BTC price real-time data
As of June 14, 2024, the Bitcoin price is currently $65,867.00. In the past 24 hours, BTC's price has changed by -1.02%. Bitcoin's 24-hour trading volume is $23,893,184,619. Over the past year, BTC's price has experienced a 153.59% change. Bitcoin now ranks first in the crypto.news rankings with a market cap of $1,294,846,225,440. BTC's circulating supply is currently $19,712,096. The indicator is updated every minute to ensure real-time accuracy.
About Bitcoin
Bitcoin (BTC) is a decentralized, peer-to-peer digital currency and monetary system created in 2009 by an individual or group using the pseudonym "Satoshi Nakamoto".
It is called a cryptocurrency because it uses cryptography to secure and verify transactions and create new units.
Bitcoin can be broken down into two distinct parts. The first part is the larger concept and system (or network) that represents a decentralized digital currency, the underlying technology that supports it, the community that uses it, and the broader ecosystem that supports it.
When referring to this aspect of Bitcoin, the word is usually capitalized as the entire concept, while Infrastructure is a proper noun.
The second part of a bitcoin is a single unit of the cryptocurrency, usually indicated by a lowercase "b" to indicate the specific amount of the digital currency.
This is an important distinction that helps clarify whether people are referring to the broad concept of Bitcoin or a specific amount of the cryptocurrency itself.
Bitcoin Overview
Bitcoin is the first and best-known cryptocurrency and has served as the blueprint for thousands of other digital currencies, collectively known as altcoins. At the heart of Bitcoin is blockchain technology, a transparent and tamper-proof ledger that records every cryptocurrency transaction made across a distributed network of computers.
One of the main characteristics of Bitcoin is its scarcity. Its total supply is fixed at 21 million, and new units are produced through a process called "mining".
Bitcoin mining requires powerful computers to process large amounts of data and find valid solutions to extremely complex mathematical problems within the parameters set by the Bitcoin network. People who participate in mining are usually called miners, and if they are the first to solve the mathematical problems, they can get newly mined bitcoins and transaction fees.
BTC transactions are peer-to-peer, meaning they are conducted directly between two parties, without an intermediary. Transactions are also anonymous, as the personal information of the parties involved is never revealed. Instead, they are identified by a unique cryptographic key.
Another key feature of BTC is its high divisibility. One Bitcoin can be divided into 100 million smallest units, or Satoshis, which makes it more suitable for daily transactions than fiat currencies.
The founder of Bitcoin
The true identity of the founder of Bitcoin has always been a mystery. According to public information, in 2008, an individual or group using the pseudonym Satoshi Nakamoto published the white paper "Bitcoin: A Peer-to-Peer Electronic Cash System", introducing the concept of Bitcoin to the world.
A year later, the mysterious entity released the original version of the BTC software and even mined the first batch of Bitcoins. Satoshi Nakamoto was actively involved in the early development of Bitcoin. But in late 2010, they withdrew from the project and cut off all communication, leaving the subsequent development of Bitcoin to the community.
Over the years, efforts have been made to uncover the identity of Bitcoin's creator, with several people claiming to be Satoshi Nakamoto. Some of the prominent people who have been speculated to be Satoshi Nakamoto include Australian businessman Craig Wright, Japanese-American physicist Dorian Nakamoto, computer scientist Nick Szabo, and Hal Finney, the recipient of the first Bitcoin transaction. But as of this writing, there is no definitive evidence to prove Satoshi Nakamoto's true identity.
What makes Bitcoin unique
Bitcoin has several distinctive features that set it apart from the traditional financial system and the fiat currencies that underpin it.
Decentralization: The Bitcoin network is a massive distributed system of computers or nodes that no single authority or entity controls. Each of these nodes can independently verify BTC transactions, allowing the network to operate without intermediaries or central points of failure.
Security: Bitcoin transactions are protected using cryptographic techniques, including hash functions and digital signatures. These techniques and the decentralized nature of the network allow Bitcoin to ensure the integrity, authenticity, and non-repudiation of stored data and make it nearly impossible for bad actors to tamper with transactions.
Accessibility: The Bitcoin network transcends national boundaries, and anyone with an internet connection can send and receive Bitcoin anywhere.
Limited Supply: The Bitcoin protocol has built-in scarcity that limits the total supply of Bitcoin to 21 million Bitcoins. This scarcity coupled with the high demand for Bitcoin is one of the reasons why the cryptocurrency has grown in value over time.
