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Satoshi Nakamoto<\/a><\/strong>, the founder of BTC, proposed the idea of Bitcoin and presented its whitepaper in an online cryptography forum.<\/p>\r\n<p>In the whitepaper, the components of the Bitcoin protocol were defined in detail, along with how they would work together to maintain security. Bitcoin was referred to as <strong>an electronic<\/strong> <strong>peer-to-peer payment system based on mathematical proof<\/strong>. Besides that, the whitepaper explained how a new sort of database (a blockchain) would be used to record and maintain the records of Bitcoin transactions.<\/p>\r\n<p>In January 2009, Satoshi Nakamoto created the very first block of the Bitcoin blockchain, this way launching the first crypto asset in the world. The block is known as the Genesis block, or Block 0. Within this block, Nakamoto left a message: <em>\"The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.\"<\/em> This was a headline taken from The London Times. Thus,<strong> Bitcoin was created immediately following the Financial Crisis of 2008.<\/strong><\/p>\r\n<p>Nakamoto posted the first version of Bitcoin on a website for developers called SourceForge. This enabled anyone to see the source code and run it.<\/p>\r\n<p>Up until 2010, Satoshi kept on writing the Bitcoin code himself. However, after that, he left it in the hands of <strong>Gavin Andersen<\/strong> and the whole open-source community. Now, there&rsquo;s a long list of contributors that deal with Bitcoin&rsquo;s source code including Marco Falke, Jonas Schnelli, and many others.<\/p>\r\n<p>Satoshi Nakamoto has been out of the picture for a pretty long time. Since nobody has ever been able to determine who Nakamoto is, the man's identity has remained a mystery. Anybody or even a group of people could be Nakamoto. Over the years, there have been many theories about who he is, but none of them have been proven.<\/p>\r\n<p>When talking about the story of the Bitcoin crypto project, it's also important to bring up May 22, 2010, known as the legendary <strong>Bitcoin Pizza Day. <\/strong>This is the day when Laszlo Hanyecz spent 10,000 Bitcoin to buy two pizzas. It was the first real-life transaction using BTC tokens.<\/p>\r\n<p>At that time, the Bitcoin price varied from $0.0008 to $0.08. However, now, given the fact that the Bitcoin price is worth thousands of dollars, these two pizzas would cost millions of dollars. These would be some pricey pizzas.<\/p>\r\n<p>Overall, as time goes on, Bitcoin is becoming more and more prevalent in our daily life. For instance, in 2021, <strong>El Salvador accepted Bitcoin as a legal tender<\/strong>, and it was the first country to do that. Apart from El Salvador, there are many other countries that plan to implement this change or have already done it. Besides, the president of El Salvador, Nayib Bukele, is planning to create a city where the sole source of electricity is the geothermal energy from volcanoes that would be used to mine BTC tokens.<\/p>\r\n<h2>How Does Bitcoin Work?<\/h2>\r\n<p>Firstly, it should be noted that the <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-sha-256/">SHA-256 algorithm is used to secure Bitcoin. <\/strong>In addition to being utilized for transaction verification, it controls address generation and management. Since Bitcoin uses double SHA-256, algorithm operations are applied twice. The algorithm's primary purpose is to protect sensitive data.<\/p>\r\n<p>Essentially, a 256-bit hexadecimal number is used to encrypt transaction data that is stored in a block. All transactional information and details related to previous blocks are contained in that number.<\/p>\r\n<p><strong>What happens with that number?<\/strong> Overall, miners (those who participate in the process of mining as validators and creators of new blocks) have a queued list of transactions they have to validate. They take one transaction and all attempt to verify it at the same time. Essentially, miners have to solve a nonce (a four-byte number) included in the block header.<\/p>\r\n<p>A miner continually hashes or generates the block header at random until it reaches a target value set by the blockchain. After that, a new block is constructed so that additional transactions can be encrypted and confirmed after the block header has been resolved.<\/p>\r\n<p>Thus, the consensus mechanism that Bitcoin employs is <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a>. It&rsquo;s a mechanism that requires miners to solve mathematical puzzles to add new blocks to the blockchain and verify various transactions as it was just described.<\/p>\r\n<p>In exchange for utilizing specialized software to solve mathematical problems, miners receive a specific amount of Bitcoin. By providing users with Bitcoin as rewards, new BTC tokens are issued. This way more people are encouraged to mine.<\/p>\r\n<p>Talking about mining rewards, there&rsquo;s also a process known as Bitcoin <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-halving/">halving. It&rsquo;s a core rule that <strong>reduces miner rewards by half every 210,000 blocks<\/strong>. Bitcoin block rewards began at 50 BTC per block. However, as of the previous halving that happened in 2020, it&rsquo;s now 6.25 BTC per block. Up until the final Bitcoin is mined in roughly 2140, the rewards will continue to decrease in this manner every four years.<\/p>\r\n<p>Lastly, note that Bitcoin employs<strong> the Lightning Network<\/strong>. Essentially, it&rsquo;s a <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-layer-2/">second-layer solution, which enables transactions to be processed more quickly among participating nodes. Besides, it&rsquo;s designed to address the problem of Bitcoin's scalability. The Lightning Network functions on top of the blockchain. Additionally, while BTC transactions are often done on-chain, the Lightning Network allows users to shift their transactions off-chain.<\/p>\r\n<h2>How to Mine Bitcoin?