world to Bitcoin and its underlying technology: blockchain. But the true identity of Bitcoin's creator remains a mystery to this day. While there have been speculations and proposed candidates, no concrete proof of Nakamoto’s identity has been uncovered.

Regardless of their identity, Nakamoto's impact and legacy in the cryptocurrency world are undeniable, and their identity continues to be a topic of interest and discussion within the cryptocurrency community. It is estimated that Nakamoto may possess around 1.1 million BTC, equivalent to 5% of all bitcoins to be created.


Why Was Bitcoin Created?

While Bitcoin’s creator remains anonymous, the reasons behind its creation remain speculation. However, it may have been driven by several factors, as gleaned from the white paper:

First, Bitcoin aimed to address the flaws of traditional financial (TradFi) systems based on trust, such as centralised control, high transaction fees, and limited accessibility.

Second, Bitcoin's underlying principles include decentralisation, trustlessness, security, and privacy — all achieved through blockchain technology. By eliminating intermediaries, Bitcoin enables fast and low-cost transactions, financial inclusivity, and greater transparency.

These factors also mirror public criticism of the global financial system at the time of Bitcoin’s launch — soon after the 2007–08 global financial crisis.


Bitcoin Blockchain Technology

Bitcoin is based on a technology called blockchain, which is governed by a consensus mechanism. In simple terms, a blockchain notes down all transactions in a digital ledger, which can be publicly viewed by anyone online.

Bitcoin is not governed by one centralised institution; rather, a group of stakeholders maintain the ledger (the blockchain) together to reach agreement on which transactions are right or wrong. This is called a consensus mechanism. Bitcoin relies on the Proof of Work (PoW) consensus mechanism, the first blockchain consensus ever created.

Learn more about Proof of Work and get more details about how Bitcoin works.


How Is Bitcoin Used?

Bitcoin can be used in various ways:

First, Bitcoin can be mined, where miners solve complex mathematical problems to validate transactions and secure the network. In return, they are rewarded with new bitcoins.

Additionally, users can sell and buy Bitcoin on cryptocurrency exchanges, with the goal of taking advantage of price fluctuations to make profits.

Third, Bitcoin can also be used for online purchases and transactions, providing convenience and expanding its utility.

Moreover, some individuals hold Bitcoin, hoping its value will increase over time, allowing them to sell at a higher price. This is not guaranteed, however, as Bitcoin is a highly volatile asset; these individuals are at risk of losing part, or the entirety, of the value of their initial purchase monies.

Below are some other popular ways people say they use Bitcoin:

Online Purchases

  • Some online retailers and businesses accept Bitcoin as a form of payment for goods and services.
  • You can use Bitcoin to buy products ranging from electronics to gift cards and even travel services.

Trading

  • Many people view Bitcoin as a speculative asset, aiming to benefit from price fluctuations.
  • You can buy and hold Bitcoin long-term or engage in short-term trading on cryptocurrency exchanges.

International Transfers

  • Bitcoin enables cost-effective and faster cross-border money transfers compared to traditional financial systems.
  • This can be especially useful for sending money to family members or friends in different countries.

Donations and Fundraising

  • Some charitable organizations and nonprofit entities accept Bitcoin donations.
  • Cryptocurrency can streamline the donation process and offer transparency in how funds are used.

Hedging and Store of Value

  • Some traders use Bitcoin as a hedge against traditional financial assets like stocks and bonds.
  • Bitcoin's limited supply and decentralised nature have led some to consider it a digital store of value, similar to gold.

Gaming and Digital Goods

  • Some gaming platforms and online marketplaces accept Bitcoin for purchasing in-game items, digital goods, and services.

Microtransactions and Tips

  • Some charitable organizations and nonprofit entities accept Bitcoin donations.
  • Cryptocurrency can streamline the donation process and offer transparency in how funds are used.

DeFi (decentralised Finance)

  • Bitcoin's scripting capabilities enable simple smart contracts, though it's less advanced compared to some other cryptocurrencies.
  • In the wider blockchain ecosystem, various projects offer decentralised financial services like lending, borrowing, and yield farming using Bitcoin.

It's important to note that, while Bitcoin offers these use cases, its value and legal status can vary by region and change over time.


Is Bitcoin Valuable?

BTC

BTC

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$0 USD

Bitcoin is valued by members of the cryptocurrency community for several reasons. First, it is a decentralised currency, meaning its issuance is not controlled by any government or central authority.

Second, Bitcoin has a limited supply, with only 21 million coins ever to be mined. This scarcity is often compared to gold by the cryptocurrency community and makes Bitcoin an attractive asset for some. Unsurprisingly, Bitcoin has been dubbed ‘digital gold’.

Third, Bitcoin operates on a secure and transparent technology called blockchain. This ensures that transactions are recorded and verified by a network of computers, making it virtually impossible to alter or counterfeit transactions. Some consider that these factors have combined to make Bitcoin a valuable and increasingly sought-after digital asset.


Who Owns the Bitcoin Network?

