*Overview*
Bitcoin (BTC) is the first and largest cryptocurrency by market capitalization. It was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. Bitcoin is a decentralized digital currency that allows for peer-to-peer transactions without the need for intermediaries like banks.
*Key Features*
1. *Decentralized*: Bitcoin operates on a decentralized network of computers that record transactions on a public ledger called the blockchain.
2. *Limited Supply*: The total supply of Bitcoin is capped at 21 million, which helps to prevent inflation.
3. *Fast and Global*: Bitcoin transactions are processed and settled in real-time, regardless of the sender's and recipient's locations.
4. *Secure*: Bitcoin transactions are secured through advanced cryptography and a network of computers that verify and record transactions.
5. *Pseudonymous*: Bitcoin transactions are pseudonymous, meaning that users can make transactions without revealing their identities.
*Technical Specifications*
1. *Block Time*: 10 minutes
2. *Block Reward*: 6.25 BTC (halved every 210,000 blocks)
3. *Total Supply*: 21,000,000 BTC
4. *Consensus Algorithm*: Proof-of-Work (PoW)
5. *Hash Function*: SHA-256
*Use Cases*
1. *Payments*: Bitcoin can be used to make fast and secure payments online and in-person.
2. *Investment*: Bitcoin is a popular investment vehicle, with many investors buying and holding it in hopes of earning returns.
3. *Remittances*: Bitcoin can be used to send money across borders without the need for intermediaries.
4. *E-commerce*: Bitcoin can be used to make purchases online, with many merchants accepting it as a form of payment.
*Current Status*
As of November 2024, Bitcoin's:
1. *Market Capitalization*: approximately $1.2 trillion USD
2. *Price*: approximately $60,000 USD per BTC
3. *Trading Volume*: approximately $20 billion USD per day