<\/h2>\r\n<p>There are a few ways to mine Bitcoins. One of them is to <strong>use a<\/strong> <strong>Bitcoin-compatible mining program <\/strong>on your current personal computer to join a mining pool. Groups of miners create mining pools and pool their computing power. They do that to improve their mining process and compete against the massive ASIC mining farms.<\/p>\r\n<p>However, you could also <strong>buy an application-specific integrated circuit (ASIC) miner<\/strong> if you have the money to do so. A new one typically costs roughly $20,000. Though miners also sell used ones when they improve their equipment. Just take into consideration that there will also be additional electricity and cooling costs.<\/p>\r\n<p>In any case, don't forget to check out the current BTC price. You can do that by looking at the Bitcoin price chart featured above.<\/p>\r\n<h2>The Bitcoin Supply<\/h2>\r\n<p>The total supply of Bitcoin is limited to 21 million tokens. This means that, once it reaches this amount, there will be no possibility of creating new tokens. Besides, note that no tokens have been given to the creators prior to the initial Bitcoin release to the general public.<\/p>\r\n<p><strong>All existing Bitcoin tokens were created during the process of mining <\/strong>after the release to the public. Now, there&rsquo;s a lot of competition in the process of mining Bitcoin tokens because, due to the current hash rate and the BTC price, Bitcoin mining is quite profitable. Though when Bitcoin was first released, a lot of early miners managed to collect substantial sums of BTC tokens through routine mining, given that there was little competition to do that.<\/p>\r\n<p>When it was launched, the Bitcoin price was $0. After a year, it varied from $0.0008 to $0.08. However, it didn't stop here, Bitcoin's value continued to grow every year, eventually reaching tens of thousands of dollars. Based on its market capitalization, as of writing this article, Bitcoin continues to be the top cryptocurrency. Just keep in mind that the BTC price is just as erratic as the prices of any other crypto assets. It is impacted by a wide range of variables that cause the whole cryptocurrency market to fluctuate.<\/p>\r\n<h2>How Can Bitcoin Be Upgraded?<\/h2>\r\n<p>To upgrade Bitcoin, or any other cryptocurrency, hard and soft forks are used.<\/p>\r\n<p><strong>A hard fork <\/strong>is a process when a blockchain splits into two chains. This involves <strong>significant protocol changes<\/strong> and typically produces new digital currencies. Since hard fork results in permanent modifications that are not backward-compatible, all nodes must be updated in order for the old and new network versions to work together.<\/p>\r\n<p>One of the bigger proposals to hard fork Bitcoin to expand its block size from 1 MB to 8 MB surfaced in 2017. By changing the block size, it was intended to alter the possible amount and the speed of the BTC transactions. Unfortunately, the majority of the community rejected this proposal. However, the remaining portion of the community decided to go with it, which resulted in the creation of <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-cash-bch/">Bitcoin Cash (BCH)<\/a><\/strong>.<\/p>\r\n<p>Later, BCH had a few more hard forks itself, which created additional cryptocurrencies. Besides, after the BCH hard fork that occurred in 2020, a new chain was developed called Bitcoin Cash Node (BCHN).<\/p>\r\n<p>Another way to upgrade the Bitcoin network is through a soft fork. <strong>A soft fork <\/strong>is when a blockchain is altered to add or remove functionality <strong>without significantly altering the structure of the network. <\/strong>The nodes that decide not to upgrade to new consensus rules can still access new transactions and blocks. This is what differentiates a soft fork from a hard fork &ndash; a soft fork is backward-compatible. Besides, not all miners need to approve a soft fork for it to happen, just the majority.<\/p>\r\n<p>Over the years, Bitcoin has employed a number of soft forks to update the network, fix bugs, or add functionality. This assisted in avoiding the more divisive hard fork option, which calls for forcing all miners to accept new consensus rules and runs the risk of severing the network.<\/p>\r\n<p><strong>One of the more popular soft forks of Bitcoin is Taproot<\/strong>, which was activated in November 2021 at block 709,632. The goal of the Taproot soft fork was to increase the efficiency, scalability, and privacy of crypto transactions on the Bitcoin network. Three independent <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-bitcoin-improvement-proposal-bip/">Bitcoin Improvement Proposals (BIPs)<\/a><\/strong> &ndash; BIP340, BIP341, and BIP342 &ndash; were a part of the upgrade.<\/p>\r\n<p>The Merkelized Abstract Syntax Tree (MAST) and Schnorr Signatures were the two main modifications introduced by Taproot. <strong>The<\/strong> <strong>Schnorr Signatures<\/strong> contribute to transaction authorization optimization by enhancing security and lightening the data burden. It allows users to combine multiple signatures into a single one for a single transaction. <strong>MAST<\/strong>, on the other hand, helped reduce the amount of transactional data sent by smart contracts to the blockchain. It enables the sender and recipient of a transaction to approve the transaction's settlement simultaneously.<\/p>\r\n<h2>The Environmental Footprint of Bitcoin<\/h2>\r\n<p>Many people argue that Bitcoin takes up a tremendous amount of electricity which might contribute to environmental issues. In fact, even <strong>Elon Musk decided to reject BTC tokens as a payment method for Tesla <\/strong>in 2021 because of the environmental footprint that Bitcoin has.<\/p>\r\n<p><strong>Essentially, this happens due to the consensus mechanism of Bitcoin.<\/strong> Since PoW requires miners to use computer power to solve mathematical puzzles, it usually takes a lot of electricity. In fact, it was stated in one report regarding Bitcoin energy consumption that transactions of BTC take such an amount of electricity that would be sufficient for an average American house to last six weeks.<\/p>\r\n<p>However, a lot of people also believe that the problem with Bitcoin energy consumption might be a bit exaggerated.