Holders Making Money at Current Price ☄
in 63% | at 6% | out 31%
Concentration by Large Holders
Holders’ Composition by Time Held
1Y+ 58% | 1-12M 34% | <1M 8%
Transactions Greater than $100K
West 59% 41% East
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BTC Price Live Data
The live Bitcoin price today is $42 241,90 USD with a 24-hour trading volume of $31 324 191 621 USD. We update our BTC to USD price in real-time. Bitcoin is down ,24% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $803 347 961 112 USD. It has a circulating supply of 19 017 800 BTC coins and a max. supply of 21 000 000 BTC coins.
If you would like to know where to buy Bitcoin at the current rate, the top cryptocurrency exchanges for trading in Bitcoin stock are currently Binance, OKX, Bybit, CoinFLEX, and FTX. You can find others listed on our crypto exchanges page.
What Is Bitcoin (BTC)?
Bitcoin is the world’s first and most popular decentralized digital currency. Bitcoin, like a regular currency, can be used to buy goods and pay for services, both in the real world and on the Internet.
One of the features of bitcoin as a digital currency is its finiteness. This implies that the number of bitcoins is limited to a specific number, namely that only 21 million coins can be created.
The peculiarity of the system’s architecture, incorporated during its creation, allows us to draw an analogy with finite resources, for example, gold. Today, there are only a quarter of bitcoin coins that can be mined.
This mechanism of functioning significantly distinguishes bitcoin from the state currency we are used to, the release of which is regulated by the state.
What is mining?
In addition to ordinary users using cryptocurrency as a means of payment or investment asset, there are other participants in the system responsible for maintaining the network.
Miners are users who use computing power to verify and secure bitcoin transactions; for their work, they receive cryptocurrency as a reward.
Why is bitcoin mined?
A user mining reward occurs when, when transferring a transaction, users voluntarily set the amount of the reward for making their record on the blockchain in order to speed up the operation.
Also, akin to gold mining, miners are rewarded for a newly created (found) block. The process of mining (mining coins) is based on the creation of new blocks and entering user transactions into them.
To create a new block, the miner will have to perform mathematical calculations that the network provides. Such calculations require significant computing power, since the task provided by the network becomes more complicated with each created block and depends on the number of users involved in its solution.
Task for finding a new block
The task that is set before the manners of bitcoin is to enumerate the parameter of the SHA256 hash function. The purpose of such an operation is to search for a certain number with a program-specified number of zeros in front of it.
The number of zeros determines the complexity of the search, making it harder or easier for miners to find new blocks depending on the network participants and the amount of transaction data.
The algorithm selects the optimal complexity of calculations in such a way that transactions within the Bitcoin network are formed into a new block every 10 minutes.
The new block sought by the miners may have several addresses, however, only the first one found is assigned to the chain, the remaining blocks are not included in the chain and the miners who find them do not receive rewards.
The reward for newly found blocks at the time the network was created was 50 bitcoins, with the increase in the chain, the reward decreased to 25 BTC, and at the moment it is 12.5 bitcoins.
It is worth noting separately that the days of “home mining” for the bitcoin network are long gone, now huge mining pools are fighting for a reward in the bitcoin network, with equipment capacities varying in petahashes.
You can view information about blocks, a list of transactions and miners processing the bitcoin blockchain on the blockchain.info website .
Today, private miners prefer to process chains of other blockchains that offer different mechanisms for finding coins or have lower requirements for computing power required for mining.
What is blockchain?
Speaking about the cryptocurrency network, you should understand the database, which contains information about all transactions carried out between all members of the crypto community for all time.
A distinctive feature of such a system is the recording of information in the form of blocks that are simultaneously with all participants in the system itself in encrypted form.
Each block of information, regardless of the volume and network, is built in the same way – it contains information about all changes in the network that occurred before its formation.
Structurally, the block has:
- unique number;
- record of own size;
- transaction counter;
- an array of many transactions.
It is clear from the blockchain principle that each new block also contains an indication of the previous one. Once a block is added to the chain, it cannot be changed.
The block size of the main Bitcoin network is 1 MB, in other networks the block size can vary significantly, for example, the block size of the Bitcoin Cash network, which appeared in August this year, is 8 MB and can change dynamically.
Types of blockchain
The Bitcoin blockchain is public, i.e. anyone can view the history of transactions, as well as participate in reaching consensus, that is, performing verification of blocks of information.
