Bitcoin, the first ever decentralised cryptocurrency, was established on a blockchain by an unknown individual or group known as Satoshi Nakamoto in 2009. It was launched as an open-source project.

To comprehend how the Bitcoin blockchain works, consider it as a book. Each page number in this book has a validating signature for the content of that page and the previous one. This signature is derived from an SHA-256 algorithm. It is irreversible, meaning that while we can calculate the SHA-256 signature from a given content, we cannot retrieve the content from its SHA-256 signature. Returning to the book analogy, it would be apparent if a page was removed or a non-existing page was inserted. Every page is replicated amongst all chain members, rendering the Bitcoin Blockchain a distributed network.

Over 580 active contributors maintain the open-source Bitcoin project, and its code can be found on GitHub. Bitcoin was designed to enable decentralised, reliable, and low-cost financial transactions between individuals and businesses globally. Today, Bitcoin is accepted by over 100,000 merchants for payments. Approximately 2.9 and 5.8 million unique Bitcoin wallet users are actively transacting with this cryptocurrency. However, due to speculation, the price of Bitcoin is subject to significant volatility, having previously fluctuated by more than +/-20% within a single day.

To find out more, explore this coin on Dewalist Coins. Visit the relevant charts to understand Bitcoin’s performance in detail, including daily, weekly, monthly, yearly, and overall timeframes. Comprehensive historical data is also available to study past trends and movements.

Furthermore, by analysing its presence in various markets and through social media, you can gain insights into its popularity and community support. News updates could also offer a wealth of information about the coin’s current events, developer updates, and more. So, consider these resources for in-depth research and analysis to understand this coin comprehensively.

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Credits

• Featured image by starline on Freepik.