{"id":2049,"date":"2021-02-21T16:25:56","date_gmt":"2021-02-21T15:25:56","guid":{"rendered":"https:\/\/walloftraders.com\/blog\/?p=2025"},"modified":"2023-07-05T00:49:42","modified_gmt":"2023-07-04T23:49:42","slug":"what-is-bitcoin","status":"publish","type":"post","link":"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/","title":{"rendered":"What is Bitcoin (BTC)? Blockchain, Security, Money"},"content":{"rendered":"\n<p class=\"has-very-dark-black-color has-text-color\"><strong>Bitcoin<\/strong> is a <strong><a href=\"https:\/\/walloftraders.com\/blog\/en\/our-top-5-crypto-of-2023\/\">digital currency<\/a>,<\/strong> it is also a type of <strong>cryptocurrency<\/strong>. To understand what it is, we have to come back to October 31, 2008. Indeed on that date, an unknown person or group by the name of <strong>Satoshi Nakamoto<\/strong> published <a href=\"https:\/\/bitcoin.org\/bitcoin.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">a 9-page White Paper<\/a>. Commonly noted BTC, it began to be used in 2009. How it started is still a mystery because who started it and how it started is still unexplained.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Bitcoin is a form of online and computerized payment that offers lower transaction fees compared to other forms of payment like direct bank wire, card and cash payment. It allows for transaction of large amounts of money that is condensed when used in form of Bitcoin.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/rastudio\/rastudio1709\/rastudio170900375.jpg\" alt=\"What is Bitcoin? the Token\" width=\"218\" height=\"216\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">There is no central authority operating this cryptocurrency. It is not a legal tender but all transactions in Bitcoin are verified by a computer system. Like forex, no bank backs Bitcoin, neither are governments nor individuals. No one has control over his value but it\u2019s all in its buying and selling.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The Bitcoin algorithm predicts that they will all be mined in 2040 to reach 21 million Bitoin. In 2021, nearly 19 million BTC have already been mined.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">To trade Bitcoin, we recommend that you use the <a href=\"http:\/\/walloftraders.com\" target=\"_blank\" rel=\"noreferrer noopener\">100% free Wall Of Traders Smart Trading and Copy Trading platform.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#What_is_Bitcoin_The_Blockchain\" >What is Bitcoin: The Blockchain<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#What_is_Bitcoin_Storage\" >What is Bitcoin: Storage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#What_is_Bitcoin_Transactions_are_irreversible\" >What is Bitcoin: Transactions are irreversible<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#What_is_Bitcoin_Security\" >What is Bitcoin: Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#Make_money_with_Bitcoin\" >Make money with Bitcoin<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"what-is-bitcoin-the-blockchain\"><span class=\"ez-toc-section\" id=\"What_is_Bitcoin_The_Blockchain\"><\/span>What is Bitcoin: The Blockchain<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">It uses a <strong>decentralized ledger system<\/strong> called a <strong>blockchain<\/strong>. This is how it is created, exchanged and distributed. The Bitcoin network is based on the blockchain. Blockchain is a shared public network. Any transaction has to be confirmed and included in the blockchain to ensure that the spendable balance is calculated before verifying new transactions. This system is a collection of computers also referred to as <strong>&#8220;nodes<\/strong>&#8221; or <strong>&#8220;miners<\/strong>&#8220;.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The Bitcoin blockchain system is <strong>secure<\/strong>, therefore no one can cheat the system as all <strong>transactions <\/strong>are transparent on all computers running the blockchain, meaning that every transaction can be seen by anyone, even by those who are not in the blockchain.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/karetniy\/karetniy1904\/karetniy190400045.jpg\" alt=\"What is Bitcoin? It is based on the Blockchain.\" width=\"563\" height=\"282\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">The Bitcoin transaction is essentially <strong>the transfer of value<\/strong> from one Bitcoin wallet to another. It uses what is called a <strong>Peer-To-Peer<\/strong> exchange like <a href=\"https:\/\/walloftraders.com\/blog\/en\/bitstamp-tomorrows-exchange\/\"><strong>Bitstamp<\/strong><\/a><strong> or <a href=\"https:\/\/walloftraders.com\/blog\/en\/huobi-review\/\">Huobi<\/a>.<\/strong> It is an exchange or sharing of information, data or assets between the parties without the involvement of a central authority. Bitcoin transactions are digitally signed with <strong>cryptography<\/strong>, and as mentioned earlier, all of these messages go through a verification process and can be seen across the entire blockchain. The transaction uses a private key that signs transactions and prevents transactions from being changed.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-bitcoin-storage\"><span class=\"ez-toc-section\" id=\"What_is_Bitcoin_Storage\"><\/span>What is Bitcoin: Storage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Bitcoin is stored in <strong>tokens<\/strong>, and unlike <strong>private keys<\/strong> which are intended for <strong>signatures<\/strong>, it uses <strong>public keys<\/strong> equivalent to the traditional bank account number. This is where we can make transactions. The private key is secret and can only be used to authorize the transmission of BTC. All of this should not be confused with <strong>the Bitcoin wallet<\/strong>. This is a software in which BTC are stored. But storage may not be very applicable because wallets make it easy to send and receive BTC.