<strong> It&rsquo;s argued that the banking industry requires twice as much energy as Bitcoin consumes.<\/strong><\/p>\r\n<p>Besides, the banking industry has a much larger carbon footprint overall. This is due to the fact that, in addition to earning money, we also need to transport it to ATMs, safeguard it with security measures, develop ways to distribute it, and so forth. All of it uses more energy and has a far larger impact on the environment. However, it&rsquo;s usually not taken into account when counting the energy consumption of banks.<\/p>\r\n<p>Thus, it&rsquo;s hard to track and trace the energy consumption of the banking industry. Though it&rsquo;s not the case with Bitcoin because you can easily track and trace all of the sources that consume energy.<\/p>\r\n<p>Currently, <strong>the majority of energy used by BTC token miners comes from renewable sources<\/strong>. However, again, not everyone is happy with this idea. Some people claim that the growing use of renewable energy by Bitcoin may reduce the quantity of renewable energy available for usage in buildings such as homes, hospitals, or factories.&nbsp;<\/p>\r\n<p>Though Bitcoin plans to build new reusable energy farms specifically for mining. This will be put into practice if the mining operations become even more extensive.<\/p>\r\n<p>Besides, there are various initiatives that aim to solve the issues of the environmental footprint of Bitcoin. <strong>The Crypto Climate Accord and the Bitcoin Mining Council<\/strong> are two examples of these initiatives. In fact, the Crypto Climate Accord suggests a strategy to end all greenhouse gas emissions by 2040. It&rsquo;s believed that such ambitious goals might be accomplished given Bitcoin's inventive potential.<\/p>","url":"https:\/\/www.bitdegree.org\/cryptocurrency-prices\/bitcoin-btc-price","crypto_currency_info":{"id":1,"crypto_currency_id":62,"description":"Bitcoin (BTC) is a cryptocurrency . Users are able to generate BTC through the process of mining. Bitcoin has a current supply of 18,993,381. The last known price of Bitcoin is 44,524.07243414 USD and is up 3.54 over the last 24 hours. It is currently trading on 9274 active market(s) with $33,600,681,547.64 traded over the last 24 hours. More information can be found at https:\/\/bitcoin.org\/.","tags":"[\"mineable\",\"pow\",\"sha-256\",\"store-of-value\",\"state-channel\",\"coinbase-ventures-portfolio\",\"three-arrows-capital-portfolio\",\"polychain-capital-portfolio\",\"binance-labs-portfolio\",\"blockchain-capital-portfolio\",\"boostvc-portfolio\",\"cms-holdings-portfolio\",\"dcg-portfolio\",\"dragonfly-capital-portfolio\",\"electric-capital-portfolio\",\"fabric-ventures-portfolio\",\"framework-ventures-portfolio\",\"galaxy-digital-portfolio\",\"huobi-capital-portfolio\",\"alameda-research-portfolio\",\"a16z-portfolio\",\"1confirmation-portfolio\",\"winklevoss-capital-portfolio\",\"usv-portfolio\",\"placeholder-ventures-portfolio\",\"pantera-capital-portfolio\",\"multicoin-capital-portfolio\",\"paradigm-portfolio\"]","platform":null,"category":"coin","cmc_logo":"https:\/\/s2.coinmarketcap.com\/static\/img\/coins\/64x64\/1.png","original_links":"{\"website\":[\"https:\\\/\\\/bitcoin.org\\\/\"],\"twitter\":[],\"message_board\":[\"https:\\\/\\\/bitcointalk.org\"],\"chat\":[],\"facebook\":[],\"explorer\":[\"https:\\\/\\\/blockchain.info\\\/\",\"https:\\\/\\\/live.blockcypher.com\\\/btc\\\/\",\"https:\\\/\\\/blockchair.com\\\/bitcoin\",\"https:\\\/\\\/explorer.viabtc.com\\\/btc\"],\"reddit\":[\"https:\\\/\\\/reddit.com\\\/r\\\/bitcoin\"],\"technical_doc\":[\"https:\\\/\\\/bitcoin.org\\\/bitcoin.pdf\"],\"source_code\":[\"https:\\\/\\\/github.com\\\/bitcoin\\\/bitcoin\"],\"announcement\":[]}","links":"{\"website\":{\"bitcoin.org\":\"https:\\\/\\\/bitcoin.org\\\/\"},\"community\":{\"bitcointalk.org\":\"https:\\\/\\\/bitcointalk.org\",\"reddit.com\":\"https:\\\/\\\/reddit.com\\\/r\\\/bitcoin\",\"twitter.com\":\"https:\\\/\\\/twitter.com\\\/bitcoin\"},\"explorer\":{\"blockchain.info\":\"https:\\\/\\\/blockchain.info\\\/\",\"live.blockcypher.com\":\"https:\\\/\\\/live.blockcypher.com\\\/btc\\\/\",\"blockchair.com\":\"https:\\\/\\\/blockchair.com\\\/bitcoin\",\"explorer.viabtc.com\":\"https:\\\/\\\/explorer.viabtc.com\\\/btc\"},\"technical_doc\":\"https:\\\/\\\/bitcoin.org\\\/bitcoin.pdf\",\"source_code\":\"https:\\\/\\\/github.com\\\/bitcoin\\\/bitcoin\"}","data":"{\"id\":1,\"name\":\"Bitcoin\",\"symbol\":\"BTC\",\"category\":\"coin\",\"description\":\"Bitcoin (BTC) is a cryptocurrency . 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Quetzal","currency_code":"GTQ","sign":"Q","logo":"\/crypto-prices\/fiat-logos\/GTQ.svg","price":"7.78"},{"name":"Honduran Lempira","currency_code":"HNL","sign":"L","logo":"\/crypto-prices\/fiat-logos\/HNL.svg","price":"24.63"},{"name":"Iraqi Dinar","currency_code":"IQD","sign":"\u0639.\u062f","logo":"\/crypto-prices\/fiat-logos\/IQD.svg","price":"1304.10"},{"name":"Iranian Rial","currency_code":"IRR","sign":"\ufdfc","logo":"\/crypto-prices\/fiat-logos\/IRR.svg","price":"41848.25"},{"name":"Jamaican Dollar","currency_code":"JMD","sign":"$","logo":"\/crypto-prices\/fiat-logos\/JMD.svg","price":"153.63"},{"name":"Jordanian Dinar","currency_code":"JOD","sign":"\u062f.\u0627","logo":"\/crypto-prices\/fiat-logos\/JOD.svg","price":"0.71"},{"name":"Kenyan Shilling","currency_code":"KES","sign":"Sh","logo":"\/crypto-prices\/fiat-logos\/KES.svg","price":"157.04"},{"name":"Kyrgystani 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Dollar","currency_code":"TTD","sign":"$","logo":"\/crypto-prices\/fiat-logos\/TTD.svg","price":"6.75"},{"name":"Ugandan Shilling","currency_code":"UGX","sign":"Sh","logo":"\/crypto-prices\/fiat-logos\/UGX.svg","price":"3790.53"},{"name":"Uruguayan Peso","currency_code":"UYU","sign":"$","logo":"\/crypto-prices\/fiat-logos\/UYU.svg","price":"39.05"},{"name":"Uzbekistan Som","currency_code":"UZS","sign":"so'm","logo":"\/crypto-prices\/fiat-logos\/UZS.svg","price":"12339.20"},{"name":"Sovereign Bolivar","currency_code":"VES","sign":"Bs.","logo":"\/crypto-prices\/fiat-logos\/VES.svg","price":"35.74"}]" buy-url="">

