Bitcoin is the world’s first cryptocurrency. It uses peer-to-peer technology to operate with no central authority or banks. Managing transactions and the issuing of Bitcoins is carried out collectively via a digital ledger known as the blockchain.
Bitcoin is open-source, which means that its design is public and nobody owns it, but everyone can take part.
Bitcoins are divided into smaller units called satoshis, named after the pseudonym used by Bitcoin’s anonymous creator – Satoshi Nakamoto. Each satoshi is worth 0.00000001 bitcoin.
- Ticker symbol: BTC/XBT
- Subunits: 1 satoshi = ₿0.0000001
- Total Supply: ₿21 000 000
- Block time: 10 minutes
- Transaction validation scheme: Proof of Work
- Original Author(s): Satoshi Nakamoto
- Official whitepaper: Bitcoin Whitepaper
- Official Website: www.bitcoin.org
Can Bitcoin be treated as an investment?
By buying Bitcoin at a low price and selling at a higher price, you can make a profit, but you can also lose money in the opposite scenario.
Bitcoin price history
- On May 22, 2010 – now called Bitcoin Pizza Day, Laszlo Haniec of Florida agreed to pay 10,000 bitcoins for two pizzas from Papa John’s Pizzeria. The deal was organized through the bitcointalk forum.
- In the summer of 2010 the first Bitcoin exchange appeared – bitcoinmarket.com. Bitcoin started trading at a price of only $ 0.003 for BTC.
- In the first quarter of 2011 the price of BTC exceeded $ 1.
- Bitcoin reached a price of $ 1,000 in 2013.
- In 2017 the Bitcoin exchange rate skyrocketed from $ 900 to almost $ 20,000.
- In December 2017 the price of Bitcoin reached a record $ 19,783.06.
Is Bitcoin legal?
Laws vary by country, and there is still no unified legislation governing cryptocurrencies. Bitcoin is legal to own and trade in almost all European countries.
Do I owe taxes on profits from Bitcoin trading?
In most countries, profits from Bitcoin trading are subject to taxation.
However, legislation varies from country to country.
We recommend that you contact an accountant or tax consultant.