“Its supply increases according to a predictable schedule until all 21 million bitcoins are in circulation,” explains William Szamosszegi, CEO of Bitcoin mining platform Sazmining. All transactions are recorded on this blockchain (ledger), continuously updated by volunteers, known as miners, and available for all to see on the internet.Īnother key difference between Bitcoin and conventional money is that there is a hard supply cap of 21 million coins. The blockchain upon which Bitcoin runs can be considered a distributed ledger. The blockchain (and Bitcoin) was created by a person, or group of people, under the pseudonym Satoshi Nakamoto. That’s why it’s known as decentralized currency.įor many, a big selling point for cryptocurrencies, compared with fiat counterparts, is they’re not governed or issued by central banks or authorities.Īs with most cryptocurrencies, Bitcoin is created through cryptographic computer technology called a blockchain. In contrast, Bitcoin offers a peer-to-peer form of money without an intermediary. dollar and the British pound are created by government orders as legal tender. It’s designed to exist outside the control of any central entity, such as banks or governments.įiat currencies like the U.S. What is Bitcoin?īitcoin is a virtual currency. When it comes to investing in cryptocurrency, the survey found that most retail investors are hopping onto the Bitcoin bandwagon as part of their “buy and hold” strategy. That’s up by 3 percentage points compared with the previous year. A December 2021 Grayscale Investment report found that more than a quarter of American households that were surveyed that year owned Bitcoin. Its ups and downs are as unnerving as they are enthralling.ĭespite its volatile reputation, the number of Bitcoin owners in the U.S. The original cryptocurrency, launched in 2009, is perhaps one of the most polarizing financial assets. Whether it’s a good or bad thing, there’s nothing quite like Bitcoin (BTC). The crypto coin is known for its price volatility.
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