What is Bitcoin?
Bitcoin is the most famous cryptocurrency in the world. BTC was developed in October 2008 by a programmer under the pseudonym Satoshi Nakamoto, and in January 2009, the Bitcoin design process was distributed as an open source, providing a significant meaning as the start of a new era of cryptocurrency. Since then, as of 2022, Bitcoin has been evaluated as the forefront leader of the global cryptocurrency market and trend. Furthermore, Bitcoin is recognized as one of the key assets in the modern capitalist market, coinciding along dollars, real estate, stocks, and gold.
About the Bitcoin and its Developer
Bitcoin was introduced in 2009 as an open-source software created by an anonymous programmer (or multiple programmers) under the pseudonym, Satoshi Nakamoto. Since then, numerous rumors have circulated about who created Bitcoin, and as of 2022, no person has been officially confirmed or identified yet.
Bitcoin’s Technology and Network
When Bitcoin was first introduced, the most notable feature was the lack of a centralized financial intervention. Bitcoin is designed to be managed and operated only based on algorithms. All transactions of the Bitcoin owner are recorded in a single book within a horizontal P2P network. Furthermore, these accounting records are designed to be open and distributed to all users over the P2P network. Therefore, every transaction that occurs on the Bitcoin network is recorded in the one and only open book and stored in a distributed manner, also known as the blockchain, and is considered as one of the best technologies of the 21st century.
The Importance of Bitcoin Mining
Bitcoin mining is important because it is the driving force behind the BTC network. Participants who use their computing resources to participate in the security and transaction record management of the Bitcoin network will receive BTC as a reward, similar to mining for gold. This act of compensation is called “Bitcoin mining”. Thanks to this process of Bitcoin mining, a global network of tens of thousands of voluntary validators (miners) and users around the world serve as financial institutions on its own.
Five Characteristics of Bitcoin
Bitcoin’s network is designed to be independent of governments or institutions in certain countries. In other words, Bitcoin pursues decentralization. The BTC network is designed to work as part of a vast network with economic incentives for individuals, institutions, and miners who drive the network. All participants act according to their interests to ensure that the network continues. Because of this design, Bitcoin networks are designed to continue to function even if a portion of the networks are not working properly.
A typical financial institution in the modern capitalist market knows all the information about its users, including their balance, address, phone number, and credit. However, the cryptocurrency wallet opened to store Bitcoin is not associated with any specific individual or institution. In other words, anyone can freely open a cryptocurrency wallet without entering or disclosing personal information, and no one will know the transactions that occurred in the specific wallet.
However, the possibility that Bitcoin anonymity can be used to engage in illegal and dangerous actions such as illegal transactions or financing terrorism has emerged as a big issue. To address this problem, large cryptocurrency exchanges such as Binance, FTX, and Bybit have implemented authentication policies such as the KYC (Personal Identification) before usage. However, transactions between individuals (P2P) corresponding to Bitcoin’s original transactions still remain anonymous.
This characteristic corresponds to the anonymity and relative concept of Bitcoin. All Bitcoin transactions are recorded on the blockchain. As a result, please be aware that if your cryptocurrency wallet address is open to public, it will be easy to see how much cryptocurrency you have or when you have conducted any transactions.
Bitcoin networks process payments in real time. Typically, transfers from one country to another require a considerable amount of time, but cryptocurrency transactions using Bitcoin can complete the remittance in a matter of minutes. Some argue that because of this advantage, existing banks and simple remittance services, which utilize such services to make huge profits through remittances, are trying to prevent the expansion of the cryptocurrency market.
If you send a Bitcoin, it is impossible to cancel or reverse this process unless the recipient returns the transaction. Thanks to these irreversible properties, the transparency of the Bitcoin blockchain is complete.
The primary characteristics of Bitcoin are as follows.
|Cryptocurrency Features||Bitcoin (BTC)|
|Publisher or Developers||Satoshi Nakamoto|
|Jurisdiction of Incorporation (Registration Number)|
|Published Date (CMC Registration)||2013-04-28|
|Max Supply||21,000,000 BTC|
Investment Suitability of Bitcoin in 2022
The results of the Bitcoin investment suitability evaluation conducted by Coin-Labs are as follows.
|Investment Suitability Rating Items||Scores and Current Status|
|Company Activation Rate||8.0 / 10.0 CAR|
|Communication Rate||9.0 / 10.0 CR|
|Technology Transparency Rate||10.0 / 10.0 TTR|
|Development Participation Rate||10.0 / 10.0 DPR|
|Listing Status on the Top 4 Exchanges in Korea||Listed on 4 Exchanges|
|Listing Status on the World's Top 10 Exchanges||Listed on 10 Exchanges|
|Number of Available Pairs Worldwide||9,860 Pairs|
|Market Cap of the Cryptocurrency||424,713,518,724,082 KRW (Rank #1)|
The price and recent trading volume of Bitcoin are as follows. (Data of 2022-11-27 20:58:17)
|Price Items||Price and Trading Volume of Bitcoin|
|Bitcoin Price||22,099,719.728 KRW|
|Price Change 24h||-0.19%|
|Price Change 7d||-0.36%|
|Trading Volume 24h||25,763,624,231,762 KRW|
|Trading Volume Change 24h||5.93%|
You can check the development status and social media information of Bitcoin through the links in the table below.
|🌎 Official Website||https://bitcoin.org/|
|📖 White Paper||https://bitcoin.org/bitcoin.pdf|
|🛰️ Source Code (GitHub)||https://github.com/bitcoin/bitcoin|
|🎺 Message Board||https://bitcointalk.org|
Korean Crypto Exchanges where Bitcoin is Listed
Korean crypto exchanges where Bitcoin is listed in 2022 are as follows.
|Top4 Exchanges||Listed Status||Page URL|
World Crypto Exchanges where Bitcoin is Listed
World crypto exchanges where Bitcoin is listed in 2022 are as follows.
|Top10 Exchanges||Listed Status||Page URL|
Frequently Asked Questions
What is the current price of Bitcoin?
Bitcoin price today is 22,099,719.728 KRW. Furthermore, the price of Bitcoin has fluctuated by -0.19% from 24 hours ago, and by -0.36% from a week ago.
Where is Bitcoin listed?
Currently, it is listed on a total of 4 among the 4 largest exchanges in Korea, and is listed on a total of 10 among the world top 10 exchanges.
What is the market cap of Bitcoin now?
Currently, Bitcoin has a market cap of 424,713,518,724,082 KRW, which is ranking 1 among cryptocurrencies worldwide.
How much is the trade volume of Bitcoin?
Currently, 19,218,050 BTC coins are circulating through 9,860 market pairs. As a result, in the last 24 hours, 25,763,624,231,762 KRW of BTC coins were traded in the market.