Bitcoin

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We Are All Satoshi!

Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.

Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. Research produced by the University of Cambridge estimates that in 2017, there were 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.

Bitcoin Whitepaper

Read the original whitepaper, "Bitcoin: A Peer-to-Peer Electronic Cash System".
Read Whitepaper

"I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party..." - Satoshi Nakamoto

Crypto

How Does it Work


01. Create A Wallet

As a new user, you can get started with Bitcoin without understanding any technical details. With online trading exchanges, such as Coinbase or Gemini, you can create an account to Buy / Sell / Send / Receive any amount of Bitcoin...even fractions of a penny. Opening an account at an exchange is similar to opening a bank or investment account. You provide your real name and contact information. When your identification is verified, you'll fund your account with the money you want to use to buy Bitcoin.

02. Send & Receive

Once you create an account, it will generate your first Bitcoin address. You can disclose your pubic addresses to your friends and family so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should be used only once. A transaction is a transfer of value between Bitcoin wallets that gets included in the blockchain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued.

03. Blockchain

The blockchain network is a shared public ledger that lives in a state of consensus, one that automatically checks in with itself every ten minutes. Blocks are the files where data pertaining to the Bitcoin network is permanently recorded. A block records some or all of the most recent Bitcoin transactions that have not yet entered any prior blocks. A block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain. The integrity and the chronological order of the blockchain are enforced with cryptography.

04. Mining

Mining is a distributed consensus system that is used to confirm pending transactions by including them in the blockchain. It enforces a chronological order in the blockchain, protects the neutrality of the network, and allows different computers to agree on the state of the system. Transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all the subsequent blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively to the blockchain. In this way, no group or individuals can control what is included in the blockchain or replace parts of the blockchain to roll back their own spends.

05. Hodl

Hodl is slang in the cryptocurrency community for holding the cryptocurrency rather than selling it. It originated in a December 2013 post on the Bitcoin Forum message board by an apparently inebriated user who posted with a typo in the subject, "I AM HODLING." Once you buy your Bitcoin through an exchange, you can leave it in your trading account. However, this can be risky since the amount of Bitcoin flowing through large exchanges makes them a prime target for hackers. The best way hodl is to purchase a 'hard wallet' like a Trezor or Ledger and store your crypto yourself. Always keep your private keys private and never showcase nor announce what you have, you will become a target.

Stats: As of 01/07/19

Blockchain Size: 231.93 GB

First Block: 01/09/2009

SegWit Transactions: 40.78 %

Block Time: 9m 44s

Bitcoin Uptime: 99.99%

 

If you don't own your private key, you don't own your bitcoins.

10224

BTC Nodes

5183

Lightning Nodes

21000000

Bitcoins in Existence

483512

Active Addresses

HOLDMYBITCOIN'S Top

CryptoInfluencers


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Blockchain Expert

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Analyst, Content Creator

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Educator, Developer, Entrepreneur

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Educator, Developer, Entrepreneur

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Developer, Content Creator

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Draper Associates, Draper University

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Founder of Lightning Labs

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Investor, Podcast Host

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Developer, Designer

Complete Control


When you send bitcoins to someone else, there is no required involvement from a payment processor. This means the fee for each transaction is very small -- from zero to negligible. Being peer to peer also means that there's no central entity controlling the network. There's no need to trust or receive permission from any specific person or organization to participate in the Bitcoin network. For this reason, Bitcoin is global and resilient to problems that have plagued traditional currencies.

51.8%
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22M

Popular

Cryptocurrencies Exchange


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Bitcoin

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Ethereum

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Litecoin

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Monero

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Neo

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Cardano

Explore More

Supporters & Haters

Want to dive deeper into the crytpo world? Below you will find a list of recommended supporters, companies, and scammers to void!


People To Follow

This list is solely a recommendation by HOLDMYBITCOIN

  • Whale Panda‏
  • APompliano
  • Giacomo Zucco
  • Francis Pouliot
  • John Carvalho
  • Boxmining
  • Saifedean Ammous

Companies To Follow

This list is solely a recommendation by HOLDMYBITCOIN

  • Bitcoin.org
  • Bitcoincore.org
  • Blockstream
  • Lightning Labs
  • Trezor.io
  • Satoshi Labs
  • Zap Wallet

Avoid / Scammers

This list is solely a recommendation by HOLDMYBITCOIN

  • Roger Ver
  • Jihan Wu
  • Bitcoin Cash (BCash)
  • Bitcoin.com
  • BTC.com
  • BitPay
  • Bitmain
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What People Are Saying ?


“The swarm is headed towards us”

Satoshi Nakamoto - when WikiLeaks started accepting Bitcoin donation

“Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker. It is a very modern notion that exploits the power of the long tail.”

Hal Finney - Computer Scientist

“Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.”

Satoshi Nakamoto

“When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong.”

John AcAfee - Founder of McAfee Associates

“If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”

Satoshi Nakamoto

“Cryptocurrency is such a powerful concept that it can almost overturn governments”

Charlie Lee - Creator of Litecoin

“If Bitcoin is a better gold or seen as a type of gold-like asset, then it could be in the trillions on a market cap.”

Tyler Winklevoss - Entrepreneur

Want To Know More?

Watch Some Videos


What is Bitcoin?

WeUseCoins - March 2011

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This clip is the most watched Bitcoin video on YT. It gives a general description of the overall function and usecase of Bitcoin.

What is Bitcoin Mining?

WeUseCoins - April 2013

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Have you ever wondered how Bitcoin is generated? This short video is an animated introduction to Bitcoin Mining.

Magic Money

Journeyman Pictures - January 2018

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Have an hour to spare? A must watch video, exploring the revolutionary Bitcoin digital currency. It doesn't need banks or to be printed.

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Supported Countries

10224

BTC Nodes

5183

Lightning Nodes

4112

Bitcoin ATM's