Bitcoin

Bitcoin Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Bitcoin.

What’s Bitcoin?

Bitcoin (or BTC) is the world’s most widespread and biggest decentralized digital currency or cryptocurrency. It has the largest market capitalization (at the date of writing this review USD 120 billion),  and the broadest gratitude amongst all cryptocurrencies.

BTC History & Forks

BTC launched in January 2009 through Satoshi Nakamoto and he/they mined the very first BTC. Satoshi mined the first BTC and protracted until he/she/it touched 1 million BTC. Later, Satoshi (he/she/it) disappeared, and The Bitcoin Foundation replaced him/her/it to take care of everything related to Bitcoin development.

Nowadays, more than 7+ million individuals own a BTC wallet. BTC also has numerous forks. For more information on Bitcoin forks, read a more detailed blog post here.

How Does BTC Work?

Every fiat currency means a definite amount of wealth. The issuing authority keeps the wealth. BTC changes this perception because it has no central source or any single officer. Thus, basically, it is a decentralized, peer-to-peer digital currency.

With BTC (and many other cryptocurrencies), you need to release a send command including wallet address of the receiver of the transaction. This information is obtained and approved by a “miner”. That is essentially a ledger custodian for BTC transactions made during that block. After approval from the miner, the miner deducts the similar amount of BTC from your wallet. The similar procedure goes for receiving payments with BTC.

Statistics

BTC had its ATH (All Time High) on 17 December 2017. It then reached the almost ungraspable level of USD 19,783.06 per BTC. If BTC today would increase to the same price level, it would mean a market cap of approx. USD 341 billion.

At the date of writing this review, the price is almost USD 7,000 equalling a market capitalization of approx.. USD 120 billion. Circulating supply is 17,236,025 BTC and the trading volume is around USD 4.5 billion every 24 hours. These numbers are of course also very impressive, but still not close to the December 2017-numbers.

How the value of Bitcoin has increased over the years can be illustrated by the fact that the first physical good ever purchased with Bitcoin was two Domino-pizzas. The price was 10,000 BTC. Read more about that in our blog post on the “Bitcoin Pizzas”.

What Separates BTC?

BTC has many advantages, some of which come from being the first of its kind with the greatest ledger.

Here are the top motivations to change your fiat currency into investing in virtual currency BTC.

User Privacy: Apart from if someone tells their identity public, BTC transactions are complicated to trace. They are, however, not impossible to trace. Investors looking for anonymity usually prefer Monero ahead of BTC.

No 3rd-Party Association: In BTC-transactions, there’s no middlemen or intermediaries involved. This means that The Bitcoin Foundation, for instance, has no power over the transactions performed on the Bitcoin blockchain.

No Tax on Sales: As stated above, you don’t pay tax on BTC-purchases. You can’t detect the buyer and therefore, it is practically impossible to force a sales tax on a merchandise, products or services. This is one strong argument set forth by many to why it’s good to investing in virtual currency.

Transaction Fees Are Low (compared to fiat currency transfers): BTC transactions are cheap compared to fiat currency transactions since there is no third party involved. This is different from traditional money transfers. In them, larger banks or financial institutions often collect excessive fees, particularly in intercontinental transfers. However, there are also many much cheaper cryptocurrency alternatives out there today.

Transfers Are Lightning Fast (compared to fiat currency transfers): Because BTC runs on a P-2-P protocol, the transfers are normally very fast. This creates many benefits for both consumers and venders. Transactions is just one of many use cases for BTC. However, there are also many much faster cryptocurrency alternatives in the market today.

Wallet in The Mobile

There are hundreds of wallets, but only the top bitcoin apps are the most secure. There are several to choose from but make sure to find the most reliable Bitcoin wallet that suits your needs. The best place to look for wallets is in our Cryptocurrency Wallet List.

Difficult to Hack

It’s very difficult, almost impossible, to trick or scam using BTC because of public ledger list. This is also why its beneficial for vendors. Merchants accepting Bitcoin as payment for their goods and services can easily sell without having to worry about being cheated in the process.