Divisibility: Each Bitcoin can be divided into smaller units, called satoshis, enabling microtransactions that are not possible with fiat currencies.
Pseudonymity: Bitcoin transactions are identified by unique cryptographic keys, which means that the personal information of the parties involved is not associated with the transaction. While this system doesn’t make you completely anonymous, it provides a level of privacy and pseudonymity that may be enough to keep you away from prying eyes.
Bitcoin's circulating supply
In the cryptocurrency world, circulating supply refers to the number of coins or tokens that are publicly circulating in the market. There are currently %curculating_supply% bitcoins either held in private wallets or traded on cryptocurrency exchanges. This number exceeds more than 90% of the total supply of Bitcoin, which is expected to be fully available by 2140.
Bitcoin network security measures
Security is a critical aspect of any blockchain network, and Bitcoin has a system for ensuring the integrity of transaction data that is subject to a number of measures, including:
Blockchain technology: As mentioned earlier, Bitcoin runs on a decentralized public ledger called blockchain. This technology verifies and records transactions, with each transaction added to a new block of data linked to the previous block, forming a chain. It ensures that no one can tamper with the data on the network, as any attempt to modify a block will invalidate the entire chain.
Proof of Work: Bitcoin uses a Proof of Work (PoW) consensus mechanism to ensure the security and decentralization of its network. The process requires miners to solve complex mathematical puzzles, which involve finding a 64-digit hexadecimal number (called a hash value). Solving the puzzle adds a new block to the blockchain while verifying the transaction data within it. PoW also makes fraudulent activity on the Bitcoin network nearly impossible, as tampering with data on the blockchain requires a lot of time and extremely expensive computing power.
Encryption: The network uses advanced cryptography to create a unique digital signature for every transaction conducted on it. This ensures that only legitimate parties can authorize and sign transactions.
Mining difficulty: This is a measure of how hard it is to solve the math problem that allows miners to find new Bitcoins while maintaining a consistent block generation time. The algorithm adjusts the mining difficulty every time 2,016 new blocks are added to the Bitcoin network, which happens about every two weeks. The process is designed to prevent bad actors from manipulating the network by creating blocks faster than others.
Network consensus: On Bitcoin, a majority of participants must agree on the validity and order of transactions before they can be added to the blockchain. It ensures that all participants run a consistent and consistent copy of the Bitcoin network, making it difficult for anyone to create a tampered version and profit from it.
However, it’s worth noting that despite so many layers of security, exploitable vulnerabilities still exist, meaning Bitcoin users need to be extra careful to protect themselves from scams, phishing attacks, and malware.
Bitcoin as a Store of Value
Many Bitcoin supporters often view the cryptocurrency as a store of value due to its ability to maintain purchasing power over the long term.
Since its inception, Bitcoin has demonstrated some characteristics similar to traditional value stores such as gold, including scarcity and durability. With a global circulation of only 21 million Bitcoins, the scarcity of Bitcoin is similar to that of precious metals.
Furthermore, the decentralized nature of Bitcoin, coupled with the aforementioned security measures, makes it one of the most enduring digital assets today.
Still, Bitcoin’s status as a store of value remains a hotly debated topic in the cryptocurrency and financial communities. The biggest stain on its reputation is its price volatility, which has fluctuated between rapid gains and sharp pullbacks many times over the years.
Technical upgrades: Taproot and Lightning Network
Over the years, Bitcoin has undergone multiple upgrades to improve its scalability, privacy, efficiency, and functionality.
Two of the blockchain’s most notable upgrades are Taproot and the Lightning Network, which make it more usable for everyday transactions, accessible to more users, and enable new applications and innovations in its ecosystem.
Tap root
Launched on November 14, 2021, the Bitcoin upgrade aims to improve the privacy, scalability, and security of the network through Merklized Abstract Syntax Tree (MAST) technology, which combines multiple transactions and signatures into one, making them faster and cheaper to verify.
Taproot also introduces Schnorr signatures, a digital signature scheme that can be used to verify the authenticity and integrity of messages. This scheme is more flexible and secure than the Elliptic Curve Digital Signature Algorithm (ECDSA) previously used to authenticate Bitcoin messages.
Schnorr signatures enable key aggregation, which makes multi-signature transactions and smart contracts look like regular transactions, thereby improving Bitcoin's privacy.
Lightning Network
This second-layer payment protocol running on the Bitcoin network is designed to enable fast, low-cost off-chain transactions. It works by establishing bidirectional payment channels, allowing users to conduct multiple transactions without broadcasting them to the main blockchain, thereby reducing congestion and lowering transaction fees.