Unlike fiat currencies, which are issued and backed by governments, no one owns the Bitcoin payment network itself; it is entirely independent of any one person or organisation (miners work together to maintain the Bitcoin network). However, people and organisations can own BTC, the native currency of the Bitcoin network, and make software to buy, store, or transfer bitcoins.


How Many People Own Bitcoin?

The number of Bitcoin owners has continued to steadily grow. According to a Morning Consult survey, 26% of millennials and 14% of all US adults own Bitcoin. Globally, it is estimated that by the end of 2023 there were 580 million crypto owners, with over 296 million Bitcoin owners. These estimates translate to an average global crypto ownership rate of 6.8% as of June 2024.


Who Owns the Most Bitcoin?

The largest holder of Bitcoin is believed to be Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Nakamoto is estimated to own over one million BTC. Additionally, there are other large holders of Bitcoin, known as ‘whales’.

Learn more about who owns the most Bitcoin.


Sending and Receiving Bitcoin

While miners mine to be rewarded and receive bitcoins, their mining fulfils another important task (other than creating new bitcoins): It records Bitcoin transactions safely and immutably (i.e., they can’t be tampered with) on the Bitcoin blockchain.

Both the sender and receiver need a Bitcoin wallet to complete a Bitcoin transaction with each other. The sender transmits the amount of Bitcoin and wallet address to the network, and within a few minutes, the transaction is verified by miners, included in the next block, and considered complete. The receiver can then log in to their wallet with their private key (i.e., the password to their wallet) and confirm the receipt of the transaction.

In addition, everyone in the Bitcoin network can verify and accept the transaction as valid, as the wallet addresses are immutably recorded on the blockchain and can be viewed publicly with a block explorer.


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How Has the Price of Bitcoin Changed Over Time?

How Has the Price of Bitcoin Changed Over Time?

Since its launch in 2009, Bitcoin has experienced significant price fluctuations, making it a highly volatile asset. In its early years, Bitcoin was traded for less than a cent per coin. In 2011, it reached its first milestone by surpassing the US$1 mark. BTC continued to gain traction, and in 2013, it reached a peak of $260.

Bitcoin's first notable price surge came in 2017 when it reached an all-time high (ATH) of nearly $20,000. However, the price sharply corrected in the following months, dropping to around $3,000 by the end of 2018.

The cryptocurrency market as a whole experienced another major surge in 2021, with Bitcoin reaching over $60,000 in April of that year. However, it experienced a subsequent correction, and the price dropped to under $20,000 by November 2022.

At the end of October 2023, Bitcoin's price was over $33,000. As of June 2024, it is over $71,000.


How Many Bitcoins Are There in Total?

According to the latest data, there are 19,727,800 bitcoins in circulation as of June 5, 2024 (the maximum supply of bitcoins is capped at 21 million).

In other words, 1,272,200 bitcoins are left to be mined. It takes around 10 minutes to mine a block of Bitcoin (with 3.125 BTC as a miner reward). Currently, approximately 900 new bitcoins are entered into circulation every day, but will decrease since the recent Bitcoin halving.

These halving events are hardcoded into Bitcoin’s blockchain (after every 210,000 blocks are added to the blockchain, or approximately every four years). They reduce the amount of bitcoins awarded to miners by 50% — a measure to prevent inflation. With future mining following, experts predict that the last bitcoin will be mined in the year 2140.

Note that it is estimated that ~20% of bitcoins in circulation are lost, due to a number of reasons: users forgetting the keys to their wallet or owners passing away without sharing their keys, for example.


What Are the Risks of Trading Bitcoin?

Trading Bitcoin comes with risks that beginners should be aware of.

First, Bitcoin is a highly volatile asset, meaning its price can experience significant fluctuations in short periods. This volatility makes it challenging to accurately predict price movements, leading to potential losses. Additionally, the cryptocurrency market operates 24/7, making it susceptible to sudden price swings even during off-hours. As with many assets, users are able to short Bitcoin like they would with other stocks.

Another risk is the potential for security breaches. As cryptocurrencies are stored in digital wallets, hackers can target these wallets to steal funds. Beginners should take proper security measures to protect their Bitcoin holdings, including using secure wallets like hardware wallets and enabling multi-factor authentication (MFA).

Lastly, scams and fraudulent activities are prevalent in the cryptocurrency space. Beginners should exercise caution when dealing with unfamiliar platforms or individuals offering guaranteed returns and/or investment opportunities that seem too good to be true.

It is essential to thoroughly research and understand these risks before venturing into Bitcoin trading.


Conclusion

Bitcoin has come a long way since its early days, revolutionising the financial landscape and soaring in price to unprecedented heights. Despite its volatility, Bitcoin has shown resilience and a degree of potential as a decentralised digital currency. Its ability to operate without traditional financial intermediaries and provide secure, transparent transactions has captured the attention of individuals and institutions worldwide.

With increasing adoption and acceptance, Bitcoin's future looks promising. As the cryptocurrency market continues to evolve, it's clear that Bitcoin has the potential to reshape the way we think about money and finance. Whether crypto serious or curious — it's hard not to be excited about the possibilities Bitcoin holds.


Due Diligence and Do Your Own Research

All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsement, invitation, or solicitation.

Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.


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