Bitcoin (BTC)
Rank #1
Market snapshot
- Price
- $69,539.69
- Market cap
- $1.4T
- 24h volume
- $46.6B
- Circulating supply
- 20,071,518
- Total supply
- 20,071,518
- Max supply
- 21,000,000
What is Bitcoin?
Bitcoin is an innovative payment network and a new kind of money. It allows for peer-to-peer transactions without the need for a central authority or banks, enabling users to send and receive payments directly.
How Bitcoin works and key characteristics
Bitcoin is a cryptocurrency known for its innovative payment network and unique monetary system. It operates without a central authority, allowing users to engage directly in transactions. Bitcoin is categorized as mineable and uses a proof-of-work consensus mechanism. Bitcoin operates on a peer-to-peer network where transactions are managed collectively by the network. Users can generate BTC through the process of mining, which involves confirming transactions and adding them to the blockchain. The blockchain serves as a shared public ledger that records all confirmed transactions, allowing wallets to calculate their spendable balance and enabling the network to verify that the sender is authorized to spend the coins. Transactions are broadcast to the network and typically receive their first confirmation within about 10 to 60 minutes through mining, which is a distributed consensus system. Bitcoin is open-source; its design is public, and anyone can take part. It employs SHA-256 hashing for its operations and is categorized under mineable, proof-of-work, store-of-value, and state-channel tags. Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.
Key information
- Symbol
- BTC
- CMC rank
- #1
- Network / platforms
- N/A
- Categories
- Mineable, Proof of work, Store of value, SHA-256, State channel
- Date added
- Jul 13, 2010
Official resources
Transfer and custody notes
Verify the asset name, network, and the destination details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.
FAQ
- What is Bitcoin?
- Bitcoin is a cryptocurrency and an innovative payment network that operates without a central authority.
- How does Bitcoin work?
- Bitcoin uses a peer-to-peer network to manage transactions collectively, allowing users to generate BTC through mining and confirming transactions.
- What are the technical characteristics of Bitcoin?
- Bitcoin is open-source, and its design is public. It employs SHA-256 hashing and is categorized as mineable and proof-of-work.
- What are the risks associated with transferring Bitcoin?
- Users should verify asset and network before transferring assets, as digital asset prices can be volatile.
- How can I verify the acquisition of Bitcoin?
- Verify the asset name, network, and destination details before transferring Bitcoin.
- Where can I find official resources for Bitcoin?
- Official resources for Bitcoin can be found at [bitcoin.org](https://bitcoin.org/) and its GitHub repository.
