![]() ![]() Most holders consider BTC a store of value, and it’s often referred to as “digital gold.” How Does Bitcoin Work?īitcoin transactions are verified by crypto miners via a proof-of-work consensus mechanism. While it began life as a payments network, Bitcoin has evolved into an investment asset. Today, the entire cryptocurrency market is worth around $1 trillion, with Bitcoin representing around 45% of the market. In the words of its creator, Satoshi Nakamoto, Bitcoin was created to allow “online payments to be sent directly from one party to another without going through a financial institution.” It holds the distinction of being the first-ever cryptocurrency, launched in 2009. What Is Bitcoin?īitcoin is a decentralized digital currency, which operates without the oversight of banks and governments. Investors who purchased Bitcoin in the bull market of 2021 will have experienced a loss-but those who bought before late 2020 could be looking at decent gains. Today, BTC remains a highly volatile asset. Along with impressive gains, BTC has also experienced devastating declines. Some analysts believe the price of Bitcoin could rise even further as cryptocurrency and blockchain technology become a bigger part of people’s daily lives. As of June 2023, a single Bitcoin was worth more than $27,000. In May 2016, you could buy 1 BTC for about $500. Bitcoin (BTC) has seen meteoric growth in recent years. ![]()
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