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Since Bitcoin is <strong>decentralized<\/strong>, participants or minors are solely responsible for processing <strong>transactions <\/strong>on the <strong>blockchain<\/strong>. The miners in return get rewards by paying <strong>transaction fees paid <\/strong>in the form of BTC. This makes miners the decentralized authority that guarantees the credibility of the Bitcoin network.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-bitcoin-transactions-are-irreversible\"><span class=\"ez-toc-section\" id=\"What_is_Bitcoin_Transactions_are_irreversible\"><\/span>What is Bitcoin: Transactions are irreversible<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">It should be noted that Bitcoin transactions are<strong> irreversible<\/strong>. Once the order has been issued and entered the system, there is no going back. Therefore, anyone using a Bitcoin wallet is advised to make payments to someone they know and trust the person or organization they are sending BTC to. The BTC can only be refunded by the recipient, which is why it is very important to know who is receiving it. Unconfirmed transactions are not secure. <strong>A confirmation score<\/strong> is assigned based on the fees they attract. If a transaction incurs minimal fees, confirmation may take longer.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-bitcoin-security\"><span class=\"ez-toc-section\" id=\"What_is_Bitcoin_Security\"><\/span>What is Bitcoin: Security<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Security is paramount for everything, especially when assets are involved, and Bitcoin can be said to have mastered this art. It offers <strong>great security<\/strong>, but it all depends on how a person uses it. If used correctly it may be the best, but if someone isn&#8217;t concerned with procedures for high security, they end up being vulnerable to attack.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/alexandersikov\/alexandersikov1901\/alexandersikov190100034.jpg\" alt=\"What is Bitcoin: Securing your wallet\" width=\"564\" height=\"311\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">One of the best ways to secure a Bitcoin wallet is <strong>to be careful with online services<\/strong>, as exchanging wallets can lead to a breach. For better security, use <strong>two-factor authentication<\/strong>. Anyone with a Bitcoin wallet should have a <strong>backup<\/strong>, this avoids losing their wallet when their mobile or computer is stolen. <strong>Encrypting <\/strong>your wallet is important. This will require anyone trying to withdraw funds to have a password.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>Volatility <\/strong>is the fact that the price of Bitcoin changes quickly and unpredictably. Its price can change either increasing or decreasing and over a short period. This volatility comes in particular from the fact that Bitcoin is relatively recent. In 2011, the price of Bitcoin went from $ 1 to $ 32 in 3 months. Bitcoin also skyrocketed its price in 2020 when it hit $ 28,000 and then hit $ 57,000 in early 2021. Bitcoin is still viewed as a high risk asset and investing what you cannot afford to lose is not recommended.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"make-money-with-bitcoin\"><span class=\"ez-toc-section\" id=\"Make_money_with_Bitcoin\"><\/span>Make money with Bitcoin<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Can People <strong>Make Money <\/strong>Trading Bitcoin? Yes. Anyone can make money by trading BTC. <strong>Mining <\/strong>is an obvious way to make a profit. This is a process in which one completes &#8220;blocks&#8221; of verified transactions that are added to the blockchain and in doing so are rewarded with Bitcoin. Mining is an <strong>expensive <\/strong>and <strong>time-consuming<\/strong> process. The miners have devised a strategy in which they combine their forces in mining and share what they get from the mining process.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">You can also make money with Bitcoin by buying and holding it in the hope that its value increases and that you sell it for a higher price. The term used for this i<strong>s HO<\/strong>DL which started off as a typo (instead of HOLD). It ended up being a full time trading strategy which means Hold On for Dear Life.<\/p>\n\n\n\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/images.assetsdelivery.com\/compings_v2\/kantver\/kantver1905\/kantver190500064.jpg\" alt=\"What is Bitcoin? Trading Bitcoin\" width=\"522\" height=\"229\"\/><\/figure><\/div>\n\n\n<p class=\"has-very-dark-black-color has-text-color\">Like any currency tradable on the forex, Bitcoin can also save money when traded. <strong>Buy low, sell high<\/strong> or vice versa. This is not an easy process as it takes time and practice before you can fully start making a profit. Some of the strategies that can be used to trade Bitcoin are <strong>the breakout strategy<\/strong>, news tracking with <strong>fundamental analysis<\/strong>, and the use of <strong>technical analysis<\/strong>.