What is Bitcoin?
Bitcoin is one of the first successfully made cryptocurrency. Bitcoin can be represented as either of the three - BTC, ฿ and ₿. Bitcoin is the world largest cryptocurrency by market cap and value. Since it’s release date, which was 2009, more than $7 trillion dollars ($7,000,000,000) has been transferred. The price of ₿1(1 bitcoin) is currently ~$31,000. The market capitalization of bitcoin is approximately $715,000,000,000.
Nobody knows who actually created cryptocurrency. A few possibilities of explaining the creation of bitcoin are - Bitcoin was created by an unknown individual with the presumed pseudonym of Satoshi Nakamoto or by a group of individuals with the name of Satoshi Nakamoto.
Market capitalisation is the market value of the total outstanding shares, the shares of a corporation that has been authorized, issued and purchased by investors and are held by them, of the company in dollars. The market capitalisation of a company is the price of a single share multiplied by the total number of outstanding shares held by them. The market capitalisation of all the cryptocurrencies is over a trillion dollars($1,000,000,000,000)
Since Bitcoin has been created, it has experienced significant ups and downs. An advantage of cryptocurrencies such as bitcoin is that it prevents inflation. Inflation is the gradual depreciation of the value of a particular currency in a period of time. Many different currencies have declined due to inflation.
However, with the use of cryptos such as bitcoin, their source code points out the number of that specific crypto and so, as the requirement of that crypto increases, so will its value. Thus, it will prevent inflation of the currency.