Market Cap

₹106.17 T 3.0421%

Circulating Supply


Max Supply



₹3.24 T

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Bitcoin (BTC) Price Live Chart

Bitcoin (BTC)

What is Bitcoin?

Bitcoin, the world's first decentralized digital currency, has transformed the financial landscape since its introduction in 2008. Designed as a peer-to-peer electronic cash system, Bitcoin operates on a revolutionary technology known as the blockchain, which enables secure and transparent transactions without the need for intermediaries like banks or governments. With its core principles of decentralization, transparency, security, and immutability, Bitcoin has emerged as a disruptive force that challenges traditional financial systems and holds the potential to reshape the way we perceive and interact with money.

The origins of Bitcoin can be traced back to October 2008 by an enigmatic individual or group using the pseudonym Satoshi Nakamoto. Nakamoto's whitepaper laid out the fundamental concepts and principles behind Bitcoin, proposing a solution to the long-standing problem of trust in electronic transactions. The key idea was to create a decentralized digital currency that would eliminate the need for intermediaries and provide a secure, efficient, and censorship-resistant means of transferring value.

One of the defining features of Bitcoin is its decentralized nature. Unlike traditional fiat currencies, which are issued and regulated by central banks or governments, Bitcoin operates on a global network of computers known as nodes. These nodes collaborate to validate and record transactions on a public ledger called the blockchain. This distributed ledger ensures transparency and security by making transaction data tamper-proof and accessible to anyone. The decentralized nature of Bitcoin also makes it resilient to censorship and control by any single authority, empowering individuals to have direct control over their finances.


The creation of Bitcoin can be attributed to the enigmatic figure known as Satoshi Nakamoto. However, the true identity and background of Satoshi Nakamoto remain a mystery to this day. Nakamoto first introduced Bitcoin to the world through a whitepaper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" in 2008. This whitepaper laid out the foundation for the concept and technical aspects of Bitcoin.

The identity of Satoshi Nakamoto has been a subject of intense speculation, with numerous individuals and groups claiming to be the real Satoshi. However, no concrete evidence has emerged to definitively identify the person or persons behind the pseudonym. It is believed that Nakamoto was a highly skilled computer programmer or a group of programmers with expertise in cryptography, economics, and distributed systems.

One of the key motivations behind Nakamoto's creation of Bitcoin was to address the flaws and limitations of traditional financial systems. The 2008 global financial crisis and subsequent economic turmoil served as a catalyst for Nakamoto's vision of a decentralized and trustless currency. By introducing Bitcoin, Nakamoto aimed to create a system that eliminated the need for intermediaries, such as banks and provided individuals with full control over their financial transactions.

Despite the mystery surrounding the founders, the legacy of Satoshi Nakamoto and their creation, Bitcoin, continues to shape the cryptocurrency landscape. The concept of a decentralized digital currency has gained global recognition and has spurred innovation in various fields. The impact of Nakamoto's vision extends beyond Bitcoin itself, as it has inspired the development of numerous cryptocurrencies, decentralized applications, and blockchain-based solutions.

Satoshi Nakamoto: No Twitter Handle

Bitcoin: Link 


The technology behind Bitcoin, known as blockchain, is a revolutionary concept that underpins its decentralized nature and ensures the security and transparency of transactions. The blockchain is a distributed ledger that records all transactions in a chronological and immutable manner.

  • Decentralized Network: Bitcoin operates on a decentralized network, meaning that there is no central authority or intermediary controlling the system. Instead, it relies on a vast network of computers, called nodes, which participate in the validation and verification of transactions. This decentralized structure ensures that no single entity has complete control over the network, making it resistant to censorship and manipulation.

  • Blockchain Consensus Mechanism: Bitcoin's consensus mechanism, known as Proof-of-Work (PoW), is a fundamental component of blockchain technology. It enables participants, known as miners, to validate transactions and add them to the blockchain.

In the PoW mechanism, miners compete to solve complex mathematical puzzles, requiring significant computational power. This process involves finding a solution, called a hash, that meets specific criteria defined by the network. The first miner to solve the puzzle and find a valid hash is rewarded with newly minted bitcoins, along with transaction fees.  

