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Bitcoin is a decentralized cryptocurrency that offers anonymous, fast, and convenient payments. Introduced in 2008, it became the stimulus for the development of new digital assets. Keep reading the new StealthEX article and find more about Bitcoin crypto.
Bitcoin price today is about $49,000.
Bitcoin History
Project WhitePaper which described protocol and a new kind of peer-to-peer payment system was developed in October 2008.
The first cryptocurrency transfer took place on January 12, 2009. In the fall of that year, the first cryptocurrency-to-fiat exchange site, New Liberty Standard, was created. At that time, 1 BTC to USD exchange rate was $0.00076392443 per coin.
In December 2010, Satoshi made the last changes in the code and disappeared. By that time, according to the calculations of developer Sergio Lerner, he had already minted about 1 million coins.
The next round of Bitcoin development is associated with numerous hard forks, including:
- Bitcoin Classic - in 2016, the fork led to the emergence of BXC. Its goal was to increase throughput by expanding the maximum block size to 2 MB. In 2021, the network is still running but supported by only one node.
- Bitcoin Cash - this hard fork on August 1, 2017, led to the emergence of a new BCH coin, which is one of the most successful updates to the protocol.
- Bitcoin Gold - on October 24, 2017, a new algorithm for mining Equihash coins was implemented. The coin is traded under the ticker BTG.
Over 3,000 protocol changes have been proposed, but the community has only approved a fraction of them.
Bitcoin Features
This cryptocurrency has the following pros:
- Bitcoin transfer fees are either small compared to other currencies or none at all.
- Transfers have no restrictions. It doesn't matter where the person making the transaction is located. All you need is the Internet.
- The reliability of the system is superior to any other system, mostly because Bitcoin cannot be counterfeited.
- No taxes are levied on Bitcoin transactions.
You can get Bitcoin in several ways:
- Purchasing on an exchange.
- Through ATMs.
How To Mine Bitcoins?
Mining is one of the most frequent ways of getting Bitcoin. The network works on the Proof-of-Work algorithm. Effective mining requires using ASICs, which decrypt and create new blocks.
Mining works according to the following algorithm:
- Buying mining equipment. Choosing an ASIC, look at the hash rate, power consumption, and price.
- Installing a wallet. This can be hardware or paper ones, and for frequent transactions, the best solution is a desktop wallet.
- Choosing a mining pool. This is a server to which many miners are connected, and its organizer receives a commission from each participant.
- Launching and controlling the equipment. Parameters depend on the specific ASIC model.
How To Use Bitcoin ATM
You can also buy Bitcoin through ATMs. Most are in the US, but there are also hundreds of machines installed in Canada, Europe, and Asia. Popular networks include Bitcoin Depot, Bitnovo, and BitVending. To find a nearby ATM, a user should visit one of the providers' websites and go to the "BTC ATM near me" or "Location" page.
The process for ATM providers differs. In most cases, you need to create a wallet where you'll receive your BTC, scan your QR code, pay a required sum, and get coins.
How Many Bitcoins Are There?
The issuance of new coins is limited. The maximum amount that can be generated is 21 million BTC. Almost 90% of the total amount of BTC has been mined.
How Many Bitcoins Are In Circulation Now?
Now there are 18.9 million coins in circulation. All coins will be mined by 2140.
Initially, mining generated 50 BTC for 1 block. Then the planned reduction of the emission fee began:
- November 28, 2012 — from 50 to 25 coins;
- July 9, 2016 — to 12.5;
- May 11, 2020 — to 6.25.
In 2031, less than 1 BTC will be mined as a reward per block. Then a gradual decrease will begin. The major source of income will be the fees paid for processing transactions.
Who Accepts Bitcoin?
The coin acts as an alternative to fiat currencies and is intended for:
- Instant P2P transactions.
- Saving money (inflation is controlled by limited issuance, which makes storing money in cryptocurrency more attractive than in fiat currency).
- Payment for goods and services.
- Remuneration of miners for maintaining the network.
In the future, if the planned protocol updates are implemented, the coins will also be needed for developers to launch and use services, smart contracts created on the project's blockchain.
Why Is Bitcoin Going Up?
Overall, Bitcoin stays the first cryptocurrency in terms of price and capitalization. Given the increasing scarcity of BTC in the market, with the growing popularity and number of participants in the market, this token has not yet exhausted all of its growth potentials and becomes even more profitable for investors.
How To Buy Bitcoins With Cash?
Most of the ways to get Bitcoins take much time or require verification. StealthEX is a non-custodial exchange, making this process faster and letting you stay anonymous because there is no need to provide much information. Select from over 400 tokens or buy BTC for fiat money.
How to buy BTC crypto? Just go to StealthEX exchange and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, ETH to BTC coin.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your coins!
You are more than welcome to visit the StealthEX exchange and see how fast and convenient it is.
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The views and opinions expressed here are solely those of the author. Every investment and trading move involves risk. You should conduct your own research when making a decision.
