Bitcoin has no physical existence and does not depend on any central bank. You can’t turn it off: its system is based on a network, the “blockchain”, powered by ten thousand computers across the planet. It should be seen as a giant and reputedly inviolable account book, in which the history of all transactions is listed. Little is known about the creator of bitcoin, the very mysterious Satoshi Nakamoto. Its existence is limited to a few traces on the Internet. There are no photos of him and it is very likely that his name is a pseudonym.
What is striking when you hear about bitcoin is the crazy progression of its price in 2017: +1.318%! Inevitably, it makes you want to throw away your booklet A and take the highway of speculation in the hope of becoming Croesus in a handful of weeks. But, beyond its speculative aspect, what is this new currency really for? This is often where things get tricky… Bitcoin is a virtual currency whose sole function is to make online payments, without an intermediary. No more no less. Its incredible growth tends to overshadow this fundamental aspect. Continue to read and find out more about bitcoin.
Bitcoin price
Today, the price of Bitcoin (BTC) is at 15,690 USD, a decrease of -2.57% over 24 hours and it’s always changing. The BTC cryptocurrency has a traded volume of $32.6 billion over 24 hours, with a market cap of $301.5 billion. Because Bitcoin has the highest market capitalization of all the numerous crypto assets, it is not an exaggeration to say it is the most prominent crypto asset. There are many currencies that split off from or are derived from Bitcoin, and it is the cornerstone of crypto assets.
Bitcoin news
Bitcoin Drops Below $20,000
The crypto market still bears the scars of the Terra and Celsius cases, in a market context already in hibernation. Now, it is the setbacks of the FTX exchange that have repercussions on the entire crypto market, starting with Bitcoin. In the early morning, the Bitcoin price fell back below $20,000.
In 2022, the crypto market was particularly marked by two cases that made headlines: the collapse of the Terra ecosystem and the bankruptcy of the Celsius platform. From now on, it is the FTX exchange which becomes the center of all attentions and all fears.
It all started a few days ago when a report from CoinDesk made some concerning revelations . The information concerns two companies created by Sam Bankman-Fried: the trading company Alameda, and the exchange platform FTX.
According to this report, as of June 30, more than 35% of Alameda’s balance sheet was made up of FTT tokens, the token of the FTX platform. This revelation raised the question of the solvency of the FTX platform and worried investors, starting with Binance. Indeed, on November 6, 2022, Binance’s boss revealed that he wanted to get rid of his FTT tokens.
The repercussions of the fall of FTT were not long in coming. Almost simultaneously, the price of Bitcoin plunged. The price of BTC has indeed gone from $20,657 at 3:50 a.m. to $19,485 at 6:30 a.m., thus crossing the symbolic threshold of $20,000. Bitcoin therefore lost 5.7% of its value in less than three hours.
Soon Bitcoin Lightning payments on Twitter
The Lightning Network is a technology capable of improving the speed and capacity of the Bitcoin network. By design, Bitcoin remains not very “scalable”, in particular because of its principle which is based on mining . Indeed, to be able to add blocks in the blockchain, it is necessary to be able to mine them, except these blocks take time to be created and have a limited capacity.
The Lightning Network technology, on the other hand, is presented as a network of payment channels where all hosts are connected peer to peer without a central hierarchy. This then forms a net-like structure. Each node can therefore receive, send, and relay transactions.
The Lightning network then makes it possible to relieve the Bitcoin blockchain. The goal is to spare him the microtransactions. This results in near-zero network fees, and near-instant exchanges.
Twitter Blue for its part is the premium version of the blue bird social network. For example, it allows its users a personalized follow-up of their account and the possibility of canceling tweets. However, this service is only available in the USA, Canada, Australia and New Zealand.
What is a bitcoin
Bitcoin is a form of electronic money. This means that he has no physical form. Instead, e-money units are exchanged over a computer network that has some unique properties: There is no central point of control (there are no “banks”). There is no central transaction storage point (a central database that contains a record of all transactions performed).
Instead, it operates on a global network with thousands and thousands of nodes – a machine within a network like a computer or other device – that process and store transactions together. With thousands of nodes it is difficult to have a common record of all transactions, but a technology called blockchain makes this possible. Blockchain is a shared record of transactions. It prevents anyone from “double-spending” bitcoins and makes it extremely difficult to change historical transactions. It is very difficult, if not impossible, to stop it or interfere with it.
