BITCOIN (BTC)


Bitcoin is currently the most widely used and best-known cryptocurrency in existence. It is open source, no one owns or controls it, but anyone can contribute to its development. It works on a peer-to-peer basis, so it does not go through any bank and is not converted, and transactions are handled by the network community, resulting in low management costs and easy global use. It has a high level of security algorithm to ensure the safety of the assets stored in Bitcoin. Thanks to a growing number of acceptance points, Bitcoin allows the purchase of any product, almost anywhere in the world. It was issued on 3 January 2009 by an unknown person (forum name: Satoshi Nakamoto). The main advantage of Bitcoin is that it was the very first cryptocurrency on the market. The emergence of the first cryptocurrency created a conceptual and technological basis that later inspired the development of thousands of projects. Bitcoin is backed by the SHA-256 algorithm, which is also used by the Bitcoin Cash (BCH) fork, as well as many other cryptocurrencies since then. Its known drawbacks include its high power consumption. According to one report, each Bitcoin transaction consumes 1173 kWh of electricity, which would power an average US household for six weeks. Another report calculates that the annual energy demand of Bitcoin exceeds the annual hourly energy consumption of Finland, with a population of 5.5 million. Miners are heavily dependent on renewable energy sources, and it is estimated that Bitcoin's renewable energy use ranges from 40-75%. Bitcoin is seen by many as a store of value, like gold. This can be achieved by the fact that when someone buys cryptocurrency, they do not sell it, but keep it for the long term (HODL).