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Bitcoin abbr.

BTC is the oldest cryptocurrency in the world. It was created in by a person or a group of people, hiding under the codename Satoshi Nakamoto. The coin differs from other currencies you know so far, such as Polish Zloty or American Dollar - it does not exist in a physical form. Bitcoin, as all the other cryptocurrencies, is placed on a so called blockchain. In other words, it is located in a decentralized, scattered net. It means that it cannot be managed by a single unit or institution. The control over this virtual coin is spread owned all the users of the net. Now you know what a Bitcoin is, or at least have a general idea of it.

But I bet you wonder - why was it created? Why would anyone need a virtual currency, that does not exist in a physical form and, in addition, is placed on an unfamiliar formation called the blockchain. Well, according to the creator of Bitcoin himself — Satoshi Nakamoto, cryptocurrency was supposed to be an alternative to fiat money. As you probably know, traditional currency is influenced by inflation is loses value over time for example due to incompetent government of a given country.

Bitcoin in Various Currencies

First of all, its supply has been decided in advance, which means there cannot be more that the 21 million coins. Second of all, because it is placed on a blockchain none of the national institutions or bank can take control over it. Destruction or elimination of Bitcoin is virtually impossible, because it is spread over thousands of servers around the world.

Unlimited supply, central banks can print more indefinitely, according to current economic needs of a given country. Although Satoshi Nakamoto himself wanted Bitcoin to be used for immediate transactions, with no constraints regarding time or country, today this cryptocurrency can be used in three different ways. For some people it is just a virtual money, that can be easily and quickly transferred from one end of the world to the other, at any time of day or night.

Others see Bitcoin as a speculative asset, which can bring a big return on investment. There are also those who treat the cryptocurrency as a safe way to store their savings. Used to deal. Single transaction takes 8 minutes on average. There are no time constraints.


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To transfer BTC to someone else you do not need to use any bank or other financial institution services. The quantity of BTC you own is assigned to the public address of your cryptocurrency wallet, in this case Bitcoin address.

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The bitcoin address is nothing but a public key, for each transaction in BTC it is possible to generate a different public key, so each transaction may have a different Bitcoin address. To make a transaction you do not need to provide any personal data, such as your name and surname. The only data visible on a blockchain will be the public address of your and the recipient wallets, quantity of the transferred BTC and time stamp; nothing more.


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While banks account transactions only on given weekdays and hours, Bitcoin net does not have such limitations. Everything happens automatically, without third parties involvement. Some people treat BTC is a speculative asset, because of its fluctuate exchange rate. Those, who invested in Bitcoin when it was worth only a few dollars are billionaires these days. However, we must remember that the value of BTC does not only rise, it also decreases. The exchange rates of the all the cryptocurrencies are extremely unstable. Bitcoin investors can be divided into two groups: holders — those, who purchase the cryptocurrency and then keep it in the wallets for years hoping for a big return, and traders — market players, who only hold on to BTC for short period of time, buy it when the exchange rate decreases and sell when it rises.

This way they earn on exchange rate fluctuations. When traditional financial systems collapse, people look for alternatives to protect their funds. In such cases, they often turn to Bitcoin, not to use it for transactions or to hope for a return on their investment, but to protect their money from the influence of situation in their country. Forever fluctuating cryptocurrency becomes more valuable to them, than the collapsing fiat money.

Those intriguing questions baffle the cryptocurrency society since the time the Bitcoin was created. Was it indeed just one person? Or perhaps a group of people? I suppose we will never find that out. Well, cryptocurrency is a kind of a treat to existing financial system. Governments are hostile towards Bitcoin, simply because they cannot control it. They do not enjoy this lack of power at all, so if the creator of BTC was not hiding behind a codename, he would probably be in danger himself.

Lot of people also call it the Satoshi Nakamoto Manifesto.

Bitcoin USD

The document thoroughly explains BTC functions and full technical potential of its net. However, none of them was able to present evidence sufficient enough, to prove their words. Everyone in the world of cryptocurrency knows this man as a self-styled Satoshi Nakamoto. He claims to be the father of Bitcoin. However, when called upon to present a prove of his words, he was not able to produce any. Of course, he explained, that he cannot do it, as it would demolish all the past years, when he remained anonymous. Nevertheless, lots of people judged that this means Wright is not who he says he is.

The case of Dorian Nakamoto is the exact opposite. In an American Newsweek journalist conducted a questionable investigation, that led her to Dorian Nakamoto. Dorian was stripped of his privacy, even though he claimed from the very beginning, that he has nothing to do with Bitcoin. Mid a marketing company called Satoshi Nakamoto accounted, that after years of quite the BTC creator decided to break the silence.


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    5. The statement was considered to be very unusual, the real Nakamoto would announce the news himself on a cryptocurrency chat or forum like bitcointalk, rather than using the middleman. The community perceived this whole thing as just a marketing trick and a desire to get recognized. During one of his conferences, held in India, he introduced himself as Satoshi Nakamoto.

    Of course, this declaration was met with a great criticism of the cryptocurrency community.

    Bitcoin's Price History

    He was very quickly announced an imposter. As you probably suppose, BTC does not just appear out of the blue. It is extracted with a use of a special equipment, called the cryptocurrency excavator. The process is called Bitcoin mining and the people engaged in it are Bitcoin miners. People outside of the cryptocurrency world most likely have a totally incorrect idea, of what a cryptocurrency mine is. Why is that? Because, in fact, any space, where the excavation equipment is solving complicated mathematical equations can be called a mine.

    The idea image of a Bitcoin miner as a person with a pick in his hands can be put aside then. How does the actual BTC mining process runs and how do the cryptocurrency excavators look like? The miners are being awarded with the Proof of Work PoW. This proof is the Bitcoin. However, to perform this work, miners need equipment with a great computing power. Each piece of equipment has equal chances of digging up BTC. But does it mean that mining for Bitcoin is easy?

    No at all. In time the difficulty was increasing, at first a simple computer might have been used as an excavator, now a sophisticated equipment is needed. The bigger the computing power of the machine the bigger changes of getting to BTC. At first, simple CPU processors were used to mine for Bitcoin. The miner would share the computing power of his machine in exchange for BTC.

    But at that time, no one knew that one day, the cryptocurrency will be so valuable. And so, for a few years since Bitcoin creation it was possible to mine for it, with a use of a laptop or a desktop. They were just not able to perform so many calculations at the same time. That is why graphics cards GPUs took their place They could operate on multiple algorithms, but because of less efficiency and higher electricity consumption they soon became unprofitable. And then ASIC integrated circuit was introduced.

    Exchange rate Bitcoin on the largest Cryptocurrency Exchanges:

    Unlikely the GPUs, which were pretty much used just for computer games and video rendering, ASICs were designed to perform specific actions, in this case mining for Bitcoin. Mathematical equations, that the cryptocurrency excavators must solve, are automatically generated by the Bitcoin net. The more miners join the net and start to compete with each other, the harder the puzzle gets. It takes a long time and a lot of energy to solve it.

    It takes place every four years, more precisely each mined chains. Adapting the difficulty of BTC mining allows for stabilize its emission on a given level. Lately, there's been a lot of talk about Bitcoin halving. What does it actually mean and what is its impact on the cryptocurrency community? It is important to realize, that the halving is not a new thing, it occurs every 4 years since Bitcoin creation.