What is Bitcoin?

What Is Bitcoin?

Bitcoin (BTC) is the first decentralized cryptocurrency. Here are the key points:

• Decentralized: Bitcoin operates without central oversight. It’s not controlled by any government or institution.
• Blockchain: Transactions are verified through cryptography and recorded on a public distributed ledger called a blockchain. This ledger ensures transparency and security.
• Limited Supply: Only 21 million Bitcoins will ever exist, making it a finite digital asset. As of now, over 19.6 million Bitcoins are in circulation, which accounts for approximately 93.56% of the total supply of 21 million Bitcoin tokens. This means that approximately 1.4 million Bitcoins are yet to be mined or put into circulation.
• Value: Bitcoin’s value is determined by market demand and supply. People assign value to it, similar to how gold is valued.

How Does Bitcoin Work?

1. Blockchain: Bitcoin transactions are recorded on a blockchain—a linked chain of data blocks. Each block contains transaction details like date, value, buyer, and seller.
2. Public Ledger: Once a block is added to the blockchain, it becomes accessible to anyone. This transparency prevents fraud and ensures trust.
3. Mining: New Bitcoins are created through a process called mining. Miners use powerful computers to solve complex mathematical puzzles, securing the network and validating transactions.
4. Buying and Selling: To buy or sell Bitcoin, you can use cryptocurrency exchanges. Here are some options:
   • WazirX: A Mumbai-based exchange popular in India.
   • CoinDCX: Another Mumbai-based exchange with a strong presence.
   • Binance: A global exchange with a wide range of cryptocurrencies¹.
   • CEX.IO: Allows buying with credit/debit cards¹.
   • Coinbase: Dominant in the U.S., user-friendly, and supports multiple currencies¹.
   • Paybis: Offers fast and reliable transactions.

Bitcoin’s adoption and growth:

1. Global Adoption:
   • In 2021, global crypto ownership rates reached an average of 3.9%, with over 300 million crypto users worldwide.
   • As of now, over 41 million BTC addresses each hold at least $1 worth of Bitcoin².
2. Bitcoin’s Future:
   • Halving Event (2024): In April 2024, Bitcoin will experience its next halving, reducing mining rewards and limiting supply. Advocates see this as a critical moment for the blockchain.
   • SEC Approvals: Potential approvals of Bitcoin ETFs by the U.S. SEC could further boost adoption.

Bitcoin’s journey is dynamic, and its impact continues to evolve!

Name of standard companies that accept Bitcoins:

1. Amazon (via BitPay): You can buy goods on Amazon indirectly using Bitcoin through the Purse app. The Purse Chrome extension offers a 15% discount on Amazon products when paying with Bitcoin or Bitcoin Cash.
2. AMC Theatres: The largest U.S. movie theater chain accepts Bitcoin for purchasing movie tickets online¹.
3. AT&T: The first major U.S. mobile carrier to accept cryptocurrency payments through BitPay¹.
4. Badoo: The dating-focused social networking site allows premium feature payments in Bitcoin across more than 20 countries¹.
5. Benfica: Portuguese soccer giants Benfica accept cryptocurrency payments for match tickets and merchandise via Utrust¹.
6. Burger King: You can use Bitcoin to buy a Whopper burger at Burger King

Remember to choose an exchange that suits your needs and follow security best practices when dealing with cryptocurrencies.