Crypto Spotlight: BTC

Region: Europe
Sep 9, 2021, 10:00:00 AM Published By Wirex Team

This token needs no introduction. But we’re going to introduce it anyway - let’s take a look at the OG crypto, Bitcoin.

What is BTC?

Bitcoin (BTC) was the world’s first digital currency. The idea behind it was to facilitate the transfer of value between parties without the need for intermediaries such as banks. This was made possible thanks to the Bitcoin blockchain network on which the currency runs.

Its emergence during the global financial crisis in 2008 came just as people’s faith in central banks and financial institutions was dwindling.

Today, BTC is better known as an investment asset with an extremely volatile value. Many people buy it in the hopes that its price will shoot up and make them some money.

Who created BTC?

Well, we still don’t know. The original Bitcoin white paper was released in 2008 by a person or group of people known as Satoshi Nakamoto. The name is presumed to be a pseudonym, since no actual person attached to it could be found.

Plenty of people have since been reported (or claimed) to be the infamous Bitcoin founder, but they’ve all either denied it or failed to prove that they possess the keys to the earliest mined bitcoins.

So, for now, the mystery remains unsolved.

What makes BTC unique?

Bitcoin is unique by nature. Before its inception, the concept of an alternative to central bank-controlled fiat money hadn’t even been conceived.

It is also said to be the first example of a virtual object being limited in supply - only 21 million bitcoins can ever be mined.