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About Bitcoin

The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin.

Bitcoin (BTC) is a decentralized cryptocurrency that was first described in a 2008 whitepaper by an individual or group of individuals using the alias Satoshi Nakamoto. Officially launched in January 2009, Bitcoin is a peer-to-peer online currency that allows transactions to happen directly between equal and independent network participants without the need for any intermediary. Bitcoin is digital money that cannot be inflated or manipulated by any individual, company, government, or central bank. Bitcoin is recognized as one of the initial cryptocurrencies to come into use and has inspired the development of thousands of competing projects. There will only ever be 21 million BTC. Bitcoin is highly divisible, with its smallest unit, i.e. 0.000 000 01 BTC, called a "satoshi" or "sat." As bitcoin's value has risen, its easy divisibility has become a key attribute.

Bitcoin's key innovation was the blockchain — a piece of software that acts like a ledger, logging every transaction ever made using Bitcoin. Unlike a bank's ledger, the Bitcoin blockchain is distributed and verified across a network of computers, meaning that no company, country, or third party is in control of it, and anyone can become part of that network. The process by which new bitcoins are entered into circulation involves solving computationally difficult puzzles to discover a new block, which is added to the blockchain. The individuals who present their solution to the puzzle first are compensated with a certain number of bitcoins. Finally, anyone, anywhere, with Internet access, can receive, send, and hold Bitcoin using the public version of their key (i.e., the version of their private key that can be freely shared in order to securely receive funds).

One of Bitcoin's advantages comes from the fact that it was one of the initial cryptocurrencies to appear on the market. It has managed to create a global community and give birth to a new industry of millions of enthusiasts who create and use Bitcoin and other cryptocurrencies in their everyday lives. Bitcoin is often referred to as digital gold due to its potential for long-term utility. It is also used as a decentralized medium of exchange, providing for ownership rights as a physical asset or as a unit of account.

Bitcoin was launched in January 2009 by an individual or group of individuals using the alias Satoshi Nakamoto. The paper introducing Bitcoin wasn't the first idea for digital money drawing on the fields of cryptography and computer science—in fact, the paper referred to earlier concepts—but it was a uniquely elegant solution to the problem of establishing trust between different online entities, where people may be hidden (like bitcoin's own creator) by pseudonyms, or physically located on the other side of the planet. The first block on the Bitcoin network, known as the genesis block, was mined by Nakamoto, but the first known Bitcoin transaction occurred on May 22, 2010, when programmer Laszlo Hanyecz traded 10,000 Bitcoins for two pizzas. This event is now known as "Bitcoin Pizza Day." Over the years, many people have contributed to improving the cryptocurrency's software by patching vulnerabilities and adding new features. The fact that Bitcoin is not controlled by a single person or organization is core to its value proposition, and Satoshi's identity has never been revealed (and likely never will be).

You can create an account on Coinbase or an increasing number of other reputable financial technology companies to buy, send, and receive Bitcoin. Bitcoin is also increasingly accessible via traditional financial portfolios; for example, in October 2021, the first Bitcoin futures-based ETF was approved, and in January 2024, the first spot Bitcoin ETFs were approved. (ETFs are a popular way for investors to gain exposure to an asset like gold or tech stocks, and now Bitcoin.)

Bitcoin is often considered to be a "store of value," the same as gold is. New bitcoins are created by "mining" (up to a maximum of 21 million coins). Bitcoin mining is the process by which thousands of computers worldwide compete to record and verify transactions on the network. These specialized computers, known as 'mining rigs,' perform the equations required to verify and record a new transaction. In the early days, a typical desktop PC was powerful enough to participate, allowing pretty much anyone curious to try their hand at mining. These days, however, the computers required are massive, specialized, and often owned by businesses or large numbers of individuals pooling their resources. As of October 2021, Cambridge University researchers estimate that U.S.-based miners maintain the highest percentage of global mining by country.

Market

Market stats

Market cap

$1.3T

Volume (24h)

$38.8B

Circulating supply

19.7M BTC

Typical hold time

85 days

Popularity

#1

All time high

$73,780.07

Market performance

Price change (1h)

-0.06%

Price change (1d)

-1.33%

Price change (1w)

+0.99%

Price change (2w)

+6.93%

Price change (1m)

+3.82%

Price change (1y)

+158.09%

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Social

Some highlights about Bitcoin on social media

997,071 unique individuals are talking about Bitcoin and it is ranked #2 in most mentions and activity from collected posts. In the last 24 hours, across all social media platforms, Bitcoin has an average sentiment score of 3.6 out of 5. Finally, Bitcoin is becoming less newsworthy, with 169 news articles published about Bitcoin. This is a 1.65% decrease in news volume compared to yesterday.