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">When you run a business, you can choose to have <strong>a BTC wallet<\/strong> and receive payment through it. With it you get Bitcoins at current value and increase your international reach, it is a very secure payment method. If someone is lucky enough, they can withdraw the funds later when their value is greater than what they received.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">We hope you can now see more clearly about Bitcoin. Do not hesitate to reread this complex article.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>Share it with others<\/strong> and support us by sharing it on the social network of your choice and sending it to your contacts who might be interested.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><strong>Write a comment <\/strong>to share your experience, we will answer all your questions.<\/p>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\">To learn more about the main cryptocurrencies, you can read our other articles: <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-ethereum-smart-contracts-decentralized-applications\/\">Ethereum<\/a>, <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-binance-coin-bnb\/\">Binance Coin<\/a>, <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-polkadot-dot-a-web-for-all-blockchains\/\">Polkadot<\/a>, <a href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-cardano-ada-open-source-blockchain\/\">Cardano<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p class=\"has-very-dark-black-color has-text-color\"><em>This article is not investment advice. Do your own research before investing in the cryptocurrency market.<\/em><\/p>\n\n\n\n<div class=\"swp_social_panel swp_horizontal_panel swp_flat_fresh  swp_default_full_color swp_individual_full_color swp_other_full_color scale-100  scale-\" data-min-width=\"1100\" data-float-color=\"#ffffff\" data-float=\"none\" data-float-mobile=\"none\" data-transition=\"slide\" data-post-id=\"2049\" ><div class=\"nc_tweetContainer swp_share_button swp_twitter\" data-network=\"twitter\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intent\/tweet?text=What+is+Bitcoin+%28BTC%29%3F+Blockchain%2C+Security%2C+Money&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F&via=WallOfTraders\" data-link=\"https:\/\/twitter.com\/intent\/tweet?text=What+is+Bitcoin+%28BTC%29%3F+Blockchain%2C+Security%2C+Money&url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F&via=WallOfTraders\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_twitter_icon\"><\/i><span class=\"swp_share\">Tweet<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_facebook\" data-network=\"facebook\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F\" data-link=\"https:\/\/www.facebook.com\/share.php?u=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_facebook_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_linkedin\" data-network=\"linkedin\"><a class=\"nc_tweet swp_share_link\" rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F\" data-link=\"https:\/\/www.linkedin.com\/cws\/share?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F\"><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_linkedin_icon\"><\/i><span class=\"swp_share\">Share<\/span><\/span><\/span><\/span><\/a><\/div><div class=\"nc_tweetContainer swp_share_button swp_pinterest\" data-network=\"pinterest\"><a rel=\"nofollow noreferrer noopener\" class=\"nc_tweet swp_share_link noPop\" href=\"https:\/\/pinterest.com\/pin\/create\/button\/?url=https%3A%2F%2Fwalloftraders.com%2Fblog%2Fen%2Fwhat-is-bitcoin%2F\" onClick=\"event.preventDefault(); \r\n\t\t\t\t\t\t\tvar e=document.createElement('script');\r\n\t\t\t\t\t\t\te.setAttribute('type','text\/javascript');\r\n\t\t\t\t\t\t\te.setAttribute('charset','UTF-8');\r\n\t\t\t\t\t\t\te.setAttribute('src','\/\/assets.pinterest.com\/js\/pinmarklet.js?r='+Math.random()*99999999);\r\n\t\t\t\t\t\t\tdocument.body.appendChild(e);\r\n\t\t\t\t\t\t\" ><span class=\"swp_count swp_hide\"><span class=\"iconFiller\"><span class=\"spaceManWilly\"><i class=\"sw swp_pinterest_icon\"><\/i><span class=\"swp_share\">Pin<\/span><\/span><\/span><\/span><\/a><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is a digital currency, it is also a type of cryptocurrency. To understand what it is, we have to come back to October 31, 2008. Indeed on that date, an unknown person or group by the name of Satoshi Nakamoto published a 9-page White Paper. Commonly noted BTC, it began to be used &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What is Bitcoin (BTC)? Blockchain, Security, Money\" class=\"read-more button\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/#more-2049\" aria-label=\"More on What is Bitcoin (BTC)? Blockchain, Security, Money\">Read more<\/a><\/p>\n","protected":false},"author":2,"featured_media":3195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[192],"tags":[],"class_list":["post-2049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrencies","masonry-post","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Bitcoin (BTC)? Blockchain, Security, Money - The Crypto Trading Blog<\/title>\n<meta name=\"description\" content=\"What is Bitcoin? Invented in 2008, this crypto currency is very famous. It is used in particular for trading.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/walloftraders.com\/blog\/en\/what-is-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is Bitcoin (BTC)? Blockchain, Security, Money - The Crypto Trading Blog\" \/>\n<meta property=\"og:description\" content=\"What is Bitcoin? Invented in 2008, this crypto currency is very famous. 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