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Bitcoin

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Description

What does Bitcoin do? 

As the first blockchain-based cryptocurrency, Bitcoin represents a giant step forward in our ability to use technology to change the way we store and transfer wealth. By distributing its software amongst its users rather than allowing a centralized authority to hold all the power, Bitcoin gave the world a decentralized peer to peer digital cash network.

The fact that the distributed ledger of all transactions using Bitcoin is available to all users provides a level of security and transparency that no financial institutions before Bitcoin could offer. Bitcoin also gives its users relatively anonymous transactions. The key variable that Bitcoin solved is that it provides trust in a trustless economy.

What is BTC used for?

BTC, the native cryptocurrency to the Bitcoin blockchain, can be mined or purchased on cryptocurrency exchanges. BTC is primarily intended to be a method of relatively anonymous transfer and payment between parties. As Bitcoin is the most widely adopted cryptocurrency, BTC is accepted by more merchants than any altcoin, including companies like Subway, Microsoft, and Overstock.com.

The prices of other cryptocurrencies are often tied to Bitcoin directly and not to fiat. This means that coin X can be worth .2 Bitcoin, but the USD valuation is dependent on Bitcoin’s fluctuations to USD. Often times, you will not find a USD/COIN market, but only a USD/BTC market.

Individuals have compared BTC to gold because of its fixed total supply and potential to be used as a storage of wealth.

How can BTC value appreciate?

Bitcoin has a capped supply of 21 million coins and, its value is expected to naturally rise as it gains wider adoption. Given that Bitcoin is viewed as the gold standard for cryptocurrencies, it is widely understood that the industry’s entire market cap is correlated to Bitcoin’s. Bitcoin is the first cryptocurrency that many people purchase, further showing that is it the gateway to the crypto industry.

The long-term growth potential of Bitcoin may be impacted significantly by peoples’ trust in banking systems. Since Bitcoin is the most well-known crypto, if more people lose trust in banks and seek other options, Bitcoin’s value may skyrocket.

What is the difference between Bitcoin and its competitors?

Bitcoin’s largest advantage when compared to its competitors is that it is the first and most established blockchain-based cryptocurrency. Its firm spot as the most popular cryptocurrency gives it the biggest user base.

However, mining Bitcoin consumes a high amount of energy for a relatively small number of transactions. Limited scalability is another issue, which causes transactions to be slow and expensive compared to transactions using Bitcoin’s competitors, like Litecoin and Bitcoin Cash.

Dash is a direct competitor of Bitcoin that gives its users more anonymity than Bitcoin, as well as lower fees and faster transactions.

  • Mainnet Launch: January 2009
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 17,027,250
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Description

What does Bitcoin do? 

As the first blockchain-based cryptocurrency, Bitcoin represents a giant step forward in our ability to use technology to change the way we store and transfer wealth. By distributing its software amongst its users rather than allowing a centralized authority to hold all the power, Bitcoin gave the world a decentralized peer to peer digital cash network.

The fact that the distributed ledger of all transactions using Bitcoin is available to all users provides a level of security and transparency that no financial institutions before Bitcoin could offer. Bitcoin also gives its users relatively anonymous transactions. The key variable that Bitcoin solved is that it provides trust in a trustless economy.

What is BTC used for?

BTC, the native cryptocurrency to the Bitcoin blockchain, can be mined or purchased on cryptocurrency exchanges. BTC is primarily intended to be a method of relatively anonymous transfer and payment between parties. As Bitcoin is the most widely adopted cryptocurrency, BTC is accepted by more merchants than any altcoin, including companies like Subway, Microsoft, and Overstock.com.

The prices of other cryptocurrencies are often tied to Bitcoin directly and not to fiat. This means that coin X can be worth .2 Bitcoin, but the USD valuation is dependent on Bitcoin’s fluctuations to USD. Often times, you will not find a USD/COIN market, but only a USD/BTC market.

Individuals have compared BTC to gold because of its fixed total supply and potential to be used as a storage of wealth.

How can BTC value appreciate?

Bitcoin has a capped supply of 21 million coins and, its value is expected to naturally rise as it gains wider adoption. Given that Bitcoin is viewed as the gold standard for cryptocurrencies, it is widely understood that the industry’s entire market cap is correlated to Bitcoin’s. Bitcoin is the first cryptocurrency that many people purchase, further showing that is it the gateway to the crypto industry.

The long-term growth potential of Bitcoin may be impacted significantly by peoples’ trust in banking systems. Since Bitcoin is the most well-known crypto, if more people lose trust in banks and seek other options, Bitcoin’s value may skyrocket.

What is the difference between Bitcoin and its competitors?

Bitcoin’s largest advantage when compared to its competitors is that it is the first and most established blockchain-based cryptocurrency. Its firm spot as the most popular cryptocurrency gives it the biggest user base.

However, mining Bitcoin consumes a high amount of energy for a relatively small number of transactions. Limited scalability is another issue, which causes transactions to be slow and expensive compared to transactions using Bitcoin’s competitors, like Litecoin and Bitcoin Cash.

Dash is a direct competitor of Bitcoin that gives its users more anonymity than Bitcoin, as well as lower fees and faster transactions.

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