On Twitter, people are mostly bullish about Bitcoin. There were 60.24% of tweets with bullish sentiment compared to 6.31% of tweets with a bearish sentiment about Bitcoin. 33.45% of tweets were neutral about Bitcoin. These sentiments are based on 946113 tweets.

On Reddit, Bitcoin was mentioned in 8319 Reddit posts and there were 15595 comments about Bitcoin. On average, there were more upvotes compared to downvotes on Reddit posts and more upvotes compared to downvotes on Reddit comments.

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Overview

Contributors

997,071 people

Posts

852,973 posts

Dominance

2.41%

Volume rank

#2

Average Sentiment

3.6 out of 5

News Articles

169

Twitter

Reddit

Posts

8,319

Comments

15,595

Post Score

245,121

Comment Score

257,674

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Coinbase Bytes

Market Bytes: Why were crypto prices down this week?

Market Bytes: Why were crypto prices down this week?

COINBASE BYTES • MAY 05, 2024

Crypto’s 2024 rally ran into some rocky weather this week, as economic fears and growing global instability put pressure on markets of all kinds. Here are three market updates to know.
    Markets cool as inflation fears rise. As was widely expected, the Federal Reserve declined to cut interest rates at Wednesday’s meeting, holding them at two-decade highs between 5.25% and 5.5%. Lower interest rates tend to be correlated with higher prices for a wide range of assets, including crypto.
    Crypto ETFs make quiet debut in Hong Kong. In January, when bitcoin ETFs began trading on U.S. exchanges, they gave a massive boost to crypto markets, helping drive BTC to a new all-time high. On Monday, six new products holding BTC and ETH debuted in Hong Kong, but the impact was a lot less pronounced.
    U.S. ETF inflows have slowed. In recent weeks, the flow of new capital into U.S. bitcoin ETFs has slowed, putting downward pressure on crypto markets generally. According to a CoinShares report published on Monday, crypto investment products saw weekly outflows totalling $435 million, the most since March.
Market Bytes: BTC’s big new HODLer is … Wisconsin?!

Market Bytes: BTC’s big new HODLer is … Wisconsin?!

COINBASE BYTES • MAY 21, 2024

Wisconsin is now a bitcoin whale, unveiling a $160 million crypto portfolio.
    The spot BTC ETFs that began trading in January were created in part to make crypto a more viable option for big-money institutional investors like pension funds.
    According to a new SEC filing, that promise is already coming true. The State of Wisconsin Investment Board — which manages state-employee retirement funds among other assets — disclosed that as of the end of March, it held around $160 million in spot BTC ETFs (split between BlackRock’s and Grayscale’s funds).
    Those weren’t the board’s only crypto-related investments. According to the Block, “shares of other cryptocurrency firms such as Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark and MicroStrategy were also in the Board's portfolio.”

Coinbase Bytes

The week’s biggest crypto news, sent right to your inbox

Bitcoin is on the rise this week.

The price of Bitcoin has decreased by 0.06% in the last hour and decreased by 1.33% in the past 24 hours. Bitcoin’s price has also risen by 0.99% in the past week. The current price is $67,270.06 per BTC with a 24-hour trading volume of $38.82B. Currently, Bitcoin is valued at 8.82% below its all time high of $73,780.07. This all-time high was the highest price paid for Bitcoin since its launch.

The current circulating supply of Bitcoin is 19,702,862 BTC which means that Bitcoin has as total market cap of 19,702,862.

FAQ

What is the current price of Bitcoin?

We update our Bitcoin to USD currency in real-time. Get the live price of Bitcoin on Coinbase.

What is the market cap of Bitcoin?

The current market cap of Bitcoin is $1.32T. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Bitcoin?

The all-time high of Bitcoin is $73,780.07. This all-time high is highest price paid for Bitcoin since it was launched.

What is the 24 hour trading volume of Bitcoin?

Over the last 24 hours, the trading volume of Bitcoin is $38.82B.

What other assets are similar to Bitcoin?

Assets that have a similar market cap to Bitcoin include Ethereum, Tether, BNB, and many others. To see a full list, see our comparable market cap assets.

How many Bitcoin are there?

The current circulating supply of Bitcoin is 20 million.

What is the typical holding time of Bitcoin?

The median time that Coinbase customers hold Bitcoin before selling it or sending it to another account or address is 85 days.

What is the relative popularity of Bitcoin?

Bitcoin ranks 1 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Bitcoin?

Currently, 99% of Coinbase users are buying Bitcoin. In other words, 99% of Coinbase customers have increased their net position in Bitcoin over the past 24 hours through trading.

Can I buy Bitcoin on Coinbase?

Yes, Bitcoin is currently available on Coinbase’s centralized exchange. For more detailed instructions, check out our helpful how to buy Bitcoin guide.