The Lightning Network was proposed by Thaddeus Dryja and Joseph Poon in 2016 and later developed by Lightning Labs, led by Elizabeth Stark. Like the main Bitcoin network, the Lightning Network is designed to be scalable, secure, and private, allowing users to conduct transactions without intermediaries or trusted third parties. The beta version of the Lightning Network was launched by Lightning Labs in March 2018.
Corporate Holders of Bitcoin
Bitcoin has become more mainstream over the past few years, and its soaring value ahead of an extended bear market in 2022 has made it a viable investment option for many institutional investors. Data from Buy Bitcoin shows that as of July 2023, the top five private corporate holders of Bitcoin include Grayscale, Mt. Gox, Block.one, MicroStrategy, and Tether Holdings.
Together, these five companies hold nearly 1.2 million bitcoins, worth about $36 billion at current prices. That’s more than 5.6% of the total bitcoin supply. Among corporate holders, Grayscale owns the most bitcoins, about 643,000, with a market cap of just over $19 billion.
According to Buy Bitcoin, bankrupt Japanese cryptocurrency exchange Mt. Gox, which lost more than 650,000 BTC in hacker attacks between 2011 and 2014, currently has 200,000 Bitcoins in its vaults, making it the second-largest BTC holder in the world.
MicroStrategy, which converted most of its funds into Bitcoin under the guidance of CEO Michael Saylor, currently holds more than 152,000 Bitcoins, worth approximately $4.6 billion. It is followed by blockchain technology provider Block.one, which reportedly holds 140,000 Bitcoins, also worth more than $4 billion.
Tether Holdings is one of the top five corporate holders of BTC, with its 53,000 BTC worth no less than $1.6 billion in the current market.
The political implications of Bitcoin
Bitcoin's potential to upend the traditional financial system and challenge the centralized control of money enjoyed by governments has made many fiscal policymakers wary of the technology.
It is not controlled by a central authority, giving people greater autonomy over their finances and has the potential to empower countries with unstable financial systems or limited banking services.
The anonymity of cryptocurrencies also makes it easier for those concerned about privacy and surveillance to conduct transactions without being spied on. However, it has also drawn the ire of governments around the world, who worry that the network could be used for money laundering, tax evasion, financing terrorism and other illegal activities.
Some analysts believe that Bitcoin’s resistance to censorship and manipulation by central authorities could lead to its ability to disrupt a country’s monetary policies, particularly those designed to raise or lower the value of fiat currencies.
The decentralized and borderless nature of Bitcoin makes it difficult for regulators to streamline its use to protect consumers and prevent criminals from using Bitcoin to move and hide illicit funds. As a result, different jurisdictions have taken different approaches to regulating the use of Bitcoin, ranging from outright bans to imposing punitive regulatory frameworks.
Current Bitcoin Price
In 2011, the early price of Bitcoin was just $1. Since then, the value of Bitcoin has risen dramatically, reaching a peak price of nearly $73,738.00 on March 14, 2024. Today's BTC price (in USD) is $65,867.00 per Bitcoin. As an investor, it is important to stay up to date with Bitcoin news and events as this can affect the price of Bitcoin.
Follow crypto.news to get the latest on all news and events related to Bitcoin.
Where to buy Bitcoin (BTC)
Buying BTC involves a few simple steps. First, choose a cryptocurrency exchange based on location, payment methods, and security measures. You can also buy Bitcoin on decentralized exchanges (DEX), which allow users to be anonymous and do not require personal information. In some countries, BTC can be purchased at Bitcoin ATMs.
If you choose to buy Bitcoin on a centralized exchange, register and verify your identity, and link your payment method, such as a bank account, debit/credit card, or PayPal account.
The order placement method varies from exchange to exchange, but generally you need to enter the amount of Bitcoin you want to buy and then confirm the purchase. Once the purchase is complete, the Bitcoin is transferred to a secure wallet.
Binance, Coinbase, and Kraken are examples of popular centralized exchanges where you can buy Bitcoin. Major decentralized exchanges include UniSwap, PancakeSwap, and Curve.
Bitcoin’s Energy Consumption
Bitcoin's energy consumption is determined by examining its hash rate, which refers to the combined processing power used to mine bitcoins and process transactions. In 2022, BTC used about 110 terawatt hours, or about 0.55% of the world's electricity production.
