Bitcoin

What Is Bitcoin (BTC)?

‍Bitcoin (BTC) is the first decentralized digital currency, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network without the need for intermediaries, allowing for direct transactions between users.

Who Created Bitcoin?

‍Bitcoin was created by an unknown individual or group of people using the pseudonym Satoshi Nakamoto. The true identity of the creator(s) remains unknown, adding to the mystery and allure of the cryptocurrency.

What Sets Bitcoin Apart from Other Cryptocurrencies?

‍Bitcoin is unique as it was the first cryptocurrency to establish a decentralized, peer-to-peer network for transactions. Its pioneering status, limited supply of 21 million coins, and robust security through blockchain technology set it apart from other digital currencies.

How Many Bitcoin (BTC) Coins Are There in Total?

‍The total supply of Bitcoin is capped at 21 million coins. This limited supply, combined with increasing demand, contributes to Bitcoin's value and its perception as a digital store of value akin to gold.

How Is Bitcoin Secured?

‍Bitcoin is secured through a process called mining, which involves solving complex mathematical puzzles to validate transactions and add them to the blockchain. This consensus mechanism, known as proof of work (PoW), ensures the integrity and security of the Bitcoin network.

What Is Wrapped Bitcoin (WBTC) and How Is It Secured?

‍Wrapped Bitcoin (WBTC) is a tokenized version of Bitcoin that operates on the Ethereum blockchain as an ERC-20 token. It maintains a 1:1 peg to the value of Bitcoin, allowing users to access Bitcoin's value within Ethereum's ecosystem, including its decentralized finance (DeFi) applications. WBTC is secured by a network of custodians and merchants who manage the minting and burning of tokens in accordance with users' deposits and withdrawals of Bitcoin. The security of WBTC also relies on Ethereum's blockchain security protocols.

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