# What Is Bitcoin? A Guide to BTC, Blockchain, Mining, and Risk $66,290 +$696.32 (+1.06%) Market Cap $1.33T MC 24h +$15.75B FDV $1.33T 24h Vol $32.81B 24h High $67,217 24h Low $65,397 Bitcoin Price PriceMarket CapVolume 1D7D30D1Y May 18May 25Jun 1Jun 8Jun 15$60,862$66,368$72,040$77,546 24H +1.06% 7D +5.09% 30D -15.16% 200D -27.40% 1Y -37.03% MC 24H +1.20% ### Historical Performance | Period | Open | High | Low | Close | Change | Volatility | | --- | --- | --- | --- | --- | --- | --- | | Today | $65,597 | $67,217 | $65,397 | $66,221 | +0.95% | 2.2% | | 7D | $63,059 | $67,217 | $60,882 | $66,301 | +5.14% | 2.2% | | 30D | $78,183 | $78,506 | $59,228 | $66,301 | -15.20% | 2.2% | | 90D | $73,893 | $82,752 | $59,228 | $66,301 | -10.27% | 2.2% | | 1Y | $105,564 | $126,080 | $59,228 | $66,301 | -37.19% | 2.2% | | All Time | $106,951 | $124,774 | $60,862 | $66,290 | -38.02% | 2.2% | ### Bitcoin Markets | # | Exchange | Pairs | Price | +2% / -2% Depth | Volume | Liquidity | | --- | --- | --- | --- | --- | --- | --- | | 1 | Binance | [BTC/USDT →](https://www.binance.com/en/trade/BTC_USDT?ref=37754157) | $66,338 | $15.67M / $27.73M | $1.19B | 0.010% | | 2 | Gate | [BTC/USDT →](https://www.gate.com/trade/BTC_USDT) | $66,326 | $7.78M / $9.95M | $899.74M | 0.010% | | 3 | OKX | [BTC/USDT →](https://www.okx.com/trade-spot/btc-usdt) | $66,343 | $10.73M / $14.11M | $641.91M | 0.010% | | 4 | Coinbase Exchange | [BTC/USD →](https://www.coinbase.com/advanced-trade/spot/BTC-USD) | $66,252 | $17.26M / $11.49M | $517.13M | 0.010% | | 5 | Kraken | [XBT/USD →](https://pro.kraken.com/app/trade/XBT-USD) | $66,314 | $16.55M / $18.79M | $170.58M | 0.010% | | 6 | Bybit | [BTC/USDT →](https://www.bybit.com/trade/spot/BTC/USDT) | $66,297 | $11.89M / $7.56M | $852.04M | 0.010% | | 7 | MEXC | [BTC/USDT →](https://www.mexc.com/exchange/BTC_USDT) | $66,340 | $2.06M / $1.38M | $801.66M | 0.010% | | 8 | Binance | [BTC/USDC →](https://www.binance.com/en/trade/BTC_USDC?ref=37754157) | $66,285 | $5.82M / $9.80M | $341.38M | 0.010% | | 9 | Bitget | [BTC/USDT →](https://www.bitget.com/spot/BTCUSDT) | $66,305 | $4.80M / $2.56M | $346.52M | 0.010% | | 10 | BingX | [BTC/USDT →](https://bingx.com/en/spot/BTCUSDT) | $66,308 | $13.89M / $16.04M | $204.90M | 0.010% | ### What Bitcoin Is Bitcoin is the first decentralized peer-to-peer digital money system and the [**no 1 cryptocurrency**](/content/coins/index.html). It was launched in 2009 by Satoshi Nakamoto. Its popularity stems from its ability to function without a central bank or administrators, as well as its scarcity due to the limited supply of 21 million coins. Bitcoin offers borderless transactions for transferring value and paying for goods online. ### Bitcoin Terminology A capitalised Bitcoin represents the entire Bitcoin Network, while lower-case bitcoin refers to a unit of currency. The universal ticker symbol is BTC. ### Why Bitcoin Was Created Bitcoin was created for monetary freedom in response to the 2008 global financial crisis. Satoshi Nakamoto's "Genesis Block" was mined on 3rd January 2009. ### How Bitcoin Works Without a Bank Bitcoin transactions are recorded on a public ledger called the blockchain, providing transparency. Wallets have public and private keys for secure transactions. ### Uses of Bitcoin Bitcoin serves various purposes including: - Investment - Cross-border payments - Online gambling ### What Is the Blockchain? Blockchain is a public ledger holding all transactions, secured by cryptographic hashes. ### What Is Bitcoin Mining? Mining is the process to validate transactions and release new bitcoins into circulation, using a significant amount of computational power. ### Bitcoin’s 21 Million Supply Cap Bitcoin is limited to 21 million coins, providing an element of scarcity. ### What Gives Bitcoin Value? Bitcoin's value is driven by its scarcity, demand, and utility, including: - Store of Value - Censorship Resistance - Speculative Interest ### Bitcoin ETFs and Mainstream Investing Spot Bitcoin ETFs offer an easier route to invest in Bitcoin, managed by institutional custodians. ### Pros and Cons of Spot ETF **Pros**: - No digital wallet management - Regulated oversight **Cons**: - Cannot spend ETF shares directly - Limited trading hours ### How to Buy and Store Bitcoin Users can opt for exchanges, hot wallets, or hardware wallets for secure storage. ### Is Bitcoin Anonymous? Bitcoin offers pseudonymity; all transactions are traceable. ### Main Risks of Bitcoin Bitcoin presents risks including volatility, key loss, market manipulation, and environmental impact. ### Bitcoin vs Traditional Money Bitcoin is a decentralized currency compared to fiat money controlled by central banks. ### Bitcoin vs Ethereum Bitcoin is primarily a digital currency while Ethereum is known for its smart contract capabilities. ### The Environmental Debate Mining has significant energy consumption, but shifts towards renewable energy sources are ongoing. ### Should Beginners Invest in Bitcoin? Factors to consider include risk tolerance, time horizon, and security measures for investments. ### Common Bitcoin Myths - Whole Coin Myth - Anonymity Myth - No Fees Myth - Reversibility Myth ### Conclusion Bitcoin remains a significant but volatile asset, evolving as a technology in the global financial landscape. ### Bitcoin FAQs - **Is Bitcoin legal?** Mostly yes, with some exceptions. - **How long do Bitcoin transactions take?** Average of 10 minutes to an hour. - **Can Bitcoin be converted into cash?** Yes, it can be sold for fiat currency.