Bitcoin was first published as an idea on an electronic mailing list for computer scientists studying secure communications (or cryptographers) in 2008. The author goes by the mysterious pseudonym of Satoshi Nakamoto, but no individual (or group of people) has so far been conclusively identified as Satoshi.
How to buy bitcoin
When I started to get interested in buying bitcoins, I was quickly drowned under the mass of information and under a string of words that were unknown to me. You’re in luck, I’ll explain everything about buying bitcoin in euros in this tutorial
But before that, let’s see what are the necessary steps for a step-by-step purchase of Bitcoin:
- Open an account on a Cryptocurrency exchange;
- Deposit your funds in Euros with your credit card, PayPal or bank transfer;
- Choose your cryptocurrency, here Bitcoin;
- Validate your Bitcoin purchase;
- Store your Bitcoins securely;
- Here, you are the owner of your first Bitcoins.
Etoro
The Etoro site allows you to trade bitcoins with several payment methods. This is a good site if you are particularly interested in trading . You can start betting on the Bitcoin price, whether it’s up or down, and you can use leverage (be careful, it’s risky). This site is reliable and very easy to use. You will also be able to trade cryptocurrencies like Ethereum and Ripple, as well as more traditional financial products like L’Oréal, Amazon and Tesla shares.
Binance
Are you here to understand how Bitcoin works and make your first transaction? The Binance site will most likely meet your expectations. It is the number 1 stock exchange in the world. It is possible to buy Bitcoin, but also more than 600 crypto-currencies. You can get it directly by credit card or bank transfer. Many other services exist, you can also make recurring bitcoin purchases.
ZenGo
Pioneer of the new generation of digital wallets, ZenGo offers an ultra-secure solution to buy Bitcoin, which even the most beginners can use without any difficulty. This mobile application allows the purchase of cryptocurrencies and provides a robust storage solution for them. ZenGo also allows you to enjoy a complete Web3 experience and offers the possibility of generating passive returns with your cryptocurrencies.
Bitcoin price history
Since 2009, the Bitcoin price has been subject to great volatility. The factors mentioned above have all contributed to his journey. Although the price has gone up and down, the price is still much higher than when it debuted.
- June 1, 2011: From a measured price of just pennies the previous year, Bitcoin hit $32 after an explosive rise. Bitcoin had its first upswing, followed by a moderate fall to $2.10.
- April 2, 2013: After starting the year at around $13, Bitcoin had its first bull run of the year until reaching $260 on April 10, 2013. The price then crashed in just two days to reach $45.
- December 3, 2013: At the end of the year, Bitcoin saw its price increase by almost 10 between October and December. At the start of October, BTC was trading at $125 before hitting its peak at $1,160. By December 18, the price had collapsed again to $380.
- December 4, 2017: After starting at around $1,000 in January 2017, Bitcoin saw a meteoric rise in price reaching almost $20,000 by December 17, 2017. This surge cemented Bitcoin’s position with the general public, attracting the attention of institutional investors and governments.
- April 5, 2021: The stock market and cryptocurrency market crashes in March 2020 led to a sustained price rise all the way to $63,000 on April 13, 2021. Given the economic instability of the coronavirus pandemic, Bitcoin was considered by some to be a store of value. BTC and the cryptocurrency market then experienced significant profit taking in May 2021 before seeing their price stagnate.
In the long term, small, less significant events have a minor impact on the price. It is for this reason that it is interesting to look for other ways to explain the overall positive trend of Bitcoin. One option is to study analytical models that use the techniques we have already mentioned above.
How to mine bitcoin
Bitcoin mining is the process of adding new groups of transactions (called blocks) to the shared record of transactions (called the blockchain). A great global competition is constantly taking place – called the mining race – to win the right to add a new block to the blockchain. To participate in this competition, users must purchase specialized mining hardware that consumes a lot of electricity; the hardware itself is likely to quickly become obsolete due to the constant invention of more efficient hardware – so it’s not a profitable business for most people.
People who engage in this activity are called bitcoin miners. They participate in this competition for two types of rewards:
- The block reward (currently 12.5 BTC) issued to the publisher of each block
- Transaction fees – fractions of bitcoins that incentivize miners to include transactions in published blocks.
- To make matters worse (from the miner’s perspective), the “difficulty” of the competition increases as the number of miners involved increases, in order to avoid issuing new bitcoins too quickly. The block reward is also halved every four years, making them much more expensive to produce.
