Bitcoin  The crypto OG

Bitcoin is the largest cryptocurrency by market share and market cap. By utilizing digital currencies, such as Bitcoin, people are able to exchange value without the need for intermediaries...

As opposed to government-backed currencies, Bitcoin has no central authority and relies instead on a peer-to-peer network of computers around the world running software which validates transactions and records them in a public distributed ledger, known as a blockchain. The Bitcoin blockchain, is maintained by the entire network of users, rather than a centralised institution such as a company (like PayPal), bank, or government. This process means you can send Bitcoin anywhere in the world privately and securely.

Bitcoin Price (BTC/GDP)

When investing, your capital is at risk. Past Performance is not a reliable indicator of future results.

What is the value of 1 Bitcoin?

Like other currencies, products, or services within the economy, Bitcoin and other cryptocurrency prices depend on perceived value, coupled with supply and demand. If people believe that Bitcoin is worth a specific amount, they will pay it, particularly if they think it will increase in value. However, as a nascent technology, there are many who yet dispute whether it has any true value. A combination of these two factors has led to many people debating the true value of 1 Bitcoin.

By design, there will only ever be 21 million Bitcoins created. The closer Bitcoin gets to its limit, in theory, the higher its price will be, as long as demand remains the same or increases.Find out what is the current BTC to GBP value with our handy Bitcoin to GBP converter below.

What is Bitcoin Mining?

Bitcoin is created through a complicated process called 'mining', performed using sophisticated hardware that solves an extremely complex computational math problem. 'Miners' are paid in bitcoin for completing this task. There is also an element of luck, as the first miner to come up with a 64-digit hexadecimal number (or "hash") is the one who is rewarded. This makes solo mining largely unprofitable and rewards for mining on ones own are, at best, sporadic. This has lead to 'farms' and mining 'pools' being established.

'Farms' are where multiple computers, owned by a single entity, work together to 'mine' Bitcoin. In recent years, Bitcoin mining has been outlawed in China, meaning the majority of 'farms' are now located in the USA.

'Pools' are when multiple people or groups of people work together and share the rewards from mining.

Bitcoin Price Predicitons

Do you know your Blockchain from your Hash Rate? Why not try using our Bitcoin price prediction tool? Everyday, Pynk users (or 'Pynksters' as we call them) are rewarded for submitting price predictions on the price of Bitcoin and other assets. Learn about the price of Bitcoin and keep an eye on the value of Bitcoin and earn rewards as you do.

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Crowdsense Ltd is an unregulated firm and the information contained herein does not constitute investment advice or investment research and should not be relied upon to make any investment decisions.

Investing involves risk to your capital. Past performance is not an indication of future results. The value of your investments can go down as well as up, and you may get back less than you originally invested. References to specific assets or securities are included for illustrative purposes and should not be understood as an endorsement or a recommendation to engage in investment activities.

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