The PoW consensus mechanism ensures the security and immutability of the blockchain. Since each block contains a reference to the previous block's hash, altering a single transaction would require recomputing the hash of all subsequent blocks, making it computationally infeasible to tamper with the blockchain's history.

  • Security and Cryptography: Bitcoin utilizes cryptographic techniques to secure transactions and protect user identities. Each participant in the Bitcoin network has a unique pair of cryptographic keys: a public key and a private key.

The public key serves as the recipient's address, which is visible to all network participants. When a user wants to send bitcoins, they create a transaction that includes the recipient's public key and signs it with their private key. The private key is kept secret and acts as a digital signature, verifying the authenticity of the transaction.

Cryptographic hashes, such as SHA-256, are used to ensure the integrity of data within the blockchain. Each block contains a hash value that is computed based on the transactions in the block. Any modification to the data within a block would result in a different hash value, making it easily detectable.

  • Scalability and Lightning Network: Bitcoin's scalability has been a topic of discussion and development in the cryptocurrency community. As the number of transactions increases, the original Bitcoin blockchain faces limitations in terms of transaction speed and capacity.

To address this challenge, the Lightning Network was introduced as a layer-two scaling solution. The Lightning Network operates on top of the Bitcoin blockchain and allows for faster and cheaper off-chain transactions. By creating a network of payment channels between users, transactions can be conducted instantaneously and with minimal fees. The Lightning Network relieves the burden on the main blockchain by only settling the final transaction amounts on the Bitcoin network.

  • Energy Consumption: One of the criticisms of Bitcoin is its significant energy consumption due to the PoW consensus mechanism. The process of solving complex mathematical puzzles requires substantial computational power, which consumes a considerable amount of electricity.

Efforts are being made to explore alternative consensus mechanisms, such as Proof-of-Stake (PoS), which requires participants to show ownership of a certain number of coins rather than solving computational puzzles. PoS has the potential to significantly reduce the energy consumption associated with Bitcoin mining while maintaining network security.

In short, the technology behind Bitcoin, namely the blockchain, plays a crucial role in its decentralized nature and transaction security. The consensus mechanism, security measures, scalability solutions like the Lightning Network, and ongoing research into energy efficiency collectively contribute to Bitcoin's technical framework. By understanding these technological aspects, we gain a deeper appreciation for the innovation and potential of Bitcoin in reshaping the financial landscape.


Bitcoin has a wide range of use cases, demonstrating its versatility and potential impact across various industries. Some of the key use cases of Bitcoin are as follows:

  • Digital Currency: Bitcoin was originally created as a digital currency to facilitate peer-to-peer transactions without the need for intermediaries. It allows individuals to send and receive funds globally with reduced transaction fees and faster settlement times compared to traditional banking systems. 

  • Store of Value: Bitcoin has gained recognition as a store of value and a potential hedge against inflation. Its limited supply, with a maximum of 21 million coins, makes it resistant to inflationary pressures. As a result, individuals and investors view Bitcoin as a digital asset that can preserve wealth over the long term. 

  • Remittances: Cross-border remittances have become a significant use case for Bitcoin, especially in regions where access to banking services is limited or costly. Traditional remittance methods involve high fees and lengthy processing times. Bitcoin offers a more efficient and cost-effective alternative, allowing individuals to send and receive money across borders quickly and at a fraction of the cost. 

  • Micropayments and Tip Economy: Bitcoin's divisibility, with each Bitcoin divisible into 100 million units called satoshis, makes it suitable for micropayments. With Bitcoin, content creators, artists, and service providers can receive direct payments for their work without relying on centralized payment processors. 

  • Unbanked and Underbanked Populations: A significant portion of the global population remains unbanked or underbanked, lacking access to basic financial services. Bitcoin has the potential to address this issue by providing individuals with a secure and accessible means of storing and transferring value. Through the use of Bitcoin wallets on mobile devices, individuals can have direct control over their funds and engage in financial transactions without relying on traditional banking infrastructure. 

  • Cross-Border Transactions and International Trade: Bitcoin's decentralized and borderless nature makes it well-suited for cross-border transactions and international trade. Bitcoin enables direct peer-to-peer transactions, eliminating the need for intermediaries and streamlining the payment process. 