Bitcoin prediction
When we discuss Bitcoin price development and movement since its creation, it will take an undeniably long time as this cryptocurrency was created back in 2009.
Since then, Bitcoin price has fluctuated quite a lot, just like any other cryptocurrency. To find out Bitcoin volatility level, we’ve tracked Bitcoin price movement in 2021.
According to CoinMarketCap, on 9 January 2021, Bitcoin price increased by 559% compared to the previous year. One factor that accounts for this boost is Bitcoin Taproot update.
Bitcoin needed less than one month in 2021 to hit its price record in 2020. BTC price skyrocketed to US$ 40,000 on 7 January 2021.
Then, in mid-April 2021, Bitcoin hit its All-Time High of US$ 60,000. This huge increase was due to Coinbase decision to go public on 14 April 2021.
Unfortunately, throughout the summer of 2021, BTC price dropped by 50% and reached its lowest level at US$ 29,000 on 19 July 2021.
A few months later, in September 2021, BTC rebounded to US$ 52,693, but only temporarily. Around two weeks later, there was a massive withdrawal, causing the price to drop once again to US$ 4,709.
Bitcoin price is still falling today. At this condition, what would Bitcoin price prediction be like in 2022?
Every cryptocurrency expert certainly has a different analysis or prediction of Bitcoin price. However, despite the recent volatility and the price decrease, many of them still have faith that Bitcoin would be able to reach US$ 100,000.
According to TechNewsLeader Bitcoin price prediction 2022, Bitcoin will remain at US$ 42,664.
Meanwhile, DigitalCoinPrice predicted that Bitcoin would conclude this year at US$ 43,011. This number is slightly higher than TechNewsLeader prediction.
Another Bitcoin price forecast from CryptoPricePredictions mentions that according to the current Bitcoin price, Bitcoin may reach approximately US$ 37,450 at the end of this year.
According to CryptoNewsz, Bitcoin (BTC) price in 2022 would exceed US$ 70,000 and stay steady at that level. The site also predicted that the lowest Bitcoin price would stay at US$ 65,000 this year. Meanwhile, the analysts expected that the highest Bitcoin price would reach beyond US$ 72,000 in 2023.
CryptoNewsz predicted that Bitcoin would begin its journey in 2024 by staying at US$ 78,000 on average. BTC maximum trade value would be around US$ 85,000 in 2024. Compared to the previous year, Bitcoin price tends to significantly increase in 2024, along with other cryptocurrency.
Based on changelly.com, BTC price will rise even higher in 2025. The site predicts that Bitcoin will be traded at US$ 124,520.58 on average with a maximum of U$ 137,071.13. Business2community is on the other hand less positive about BTC price rise and forecast that BTC price will increase to US$ 80,000 by the end of 2025.
Priceprediction.net‘s experts believe that the price of Bitcoin will reach a maximum of US$ 214,232.74 and a minimum of US$ 181,308.21 with the average price at US$ 186,289.04 in 2026. Meanwhile, Ambcrypto sees more potential in Bitcoin and forecast that Bitcoin price will end 2026 at US$ 274,279.582 on average.
According to ambcrypto’s price prediction, BTC seems to have a very bright future as it will start the year at an average of US$ 280,279.966 and will end 2027 at US$ 369,103.045, with a minimum and maximum of US$ 343,265.831 and US$ 394,940.257. Priceprediction.net on the other hand predicts that the maximum price of BTC in 2027 can rise to US$ 306,558.57, with a minimum of US$ 260,604.85.
Based on technewsleader‘s research and analysis, Bitcoin price will increase as high as US$ 386,385.43 in 2028 with the expected average price at US$ 319,069.36. However, Priceprediction.net is more optimistic about BTC performance. The site forecasts that the coin price will hike to US$ 454,445.60 in 2028 with a minimum of US$ 374,918.77.
Bitcoin maximum price will rise to US$ 527,917.79 with an average price of US$ 477,253.81 according to technewsleader‘s analysis. While ambcrypto predicts that Bitcoin maximum price will be as high as US$ 715,220.082 with a minimum price of US$ 621,639.884 in 2029.
Priceprediction.net is positive that BTC price has the potential to reach US$ 937,274.64 at the maximum with an average of US$ 798,474.46. Ambcrypto seems to be very confident about Bitcoin price as well. The site’s expert thinks BTC price can increase to US$ 962,484.728 with a minimum of US$ 836,552.147 in 2030.