In addition to the public view of the blockchain, it can be private. In this case, the right to make entries in the blockchain chain is granted to only one company. Such systems are now widely used for internal accounting in companies.
To conduct an audit, for example, in a private blockchain, it is sometimes possible to publicly read the chain, while the write right still belongs only to the company itself.
In the case when several companies need a “closed network”, consortium blockchains are created. Such networks are controlled by a pre-selected set of nodes, and just like private blockchains, they have their own consensus parameters for verifying and writing blocks of information to the main chain, as well as network access parameters.
Information is encrypted using strong cryptography, and each subsequent block of the chain is built on the cipher of the previous one. The cryptographic methods used for encryption are used in the well-known SSL protocols, as well as in banking data networks and other financial institutions. This makes bitcoin as secure as any other means of transferring and storing funds.
Only reliable information can get into the blockchain, this happens due to the mechanism of consensus verification of blocks before they are written, so it is impossible to fake or replace the public data of the chain without a privileged (> 51%) value of the computing power of the system.
What is decentralization?
Bitcoin is completely independent. It has no geographic and economic connection to any country in the world. Unlike traditional money, bitcoins are produced and controlled by the members of the crypto community themselves.
Bitcoins are sent from one person to another, bypassing banks or other intermediaries, and this is precisely the principle of decentralization.
The transaction does not have a specific intermediary center that receives funds from one user and transfers them to another, as, for example, happens with banking and other payment systems.
Unlike the usual “state” (fiat) money, your bitcoins are controlled only by you and no one can prevent you from sending or receiving cryptocurrency.
Since the network members themselves perform the verification and processing of transactions, neither private nor official persons can block transactions conducted by users. It follows from this that cryptocurrencies are censored only by the participants of the ecosystem.
The Bitcoin network is always running at full capacity, regardless of the day of the week or time of day, allowing users to use it at any given time.
We usually divide our funds into two parts, preferring to have a small amount of cash in our pocket for regular expenses and a bank account to store the bulk of our hard-earned money. Digital currency in this regard is not much different from the usual one – you need a simple and convenient way to store an asset and an easy, affordable option for everyday use.
Although this guide will not be a complete overview of all the many ways to store bitcoin and other cryptocurrencies, we will focus on simple and reliable ways to work with digital currency for new users.
Digital currency can be stored on your smartphone, computer or other device using software called “Wallet” or in Russian – a wallet.
The wallet, in fact, is a program that allows the user to send and receive transactions, as well as view the history of transactions.
Today, there are many different wallets to choose from, each with their own pros and cons. Regardless of which wallet you choose, the best option is still to have different wallets, one for storing and one for using the currency. This way of distributing funds, following the adage of eggs and baskets, will increase the security of your funds and make the use of currency more convenient.
Bitcoin does not rely on financial institutions such as banks, instead users have complete control over their money. While it may seem like a huge responsibility, this little guide is meant to show you how easy it is to be your own banker.
The general recommendation for bitcoin wallet users is to keep a small percentage of their digital assets in a hot wallet for everyday use and keep the rest in a cold wallet.
This name specifies that your wallet will not be connected to the Internet. By staying offline, a cold wallet will be much less vulnerable to hackers.
Your cold wallet will be like a savings account in a bank. Since you will store most of your bitcoins here, it makes sense to choose the most secure method of data storage.
Creating and managing a cold wallet can seem like a daunting task, especially for people without a technical background. A very simple and secure solution for a beginner in the crypto world is provided by Coinbase Vault .
Unlike a traditional cold wallet, Vaults does not require users to create paper data, secure storage, manage private keys, create backups, and more.
Without going into the technical details of how Vault works, it is worth noting that this wallet stores your bitcoins offline in various secure locations around the world. To extract coins from the vault, you will need to go through several levels of verification and confirmation of transactions. There is a delay of 48 hours after submitting a transfer request, which means that the transaction can be canceled during this time window.
Coinbase has been independently verified by trusted community members and is used by renowned companies such as Dell, Expedia, and DISH Network.
External wallets provide convenience for making transactions with a reasonable level of security. But if you don’t want to trust your private key to vaults like Vault, you can download a desktop client like Bitcoin Core or Electrum. Since the software will reside on your own computer and not on the wallet servers, it will be even more secure. However, the downside is that your wallet will only be accessible from your computer.
Note: The third party services mentioned in this article are used as an example only.
How to accept bitcoins for payment?