What is Bitcoin?

Bitcoin (BTC) is the staple of the whole crypto world. The aim of developing Bitcoin was to create a digital currency that would work in a peer-to-peer manner and would be independent of any third-party financial institutions or middlemen.

Brief Bitcoin Analysis

Based on the technical Bitcoin analysis & evaluation, the current market rank of BTC is #1, while the coin’s market cap is $894,084,295,941.

Why Do People Buy Bitcoin & Other Altcoins?

When it comes to Bitcoin, it has become a staple of the cryptocurrency industry - people do buy the coin in order to make a profit, but also because of the aspect of decentralization that it symbolizes. As far as altcoins are concerned, though, there’s a wide variety of reasons - each altcoin has some specific technology behind it that might be useful to the holder!

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How to Buy Bitcoin (BTC) Instantly in a Few Simple Steps

It only takes a few easy steps to buy Bitcoin with credit card instantly. Speed matters - get instant confirmation, minimal registration & KYC verification!

1. Click the Buy Now button

Figuring out how to buy BTC with a debit card is easy. Besides, the buying process itself is fast and risk-free. The first thing you need to do is click the “Buy Bitcoin Now” button featured below. Once you do that, you will be safely taken to the checkout page.

2. Fill in the fields

Firstly, select the cryptocurrency you want to purchase (since you’re searching for how to buy Bitcoin, select BTC). Then, select the fiat currency you’ll be paying in. Lastly, specify the amount of crypto you want to buy and fill in your Bitcoin wallet address.

3. Proceed to checkout

Go to the checkout & fill in your billing details - make sure it’s done correctly. A tip to keep in mind on how to buy Bitcoin - always double-check your info. Now, note that you can buy BTC with VISA or Mastercard. The card payment is processed with zero fraud risk.

4. Receive your Bitcoin

That’s it, these are all the things you need to know about how to buy BTC. Once you complete the steps mentioned above, you just need to wait for Bitcoin to appear in your crypto wallet. Just remember - filling in your crypto wallet address correctly is very important!

How to Buy <span class="emph">Bitcoin (BTC) Instantly</span> in a Few Simple Steps
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Join millions of crypto holders worldwide who purchased their BTC lightning fast & with no hassle!

What Are the Benefits

of Buying Bitcoin (BTC)?

Whether it’s seeking independence of your assets, exiting the governmental economy, or wanting to invest in this very promising phenomenon, purchasing Bitcoin (BTC) is taking a step into the future.

