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Total Market Cap 🛈

24h Volume (Global) 🛈

Circulating Supply 🛈

18,662,452 BTC
Max Supply 21,000,000
Circulating Supply 18,662,452
Total Supply 18,662,452
Issue Date 2008-11-01
Cryptographic Algo PoW
Consensus Protocol SHA256
GitHub https://github.com/bitcoin/
White Paper https://bitcoin.org/bitcoin.pdf
Explorer https://btc.com/
Website https://bitcoin.org/
What is Bitcoin (BTC) and how does it work?

Bitcoin is often described as the world's first cryptocurrency, a digital currency that is available electronically without restrictions or limitations. Bitcoins are created as a reward for a process known as mining, a proof of work prize where computing power is used to verify transactions in return for BTC. Bitcoin was theorized and created following the 2008 Financial Crisis and has grown at an amazing pace since. During the August of 2008 a new domain was registered for the first time, it was titled bitcoin.org. In November 2008 a link to paper was posted through many Cryptographic forums/mailing lists with the title Bitcoin: A Peer-to-Peer Electronic Cash System posted by an entity only known as Satoshi Nakamoto. It is not known who or what Satoshi Nakomoto is, there have been many theories regarding their identity but to this day, it is still unknown and a mystery. What Satoshi proposed was a purely peer-to-peer electronic version of money with payments sent directly for one to another without the intrusion of a financial institutions or governments. Satoshi Nakamoto implemented the bitcoin software as open source code and released it in January 2009. The Bitcoin network was created when Nakamoto mined the first block, also known as the “genesis block” in January 2009 and is rewarded 50 BTC.

Satoshi also embeds text to this genesis block which reads “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, a clear indication as to Satoshi’s opinion on the current system. Also, to note the The Times is a UK based newspaper which has led some theorists to believe that Nakamoto may be a British National. The first user to receive Bitcoins was Hal Finney, who had created the first proof of work code in 2004. Hal Finney downloaded the bitcoin software close to its release, and on the 12th of January 2009 received a transaction of 10 BTC from Nakamoto. The reported first exchange of Bitcoin for a consumer product took place on the 22nd of May 2010. Programmer Laszlo Hanyecz, another early adopter of Bitcoin, spent 10,000 BTC (worth around $25 at the time) for two large Papa John’s pizzas. In order to immortalize this milestone many current Bitcoin adopters celebrate May 22nd as Bitcoin Pizza Day.

Bitcoin works due to the blockchain technology pioneered in the Bitcoin protocol. The blockchain is a shared public ledger where any user can see it’s balances on a blockchain explorer. All confirmed transactions are broadcast on the blockchain, this allows wallets to check their spendable balances to ensure that any new transaction can be verified. The blockchain relies upon cryptography in order to maintain its integrity. A transaction is a transfer of coins between wallets that gets included on the blockchain. Wallets will keep a hidden piece of data called a private key, this is used to sign transactions and provide mathematical proof that this was authorized from the owner of the wallet. The private key also denies the possibility of a transaction being altered by anyone once it has been broadcast. To date Bitcoin is the most secure and decentralized cryptocurrency available and is seen as the gold standard.

Why is Cryptomate the best UK digital currency gateway?

We aim to deliver your coins within one hour of your order being placed and payment being confirmed. Thanks to Faster Payments, you are now able to purchase in no time using just your online banking account to purchase.

We do not store any payment information on our servers. You make your payments through your online banking service, not through a 3rd party processor. All communication is secured through 256-bit SSL.

Our service couldn't be easier to use. The only thing required from you to use Cryptomate is access to online banking within the UK. Joining the cryptocurrency revolution has never been simpler! More info here.