Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Digital Currency Prices
The price of Bitcoin (BTC) today is $7,175.55 USD, which has increased by 1.59% over the last 24 hours. The total number of Bitcoins in circulation stands at 18,536,962 BTC. The market capitalization of Bitcoin is currently $133.6 billion USD.
Bitcoin dominance, or the percentage of total cryptocurrency market capitalization that belongs to Bitcoin, is currently at 69.4%.
Bitcoin Cash (BCH) is currently trading at $430.64 USD, Litecoin (LTC) is trading at $84.63 USD, Ethereum (ETH) is trading at $137.37 USD, and Ripple (XRP) is trading at $0.322447 USD.
What is Bitcoin Mining
Bitcoin mining is the process by which new Bitcoins are created. When you make a transaction, your computer sends out a broadcast to the Bitcoin network. Bitcoin miners take these transactions and verify them. They do this by solving complex math problems. When they successfully verify a transaction, they add it to the blockchain and receive a reward in the form of a few Bitcoins. The more math problems they solve, the more Bitcoins they earn.
The current reward for each new block of verified transactions is 12.5 Bitcoins. This will be cut in half to 6.25 Bitcoins in May 2020. Bitcoin miners are rewarded with newly created Bitcoins and transaction fees.
How Can You Buy Bitcoin
Bitcoin can be bought online from exchanges such as Coinbase, Kraken, Bitstamp, and Gemini. You can also buy Bitcoin at Bitcoin ATMs around the world.
What Can You Buy With Bitcoin
Bitcoin can be used to purchase goods and services online from merchants that accept Bitcoin as payment. Bitcoin can also be used to book hotels on Expedia, shop for furniture on Overstock, and buy Xbox games. However, Bitcoin is not accepted as a form of payment by Amazon.
Bitcoin Wallets Explained
A Bitcoin wallet is a digital storage space for your Bitcoin holdings. It can take the form of a software program, an app, or a physical device. Your Bitcoin wallet enables you to receive, store, and spend your Bitcoin.
There are several types of wallets: online wallets, software wallets, hardware wallets, and paper wallets. Online wallets are stored on a server and can be accessed from any device with an internet connection. Software wallets are downloaded onto your computer or phone. Hardware wallets are physical devices that store your Bitcoin offline, keeping it out of the reach of hackers. Paper wallets are Bitcoin private keys that are printed out on paper.
The most important thing to remember about Bitcoin wallets is that the private keys must be kept safe and secure at all times. If your private keys are lost or stolen, your Bitcoin will be gone forever.
That’s why it’s important to choose a wallet that is well-protected and easy to use. The three most popular Bitcoin wallets are Coinbase, Trezor, and Ledger Nano S.