Satoshi Nakamoto<\/a><\/strong>, the founder of BTC, proposed the idea of Bitcoin and presented its whitepaper in an online cryptography forum.<\/p>\r\n<p>In the whitepaper, the components of the Bitcoin protocol were defined in detail, along with how they would work together to maintain security. Bitcoin was referred to as <strong>an electronic<\/strong> <strong>peer-to-peer payment system based on mathematical proof<\/strong>. Besides that, the whitepaper explained how a new sort of database (a blockchain) would be used to record and maintain the records of Bitcoin transactions.<\/p>\r\n<p>In January 2009, Satoshi Nakamoto created the very first block of the Bitcoin blockchain, this way launching the first crypto asset in the world. The block is known as the Genesis block, or Block 0. Within this block, Nakamoto left a message: <em>\"The Times 03\/Jan\/2009 Chancellor on brink of second bailout for banks.\"<\/em> This was a headline taken from The London Times. Thus,<strong> Bitcoin was created immediately following the Financial Crisis of 2008.<\/strong><\/p>\r\n<p>Nakamoto posted the first version of Bitcoin on a website for developers called SourceForge. This enabled anyone to see the source code and run it.<\/p>\r\n<p>Up until 2010, Satoshi kept on writing the Bitcoin code himself. However, after that, he left it in the hands of <strong>Gavin Andersen<\/strong> and the whole open-source community. Now, there&rsquo;s a long list of contributors that deal with Bitcoin&rsquo;s source code including Marco Falke, Jonas Schnelli, and many others.<\/p>\r\n<p>Satoshi Nakamoto has been out of the picture for a pretty long time. Since nobody has ever been able to determine who Nakamoto is, the man's identity has remained a mystery. Anybody or even a group of people could be Nakamoto. Over the years, there have been many theories about who he is, but none of them have been proven.<\/p>\r\n<p>When talking about the story of the Bitcoin crypto project, it's also important to bring up May 22, 2010, known as the legendary <strong>Bitcoin Pizza Day. <\/strong>This is the day when Laszlo Hanyecz spent 10,000 Bitcoin to buy two pizzas. It was the first real-life transaction using BTC tokens.<\/p>\r\n<p>At that time, the Bitcoin price varied from $0.0008 to $0.08. However, now, given the fact that the Bitcoin price is worth thousands of dollars, these two pizzas would cost millions of dollars. These would be some pricey pizzas.<\/p>\r\n<p>Overall, as time goes on, Bitcoin is becoming more and more prevalent in our daily life. For instance, in 2021, <strong>El Salvador accepted Bitcoin as a legal tender<\/strong>, and it was the first country to do that. Apart from El Salvador, there are many other countries that plan to implement this change or have already done it. Besides, the president of El Salvador, Nayib Bukele, is planning to create a city where the sole source of electricity is the geothermal energy from volcanoes that would be used to mine BTC tokens.<\/p>\r\n<h2>How Does Bitcoin Work?<\/h2>\r\n<p>Firstly, it should be noted that the <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-sha-256/">SHA-256 algorithm is used to secure Bitcoin. <\/strong>In addition to being utilized for transaction verification, it controls address generation and management. Since Bitcoin uses double SHA-256, algorithm operations are applied twice. The algorithm's primary purpose is to protect sensitive data.<\/p>\r\n<p>Essentially, a 256-bit hexadecimal number is used to encrypt transaction data that is stored in a block. All transactional information and details related to previous blocks are contained in that number.<\/p>\r\n<p><strong>What happens with that number?<\/strong> Overall, miners (those who participate in the process of mining as validators and creators of new blocks) have a queued list of transactions they have to validate. They take one transaction and all attempt to verify it at the same time. Essentially, miners have to solve a nonce (a four-byte number) included in the block header.<\/p>\r\n<p>A miner continually hashes or generates the block header at random until it reaches a target value set by the blockchain. After that, a new block is constructed so that additional transactions can be encrypted and confirmed after the block header has been resolved.<\/p>\r\n<p>Thus, the consensus mechanism that Bitcoin employs is <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-proof-of-work-pow/">Proof-of-Work (PoW)<\/strong><\/a>. It&rsquo;s a mechanism that requires miners to solve mathematical puzzles to add new blocks to the blockchain and verify various transactions as it was just described.<\/p>\r\n<p>In exchange for utilizing specialized software to solve mathematical problems, miners receive a specific amount of Bitcoin. By providing users with Bitcoin as rewards, new BTC tokens are issued. This way more people are encouraged to mine.<\/p>\r\n<p>Talking about mining rewards, there&rsquo;s also a process known as Bitcoin <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-halving/">halving. It&rsquo;s a core rule that <strong>reduces miner rewards by half every 210,000 blocks<\/strong>. Bitcoin block rewards began at 50 BTC per block. However, as of the previous halving that happened in 2020, it&rsquo;s now 6.25 BTC per block. Up until the final Bitcoin is mined in roughly 2140, the rewards will continue to decrease in this manner every four years.<\/p>\r\n<p>Lastly, note that Bitcoin employs<strong> the Lightning Network<\/strong>. Essentially, it&rsquo;s a <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-layer-2/">second-layer solution, which enables transactions to be processed more quickly among participating nodes. Besides, it&rsquo;s designed to address the problem of Bitcoin's scalability. The Lightning Network functions on top of the blockchain. Additionally, while BTC transactions are often done on-chain, the Lightning Network allows users to shift their transactions off-chain.<\/p>\r\n<h2>How to Mine Bitcoin?<\/h2>\r\n<p>There are a few ways to mine Bitcoins. One of them is to <strong>use a<\/strong> <strong>Bitcoin-compatible mining program <\/strong>on your current personal computer to join a mining pool. Groups of miners create mining pools and pool their computing power. They do that to improve their mining process and compete against the massive ASIC mining farms.<\/p>\r\n<p>However, you could also <strong>buy an application-specific integrated circuit (ASIC) miner<\/strong> if you have the money to do so. A new one typically costs roughly $20,000. Though miners also sell used ones when they improve their equipment. Just take into consideration that there will also be additional electricity and cooling costs.<\/p>\r\n<p>In any case, don't forget to check out the current BTC price. You can do that by looking at the Bitcoin price chart featured above.<\/p>\r\n<h2>The Bitcoin Supply<\/h2>\r\n<p>The total supply of Bitcoin is limited to 21 million tokens. This means that, once it reaches this amount, there will be no possibility of creating new tokens. Besides, note that no tokens have been given to the creators prior to the initial Bitcoin release to the general public.