The Original Peer-To-Peer Currency
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender.
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued.
“The Bitcoin protocol is not just about sending money from A to B. It has many features and opens many possibilities that the community is still exploring. Here are some of the technologies currently being researched and in some cases, turned into real products and services. The most interesting uses of Bitcoin are probably still to be discovered.”Buy & Sell
- Very slow transactions with extraordinary fees when the network is under load. The Lightning Network should help this, though.
- Not a lot of real world usage. Transaction times & Fees are restricting regular , low fee transactions
- The industry has moved on from Bitcoin. BTC is really only used as a method of entering the market. Fiat/Altcoin pairings will take away from Bitcoin even further.
• Ticker: BTC
• Total Supply: 21,000,000
• Circulating Supply: 16,953,125
• Token Use: Currency & Fees