Bitcoin (BTC) is known as the first open-source, peer-to-peer, digital cryptocurrency that was developed and released by a group of unknown independent programmers named Satoshi Nakamoto in 2008. Cryptocoin doesn’t have any centralized server used for its issuing, transactions and storing, as it uses a distributed network public database technology named blockchain, which requires an electronic signature and is supported by a proof-of-work protocol to provide the security and legitimacy of money transactions. The issuing of Bitcoin is done by users with mining capabilities and is limited to 21 million coins. Currently, Bitcoin’s market cap surpasses $138 billion and this is the most popular kind of digital currency. Buying and selling cryptocurrency is available through special Bitcoin exchange platforms or ATMs.
Bitcoin $50,000 Next Stop; XRP Not A Security?
Bitcoin dipped below $9,000 for the first time in June early Monday morning, though it quickly rebounded for a relatively calm week. Unfazed by its stagnant price movements, some high-profile investors like Chris Burniske still see bitcoin breaching $50,000 during its next bull run, anticipating that it will account for a significant portion of gold’s market share.
A Chainalysis report found that 85% of the bitcoin currently held on exchanges is in the hands of professional traders who rarely make transfers. In fact, 96% of all transactions are made by retail investors who control a much smaller slice of the overall pie. The last time the level of long-term “HODLing” rose this high was just prior to its meteoric 2017 rise.