<\/p>\r\n<p><strong>All existing Bitcoin tokens were created during the process of mining <\/strong>after the release to the public. Now, there&rsquo;s a lot of competition in the process of mining Bitcoin tokens because, due to the current hash rate and the BTC price, Bitcoin mining is quite profitable. Though when Bitcoin was first released, a lot of early miners managed to collect substantial sums of BTC tokens through routine mining, given that there was little competition to do that.<\/p>\r\n<p>When it was launched, the Bitcoin price was $0. After a year, it varied from $0.0008 to $0.08. However, it didn't stop here, Bitcoin's value continued to grow every year, eventually reaching tens of thousands of dollars. Based on its market capitalization, as of writing this article, Bitcoin continues to be the top cryptocurrency. Just keep in mind that the BTC price is just as erratic as the prices of any other crypto assets. It is impacted by a wide range of variables that cause the whole cryptocurrency market to fluctuate.<\/p>\r\n<h2>How Can Bitcoin Be Upgraded?<\/h2>\r\n<p>To upgrade Bitcoin, or any other cryptocurrency, hard and soft forks are used.<\/p>\r\n<p><strong>A hard fork <\/strong>is a process when a blockchain splits into two chains. This involves <strong>significant protocol changes<\/strong> and typically produces new digital currencies. Since hard fork results in permanent modifications that are not backward-compatible, all nodes must be updated in order for the old and new network versions to work together.<\/p>\r\n<p>One of the bigger proposals to hard fork Bitcoin to expand its block size from 1 MB to 8 MB surfaced in 2017. By changing the block size, it was intended to alter the possible amount and the speed of the BTC transactions. Unfortunately, the majority of the community rejected this proposal. However, the remaining portion of the community decided to go with it, which resulted in the creation of <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-bitcoin-cash-bch/">Bitcoin Cash (BCH)<\/a><\/strong>.<\/p>\r\n<p>Later, BCH had a few more hard forks itself, which created additional cryptocurrencies. Besides, after the BCH hard fork that occurred in 2020, a new chain was developed called Bitcoin Cash Node (BCHN).<\/p>\r\n<p>Another way to upgrade the Bitcoin network is through a soft fork. <strong>A soft fork <\/strong>is when a blockchain is altered to add or remove functionality <strong>without significantly altering the structure of the network. <\/strong>The nodes that decide not to upgrade to new consensus rules can still access new transactions and blocks. This is what differentiates a soft fork from a hard fork &ndash; a soft fork is backward-compatible. Besides, not all miners need to approve a soft fork for it to happen, just the majority.<\/p>\r\n<p>Over the years, Bitcoin has employed a number of soft forks to update the network, fix bugs, or add functionality. This assisted in avoiding the more divisive hard fork option, which calls for forcing all miners to accept new consensus rules and runs the risk of severing the network.<\/p>\r\n<p><strong>One of the more popular soft forks of Bitcoin is Taproot<\/strong>, which was activated in November 2021 at block 709,632. The goal of the Taproot soft fork was to increase the efficiency, scalability, and privacy of crypto transactions on the Bitcoin network. Three independent <strong><a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//learn//crypto-terms//what-is-bitcoin-improvement-proposal-bip/">Bitcoin Improvement Proposals (BIPs)<\/a><\/strong> &ndash; BIP340, BIP341, and BIP342 &ndash; were a part of the upgrade.<\/p>\r\n<p>The Merkelized Abstract Syntax Tree (MAST) and Schnorr Signatures were the two main modifications introduced by Taproot. <strong>The<\/strong> <strong>Schnorr Signatures<\/strong> contribute to transaction authorization optimization by enhancing security and lightening the data burden. It allows users to combine multiple signatures into a single one for a single transaction. <strong>MAST<\/strong>, on the other hand, helped reduce the amount of transactional data sent by smart contracts to the blockchain. It enables the sender and recipient of a transaction to approve the transaction's settlement simultaneously.<\/p>\r\n<h2>The Environmental Footprint of Bitcoin<\/h2>\r\n<p>Many people argue that Bitcoin takes up a tremendous amount of electricity which might contribute to environmental issues. In fact, even <strong>Elon Musk decided to reject BTC tokens as a payment method for Tesla <\/strong>in 2021 because of the environmental footprint that Bitcoin has.<\/p>\r\n<p><strong>Essentially, this happens due to the consensus mechanism of Bitcoin.<\/strong> Since PoW requires miners to use computer power to solve mathematical puzzles, it usually takes a lot of electricity. In fact, it was stated in one report regarding Bitcoin energy consumption that transactions of BTC take such an amount of electricity that would be sufficient for an average American house to last six weeks.<\/p>\r\n<p>However, a lot of people also believe that the problem with Bitcoin energy consumption might be a bit exaggerated.<strong> It&rsquo;s argued that the banking industry requires twice as much energy as Bitcoin consumes.<\/strong><\/p>\r\n<p>Besides, the banking industry has a much larger carbon footprint overall. This is due to the fact that, in addition to earning money, we also need to transport it to ATMs, safeguard it with security measures, develop ways to distribute it, and so forth. All of it uses more energy and has a far larger impact on the environment. However, it&rsquo;s usually not taken into account when counting the energy consumption of banks.<\/p>\r\n<p>Thus, it&rsquo;s hard to track and trace the energy consumption of the banking industry. Though it&rsquo;s not the case with Bitcoin because you can easily track and trace all of the sources that consume energy.<\/p>\r\n<p>Currently, <strong>the majority of energy used by BTC token miners comes from renewable sources<\/strong>. However, again, not everyone is happy with this idea. Some people claim that the growing use of renewable energy by Bitcoin may reduce the quantity of renewable energy available for usage in buildings such as homes, hospitals, or factories.&nbsp;<\/p>\r\n<p>Though Bitcoin plans to build new reusable energy farms specifically for mining. This will be put into practice if the mining operations become even more extensive.<\/p>\r\n<p>Besides, there are various initiatives that aim to solve the issues of the environmental footprint of Bitcoin. <strong>The Crypto Climate Accord and the Bitcoin Mining Council<\/strong> are two examples of these initiatives. In fact, the Crypto Climate Accord suggests a strategy to end all greenhouse gas emissions by 2040. It&rsquo;s believed that such ambitious goals might be accomplished given Bitcoin's inventive potential.<\/p>","url":"https:\/\/www.bitdegree.org\/cryptocurrency-prices\/bitcoin-btc-price","crypto_currency_info":{"id":1,"crypto_currency_id":62,"description":"Bitcoin (BTC) is a cryptocurrency . Users are able to generate BTC through the process of mining. Bitcoin has a current supply of 18,993,381. The last known price of Bitcoin is 44,524.07243414 USD and is up 3.54 over the last 24 hours. It is currently trading on 9274 active market(s) with $33,600,681,547.64 traded over the last 24 hours. 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Discreet, Private Transactions