  • Charitable Donations: Bitcoin has also found applications in the philanthropic sector. Non-profit organizations can accept Bitcoin donations, providing transparency and traceability in the process. Blockchain technology ensures that donated funds are utilized as intended, increasing accountability and trust. 

Latest Developments

New Era of Bitcoin ETFs

In the past few months, the term called Bitcoin ETFs remained the talk of the town. A Bitcoin ETF is an exchange-traded fund that primarily invests in assets related to Bitcoin, the original cryptocurrency. ETFs sell shares on the open market to investors and utilize the proceeds to develop a portfolio of assets based on a market index, a stock market sector, or another asset class such as cryptocurrency.

As a result, Fidelity Investments, the asset manager headquartered in Boston, is in the final stages of preparing its application for a Bitcoin exchange-traded fund (ETF), as reported by various sources. This development follows a surge in institutional interest in the cryptocurrency industry and similar ETFs. 

Recently, the first leveraged crypto ETF in the US, known as Volatility Shares' 2x Bitcoin Strategy ETF (BITX), commenced trading in June 2023. Since its launch, it has already achieved a trading volume of approximately $4.2 million. The approval for this ETF came from the US Securities and Exchange Commission (SEC) just last month.

Additionally, other major financial players like BlackRock, Invesco, and WisdomTree have also submitted their applications for Bitcoin exchange-traded funds.

Binance Integrates Lightning Network

Apart from that, Binance announced the integration of the scaling solution, allowing its users to now deposit and withdraw Bitcoin on the Lightning Network in July 2023. To that end, Binance has finally fulfilled its promise of supporting the Lightning Network (LN) after hinting at it earlier in the year. Users will now have the option to choose "BTC-Lightning" when depositing Bitcoin, in addition to the usual choices like Bitcoin, BEP20, and SegWit.

The Lightning Network serves as a layer 2 scaling solution for the Bitcoin blockchain, enabling faster and more cost-effective transactions for the market's primary asset. This is achieved by creating transaction channels off-chain, which are subsequently incorporated into the main chain.

BRC-20 Token Standard

In January 2023, the introduction of the Bitcoin Ordinals protocol allowed the inscription of NFTs (non-fungible tokens) on satoshis (sats), sparking curiosity about the possibility of creating fungible tokens on the Bitcoin network. To make this feasible, BRC-20 token standards were established in March 2023 by an anonymous programmer named Domo.

The initial BRC-20 token named "ordi" was deployed, prompting Bitcoin wallets to swiftly develop tools to support these tokens. Following its launch, several other BRC-20 tokens, including many meme tokens, were introduced in the subsequent months. By May 2023, certain BRC-20 tokens had seen their prices skyrocket, leading to significant market capitalization. However, the surge in demand for BRC-20 tokens also led to a notable increase in Bitcoin transaction fees and significant congestion on the Bitcoin network's main chain.

These back-to-back upgrades in the Bitcoin Network indicate that the token has enormous potential to thrive in the long run. 

Future Developments

Bitcoin Halving 2024: The halving event, occurring roughly every four years, is a significant historical factor influencing Bitcoin's price. During this event, the block reward for miners is halved, leading to a decreased influx of new Bitcoin into the market. This intentional feature in the Bitcoin protocol aims to control inflation and ensure the asset's scarcity.

Based on the crypto's block reward schedule, the next Bitcoin halving is anticipated to happen in April 2024. This event has attracted considerable attention and speculation in the crypto community due to the notable price surges observed in previous halvings in 2012 and 2016, driving Bitcoin to new record highs.

While it is essential to remember that past performance does not guarantee future outcomes, the historical significance of Bitcoin's halving events has captured the interest of investors and analysts alike. The expectation of reduced supply and its potential impact on Bitcoin's scarcity could reignite interest and possibly trigger the next bull run in the crypto market.

As the crypto community eagerly awaits the forthcoming halving event in April 2024, many are closely monitoring market trends and indicators to gauge its potential implications on Bitcoin's price. Though no prediction can accurately foresee Bitcoin's future performance, the upcoming halving remains a significant milestone that could shape the trajectory of the cryptocurrency in the years to come.

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