Bitcoin (BTC) is a decentralized digital currency, created in January 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. It is the most one of the most trending and demanding topics in 2024. It’s fast acceptance all over the world shows that it is going to play a major role in future
Key Features of Bitcoin:
Here are some key features and concepts related to BTC
Read more: Bitcoin Falls Below $59,000, Loses 4% in Value
- Blockchain Technology: Bitcoin transactions are recorded on a public ledger called the blockchain. Blockchain technologies are now considered as one of the safest technology for users. This ledger is maintained by a network of nodes (computers) that validate and record all transactions, ensuring transparency and security.
- Decentralization: Unlike traditional currencies issued by governments and controlled by central banks, Bitcoin is decentralized. Decentralized means no single entity controls the Bitcoin network, which makes it resistant to censorship and interference. Majority of the networks are now moving towards decentralization
- Limited Supply: There will only ever be 21 million bitcoins in the market supply. This limited supply is designed to mimic the scarcity of precious metals like gold and to prevent inflation.
- Mining: New BTCs are created through a process called mining, where powerful computers with strong energy supply solve complex mathematical problems. Miners are rewarded with newly created bitcoins and transaction fees for their efforts in maintaining the network.
- Transactions: BTC transactions involve the transfer of value between Bitcoin wallets, which are secured by cryptographic keys. Transactions are verified by network nodes through cryptography and recorded on the blockchain.
- Uses: BTC can be used for various purposes, including online purchases, remittances, investment, and as a store of value. Its decentralized nature and potential for high returns have attracted a wide range of users, from tech enthusiasts to investors.
- Volatility: BTC price is known for its volatility, with significant fluctuations in value over short periods. This volatility can be influenced by factors such as market demand, regulatory news, technological advancements, and macroeconomic trends.
What are the highest and lowest prices ever recorded for BTC?
Bitcoin hit its highest price ever at $75,830 on March 14, 2024. Its lowest price ever recorded was $0.04865 on July 10, 2010.
What is meant by Crypto Bull run?
Crypto Bull run is a time duration during which crypto currencies such as BTC, Ethereum and other coins make all time high records in their prices. It repeats after every 4 years. Many coins give a huge amount of profit during bull run
How many Bull Runs have been there so far?
In crypto history, there have been three bull runs been done. Following are the years of past bull runs.
- 2012 – 2013
- 2016 – 2017
- 2020 – 2021
Is a crypto bull run expected in 2024?
Bitcoin is set for a strong performance in the 2024 bull market. Here’s why:
1. Halving Effect: The block reward halving in April 2024 will reduce the creation of new Bitcoin by half, likely restricting supply and pushing prices higher.
2. Institutional Interest: Increased adoption by major institutions, such as Standard Chartered predicting btc to reach $100,000-$120,000 by year-end, boosts market confidence.
3. ETF Approval: The potential approval of Australia’s first Bitcoin ETF could open new investment opportunities and increase demand.
However, a price correction might follow this initial surge. Market sentiment can be volatile, and profit-taking by early investors could cause a temporary dip before Bitcoin stabilizes at a new, higher equilibrium point.
This information is based on Bitcoin’s past history and fundamentals. For a better experience with crypto, do your own research also.
