Bitcoin is the first and most popular cryptocurrency. It powers a peer-to-peer network for the exchange of value through the use of a decentralized protocol. The idea behind Bitcoin is to have a system where there is no middleman or central authority. Bitcoin refers to the Bitcoin software protocol as well as to the monetary unit, which goes by the ticker symbol BTC. At its most basic level, Bitcoin is useful for transacting value outside of the traditional financial system. You can buy and sell BTC for other cryptocurrencies alongside more traditional currencies at crypto exchanges like Binance, Kraken and Bitstamp.
Bitcoin was launched in 2009 by a mysterious person (or group of people) known as Satoshi Nakamoto. What sets Bitcoin apart is that it's completely decentralized, meaning no single entity controls it. Instead, it's maintained by a network of computers, known as miners, who validate transactions.
You can break a single Bitcoin down into 100 million tiny pieces called "satoshis." Owning and sending Bitcoin is fairly straightforward. You keep them in a digital wallet and can send fractions of a Bitcoin to pay for stuff. But when you dig into the technicalities, it's like peeling an onion—layer after layer of complexity.
All Bitcoin transactions happen on a blockchain. Think of it as a public digital ledger that everyone can see but no one can tamper with. Miners are the ones who validate and secure these transactions. They solve complex math problems to validate transactions and are rewarded with new bitcoins for their efforts.
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Lastly, $BTC showcases a bullish trend, trading above $27,000. Its close kin, Bitcoin Cash (BCH), is also on a surge, benefiting both from its intrinsic strengths and Bitcoin's stability.
This and more in this edition of the Crypto Weekly Wrap: https://www.iconomi.com/blog/crypto-weekly-wrap-29th-september-2023
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Morning update:
Bitcoin nicely bounced above our trackline, retested it, and is now holding above it. To make things look better, all this was accompanied by green dots🟢 $BTC
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All this bullish momentum while the spot Bitcoin ETF applications continue to get delayed. Yesterday, the SEC delayed more applications including BlackRock’s. Open applications with a decision date in October remain VanEck, Fidelity, and Wisdomtree but we expect them to get delayed as well🤔 $BTC
According to Bloomberg analysts, the approval won’t happen until December👀
As of Thursday morning, $BTC traded above $26,300, briefly having surpassed the $26,800 mark the prior evening. Despite the bullish momentum, the cryptocurrency still shows a 2.87% decline on a weekly basis. Similarly, $ETH approached a high of $1,631.91 before settling around the $1,600 resistance level.