Bitcoin Crypto Wallet
Crypto wallets are software applications or hardware devices where you can store and manage the private keys and public addresses of your Bitcoin holdings. They allow you to send and receive Bitcoins and manage your balances and transactions.
These wallets come in three types: software, hardware, and paper.
Software wallet: This is an online application, also known as a hot wallet, that you access via your computer or mobile device, which allows you to send and receive Bitcoin and stores your private keys. Some popular Bitcoin hot wallets include CryptoWallet, Electrum, Exodus, BRD, and Atomic Wallet.
Hardware wallet: Often called a cold wallet, this small device keeps your private keys offline, making them less vulnerable to hackers and viruses that could compromise your Bitcoin. Some of the most commonly used BTC cold wallets include the Ledger Nano X (a piece of crypto hardware that connects to iOS, Android, and desktop computers) and the Trezor Model T (from the oldest crypto security company, which made the first Bitcoin wallet in 2011), as well as the Ellipal Titan (an isolated cold wallet that isolates your private keys from any internet or Bluetooth connection).
Paper wallet: This type of wallet requires your public and private keys to be printed on a physical document. It is also offline, making it more resistant to digital attacks than software wallets. However, you need to be very careful with your paper wallet to avoid the document getting damaged or falling into the wrong hands. If you are interested in using a paper wallet to store your Bitcoin, you can use Bitaddress.org, a website that allows you to generate a random BTC address and corresponding private key, which you can print or save as a PDF file.
Bitcoin Price Analysis
The price of Bitcoin is influenced by a variety of factors. As with any asset, supply and demand dynamics play a key role: when demand for Bitcoin increases while supply remains constant, prices tend to rise. Other influencing factors include market sentiment, technological advances, and regulatory developments. Major world events such as recessions can also trigger price changes as investors view digital assets such as Bitcoin as a "safe haven." Additionally, the built-in halving event (which cuts the Bitcoin mining reward in half approximately every four years) can create an expected price increase due to the upcoming reduction in the supply of new Bitcoins.
Bitcoin was launched in 2009 and saw its first major price swing in 2010, surging to $0.09. In June 2011, the BTC price peaked at $29.60 before falling to $2.05 in November.
Fast forward to 2013, Bitcoin opened at $13.28 and after wild fluctuations, it reached a high of $1,237.55 in December. By early 2015, the price of Bitcoin reached $315.21.
From 2016 to 2020, the price of Bitcoin grew steadily, surpassing $900 at the end of 2016 and soaring to an all-time high of $19,345.49 in December 2017. Although the following years were less volatile, Bitcoin took off again in 2020, largely due to the economic uncertainty caused by the COVID-19 pandemic. The price of Bitcoin started 2020 at $6,965.72 and ended the year just below $29,000.
2021 was another stellar year for Bitcoin, with prices reaching $40,000 in January and April, and over $60,000 when the cryptocurrency exchange Coinbase listed it. However, by July, the price had fallen 50% to $29,796. In November 2021, the price of Bitcoin once again reached a high of $68,789, before falling to $46,164 in December due to inflation uncertainty and the Omicron variant of COVID-19.
The first half of 2022 was not very kind to Bitcoin, with its price steadily falling to a low of $23,000 in June, the first time it has fallen below $30,000 since July 2021. Bitcoin fell below the $20,000 mark at the end of 2022 as the "crypto winter" set in.
What does the Bitcoin halving mean for BTC price?
Bitcoin halving occurs approximately every four years. This event results in a 50% reduction in the reward that Bitcoin miners receive for successfully mining a block. The rationale behind this mechanism is to maintain Bitcoin's properties as a deflationary asset. By controlling the production of new Bitcoins, it aims to avoid the long-term depreciation that a currency susceptible to inflation could experience.
Historically, the price of Bitcoin has risen as the halving event approaches as market participants predict the impending supply contraction. After the halving, if demand persists or even grows and outstrips the reduced supply, prices typically continue to rise. But it’s important to remember that the price of Bitcoin can be affected by a variety of factors, including market sentiment, regulatory changes, and world affairs.
How Bitcoin Works
As mentioned earlier, Bitcoin is based on a decentralized database called the blockchain, which is maintained and updated by a group of individuals called miners. Anyone can join the Bitcoin network and contribute to its maintenance by installing specialized software and downloading a copy of the blockchain.
Users with a Bitcoin wallet and a valid private key can initiate transactions on the Bitcoin network, which are then broadcast to all network members. Network members verify the transactions by confirming their accuracy, authenticity, and compliance with the blockchain protocol.