One of the main aspects that attract people to Bitcoin is the chance to participate in discrete transactions. Participating in P2P Bitcoin transactions is going to be private and quite anonymous - you will be able to retain your privacy while making certain purchases or sales online.

A Promising Investment Opportunity

Every single day, more and more people worldwide are starting to view Bitcoin as a solid investment opportunity. While the cryptocurrency market is still considered to be very volatile, if you buy Bitcoin with a credit card (or any other method), you might be able to see profits, long-term.

What Can Bitcoin & Similar Altcoins Be Used For?

The fact that you can buy BTC with a credit card instantly also means that you can start using the cryptocurrency in minutes, too. A popular use for Bitcoin would be using it as payment in certain transactions - on the flip side, you can also choose to simply hold on to your new coins and keep them as a long-term investment.

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Bitcoin

BTC
$45,629.47
2.22%
Ranking
#1
Market Cap
$894.08B
Volume
$29.65B
See all BTC stats

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Make Fast and Secure Payments

Choosing to buy Bitcoin with a credit card or a debit card is a fast and secure way to acquire some of the most popular cryptocurrency on the market. However, no matter how you choose to perform Bitcoin-related transactions, you can be sure that you’ll receive your BTC in minutes, and that, thanks to the blockchain technology, your transactions will be completely secure and private.

A Step Towards Financial Decentralization

Sure, the fact that you can buy BTC with a debit card instantly is cool and all. However, what’s even cooler is what Bitcoin stands for - financial decentralization! Possessing some of this cryptocurrency means that you’re on the right track to taking your financial situation into your own hands - no more middlemen, no banks or other financial institutions telling you what to do!

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BitDegree fear and greed index

Check the Stats of Other Trending Cryptocurrency

Quickly compare the current price statistics & graph trends of the most popular cryptos!

Ethereum
ETH
$2,275.96
4.02%
Ethereum 7 days price chart
Tether
USDT
$1.00
0.21%
Tether 7 days price chart
BNB
BNB
$300.21
3.51%
BNB 7 days price chart
Solana
SOL
$99.54
8.06%
Solana 7 days price chart
XRP
XRP
$0.5728
9.03%
XRP 7 days price chart
USD Coin
USDC
$1.00
0.14%
USD Coin 7 days price chart
See All Cryptocurrencies

Hardware Wallets - The Safest Place to Keep Your Bitcoin?

Buying BTC with a credit card, debit card or VISA is not enough - you have to find a secure place to store it & protect your Bitcoin from hackers. That’s where the most secure hardware crypto wallets come into play.

271%

That’s how much the hardware wallet market value is expected to grow comparing the years of 2019 and 2025. This increasing interest is due to the safety of hardware wallets - since the hardware wallet is a tangible, physical product, the only one who will have access to your private keys is you, meaning there is little to no chance of being hacked. So after you Buy Bitcoin (BTC) with a card, be sure to choose the most secure hardware wallet for it.

$661M

That’s the expected hardware wallet market value by the year 2025. One of the reasons why hardware wallets are popular among crypto enthusiasts is the Pin encryption, meaning that only you know your private keys. If there are multiple forced attempts to enter the Pin code incorrectly, usually the hardware wallet self-destructs. By doing so, all the private & public keys on your device are erased to protect your funds.