Perhaps you own your own business and are interested in receiving crypto payments or want to cut costs from working with different currencies. If this is the case, then services like Coinbase and BitPay will suit you, which allow you to easily integrate the receipt of payment in bitcoins. Service in these networks will cost you less than payment systems such as PayPal.
In general, getting started using bitcoin is simple and profitable. We hope this little guide will help you get started.
It is not necessary to use third-party services such as Coinbase and BitPay to accept payments in cryptocurrency . You can use an API to receive payments, such as the one provided by Blockchain. Or you can create an API and accept payments in bitcoins without trusting third parties.
At the moment, most entrepreneurs who accept bitcoin as payment still use services like Coinbase, because it is easier to work with a ready-made solution. Coinbase partners with well-known companies such as Dell and Expedia.
Another lesser known service provider, BitPay, has a free plan that offers basic payment processing.
How it works
The BitPay service plan offers the ability to transact, instantly convert funds from BTC to USD, supports bank deposits, retail POS solutions, e-commerce integration, email support, no transaction fees, and access to all plugins, API, and out-of-the-box Appendix.
BitPay premium plans, starting at $300 per month, offer additional services such as VPN access and QuickBooks integration.
Why it works
Services such as BitPay allow small entrepreneurs to work without extra costs. In this way, the company increases its audience and popularizes the service so that large companies find an interest in working with premium tariff plans that reflect their needs.
The Coinbase service charges fees for payments and maintenance, making the level of spending and consumption commensurate. This approach allows you to maintain the loyalty of customers of various sizes and receive monetary benefits from any consumer of the service.
Unlike traditional forms of payment, Bitcoin does not have high transaction costs. In addition, transactions become simple and transparent, and also relieves international sellers of the complexity of accepting and needing to convert fiat currency.
Entrepreneurs today are losing significant money due to the costs associated with payments and currency. In contrast, Bitcoin requires almost no such costs.
BitPay will help to completely get rid of such costs, Coinbase will significantly reduce costs, naturally, the demand for such savings will be in demand and services will develop along with the popularization of cryptocurrencies.
Note: The third party services mentioned in this article are used solely as examples.
Your first wallet, akin to a wallet in your pocket, will be used for regular transactions. This type of wallet is also called a “hot wallet” because it is connected to the internet.
One of the most popular, reliable and easy to use hot wallets is blockchain.info . According to the canons of a hot wallet, access to your own funds can be easily obtained from anywhere in the world on any device on the Internet.
To start using this service just go to this page and create an account. In just a few easy steps, you will have your very own bitcoin wallet!
Pay attention to the QR code on the left and the text next to it. This is your wallet address. Each wallet has one or more addresses, each of which is a sequence of 27-34 Latin letters and numbers, for example 1EUiVgyszUVHBdLM45WvmaoqEQNaZ2oq7p.
To make transfers to other users or receive funds, it is enough to know only this address. If someone wants to send you money, then you just need to give this unique address of your wallet.
If you want to send money to someone, go to the “Send Money” tab and enter that person’s address and the amount of bitcoins you want to send.
You may have noticed something interesting. You have the choice to share your bitcoin address or not. The address does not have to be private and secure, as is the case with a bank card number.
Instead, the address works the same as a postal address. Anyone can send you a letter, but only you have a key to access the mail in your mailbox. Similarly, anyone can send bitcoins to your address, but only you have access to the coins you receive.
Let’s compare the mechanism with more familiar payment methods, for example, with a bank card. When you make a payment with a bank card, you give the merchant or payment gateway full access to your funds by passing all the data and expecting that only the authorized amount will be debited.
In the case of a bitcoin wallet, you send the final specified amount of funds, not your wallet data. In this way, bitcoin eliminates the need for an intermediary, a third party, who needs to be trusted with data. This approach makes this type of payment safer in many ways than traditional transfers.
Compare this to a credit card number or a debit card number. If you want to make a transaction, you must give the merchant full access to your funds and trust that he or she has only withdrawn the authorized amount. But with bitcoin, you are sending money, not your wallet data. As you can see, Bitcoin eliminates the need to trust third parties (although it can be convenient to trust one in some cases), and is in many ways much safer than traditional money.
Speaking of third parties, is the Blockchain service secure? The short answer is yes. Blockchain is open source and has a public transaction log, which allows anyone to see all transactions and eliminates the behind-the-scenes game.
In addition, Blockchain does not contain information about the private keys of users and is considered the most secure in the crypto community.
Note: The third party services mentioned in this article are used as an example only.
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