When transactions are verified, they are grouped into blocks and added to the network in chronological order.
To secure Bitcoin and add new transactions to the blockchain, participants compete to solve complex math problems, a process known as mining that requires a lot of computing power. The first miner to solve the problem can add a new block to the network and receive newly minted Bitcoins as a reward. This reward is cut in half every time 210,000 new blocks are added to the Bitcoin blockchain, and it takes about four years for the entire supply of Bitcoin to be finally released.
Furthermore, these miners need to reach consensus on the valid state of the Bitcoin network through majority voting, where the longest block is generally considered the valid chain, and participants work to extend it. In this way, all participants are guaranteed to run a shared and consistent version of the Bitcoin blockchain.
Bitcoin governance
Bitcoin is a distributed system that operates without a central authority. But it is managed through a combination of decentralized processes and consensus among network participants.
These participants include developers, miners, and regular users, who collectively make decisions that affect the network, including proposed upgrades or changes to its protocol. They discuss and debate the proposed changes, ultimately voting, and the proposals that receive the majority of votes are passed, adopted, and implemented. The implementation of approved proposals can be done through hard forks, which introduce backwards-compatible changes, or soft forks, which introduce incompatible changes, and can even lead to the creation of new branches of the Bitcoin ledger and new cryptocurrencies, such as Bitcoin Cash (BCH) and Bitcoin SV (BSV).
It is important to note that while Bitcoin’s management is decentralized, there are several major stakeholders, including developers, miners, exchanges, and large private holders (also known as whales), who play a key role in Bitcoin’s development and ecosystem and may have a greater influence on its growth, governance, and direction.
Bitcoin Resources
This page could cover a lot of information related to Bitcoin, but the size and complexity of the subject requires much more learning. To that end, here are some key resources for those interested in BTC:
Bitcoin White Paper: Written by an author using the pseudonym “Satoshi Nakamoto,” this document outlines the concepts and principles behind Bitcoin, providing a foundation for anyone wanting to understand the network’s design and functionality.
The official BTC website: Bitcoin.org provides a wealth of information about the oldest cryptocurrency, including beginner's guides and basic instructions.
Forums and social media communities: Online BTC forums and communities on platforms like Twitter and Reddit are great places to discuss, share knowledge, and ask questions about Bitcoin.
Online Courses and Educational Platforms: Many online platforms offer courses, tutorials, and other educational resources focused on Bitcoin, including Coursera, Udemy, and Khan Academy.
News Media and Publications: The internet is filled with news sites and publications dedicated to crypto and blockchain technology, including crypto.news, which provides valuable insights into BTC-related news, market trends, and industry developments.
Bitcoin mining process
Bitcoin mining can be likened to a digital treasure hunt, where powerful computers compete to solve complex mathematical puzzles and be rewarded in the form of Bitcoins.
These computers are called miners, and they collect and verify information, such as who has sent or received a bitcoin. The collected information is organized into blocks, which are linked to each other to form a chain, hence the term "blockchain." This process of bundling data involves grouping information into blocks and linking them together.
In order to add blocks to the existing blockchain, miners compete to solve the complex mathematical problems associated with each block of data. The first miner to successfully solve the problem is awarded the privilege of adding the block to the blockchain and is rewarded with newly minted Bitcoins.
Once a new block is included in the blockchain, it becomes an immutable part of the permanent record. This property makes it extremely challenging to modify previous transactions without consuming a lot of computing power and attracting attention.
Furthermore, the competitive nature of solving mathematical problems ensures the security of the Bitcoin network. It makes it extremely difficult to change the history within the blockchain.
As the length of the Bitcoin blockchain continues to grow and more miners join the network, the mathematical problem becomes more complex to solve. This difficulty adjustment mechanism ensures a predictable rate at which new blocks are added to the blockchain, typically about every ten minutes. The difficulty of the problem is automatically adjusted every 2,016 new blocks, typically every two weeks.
Mining Bitcoin requires a lot of resources, including specialized hardware that consumes a lot of electricity and generates a lot of heat.
Bitcoin’s Value Proposition
Decentralization, security, programmability, anonymity, limited supply, and financial independence are some of the principles that support Bitcoin’s value proposition.
It gives people more control over their financial resources, provides a level of privacy, and it crosses international borders, enabling fast, affordable transactions.
Some also see it as a way to store value, a medium of exchange, a tool for financial innovation, or even a way to protect themselves from inflation.
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