47%

Of the surveyed crypto holders store their cryptocurrency in hardware wallets. No matter if you choose to purchase Bitcoin (BTC) or any other cryptocurrency, the good news about hardware wallets is that you can securely store multiple cryptos at once. It’s only logical, since cryptocurrencies are completely digital, it does not take up any space in your offline wallet. Before choosing the best, take a look at the top-rated hardware wallets of 2024.

Perks of Buying Bitcoin With Fiat

Choosing to buy BTC with a credit card comes with a lot of different perks and benefits. For starters, you can expect simplicity - such transactions are super-simple, by default, and will usually only involve pressing a few buttons and entering your card & ID verification details. This, in turn, means that you can buy Bitcoin with a debit card instantly - the same applies to a credit card, too. There are no extensive waiting periods - just make the payment, wait for a few minutes, and start spending your newly-acquired BTC!

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What to Do After You Buy BTC?

The greatest thing about buying Bitcoin is that you can do all sorts of different things with it, all depending on the goals you want to achieve.

Trade it

Trade it

If you choose to buy Bitcoin with credit card, one of the more-popular things that you can do then is go and visit a crypto exchange, and trade your BTC for some other cryptocurrency. Bitcoin tends to have a lot of different trading pairs, and you should be able to exchange this coin for some of the more-popular altcoins on the market. You might actually be able to receive some pretty good deals whilst doing so, too!

Store it

Store it

If you’ve just decided - I’ll buy Bitcoin with debit card! -, and are wondering what’s the next step to take, you’ll probably want to make sure that your BTC is as safe as can be, right? Well, in order to protect your Bitcoin, you should take the time to learn about and invest in a top-notch, secure, and reliable cryptocurrency wallet. Some of the most popular of such wallets include hardware devices - they will surely keep your crypto safe!

Spend it

Spend it

One of the greatest features that Bitcoin has is that it’s the most popular cryptocurrency around. With that, you can be sure that, once you buy BTC with debit card, you will be able to spend it in a wide variety of places and online merchants. Not only can you find some great deals (depending on the price of BTC, of course), but you’ll also be able to rest assured that your transactions are private and quite anonymous!

Send it

Send it

The fact that you can buy Bitcoin with credit card instantly also means that you can send it instantly, too - no matter where the recipient is located in the world, they should receive your payment in a matter of minutes. It’s one of the main features of Bitcoin, for sure! It’s also a very popular method of sending payments to friends or relatives who live overseas - not only are the payments super-quick to arrive, but they’re also cheap to make!

Sell it

Sell it

Choosing to buy BTC with a debit card at the right point in time can bring you some significant profits - that’s already been proven time and time again. In order to actually make a profit selling the coins on an exchange, though, you’ll have to know when to sell your BTC! This does involve a lot of speculation and general crypto knowledge, however, it’s also one of the main reasons why people choose to invest in bitcoin, in the first place.

Learn it

Learn it

If you hold some Bitcoin, or have just decided to buy BTC with a credit or debit card, you would probably do well to take the time to learn about your recent purchase! The world of crypto is one that’s full of opportunities - learning about the ways of how you can use your Bitcoins to improve your quality of life can be very rewarding! So, take notes, and be sure to visit some in-depth guides and tutorials on Bitcoin and crypto, in general!

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FAQ

What is Bitcoin?

Bitcoin is the most popular cryptocurrency in the world. On top of that, it’s actually the first cryptocurrency, too - the coin that started it all! In a more practical sense, Bitcoin is a digital currency that can be used to make quick and relatively anonymous payments online. All of your trades whilst utilizing Bitcoin are going to be private - great stuff!

How does Bitcoin differ from other cryptocurrencies?

Needless to say, Bitcoin is going to be very different from most other cryptocurrencies on the market. While each cryptocurrency is unique in its purpose and functionality, most of the top coins aim to improve on some certain aspects of Bitcoin - whether it be scalability, transaction speed, or else. That said, Bitcoin still remains the most popular crypto coin on the market!

What are the main features of Bitcoin?

Without a doubt, the main feature of Bitcoin (and also one of the main reasons why people buy BTC with credit cards, and in general) is the fact that it’s an autonomous currency - once you purchase some Bitcoin, it belongs to you, and only you. On top of that, Bitcoin provides decent transaction speeds, and due to its popularity, is very liquid, too.

What can Bitcoin be used for?

The main use case for Bitcoin is actually rather simple - being a digital currency, Bitcoin's main purpose is to be used in transactions, as a currency, and as an object of value. Frankly, Bitcoin should be bought and used in order to purchase some service or product, or used as an investment tool, be it for the long term, or for day trading purposes.

Is Bitcoin worth buying?

If you’re wondering whether or not to buy Bitcoin with credit card, you should know - it’s definitely worth it! Bitcoin is as popular now as ever before, and many people around the world still choose it as their go-to investment option. If anything, the popularity and demand for this coin are only growing as time goes on!

What is the best way to buy Bitcoin?

There are multiple different ways of how you can buy BTC. However, opting to buy Bitcoin with a credit or debit card is usually seen as the best way to go about it. That’s because of the simplicity and speed of this particular method. The process is usually super-simple, and will only take you a few minutes to complete! Well, assuming that you use one of the top-rated cryptocurrency exchanges, that is.

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