Convert 0.003 BTC to USD today

Bitcoin, the world’s first decentralized cryptocurrency, was designed to enable the recording, signing, and sending of transactions over the Bitcoin blockchain using public-key cryptography, all without the oversight of a central authority. It was launched in January 2009 by an anonymous person or group known as "Satoshi Nakamoto." The Bitcoin network facilitates peer-to-peer electronic payments and acts as a store of value.

Bitcoin (BTC) price USD 02/04/2025

As of 1 minute ago (02/04/2025), Bitcoin's price stands at 87,137.3 USD, +2.33% in the last 24 hours. The current market capitalization of Bitcoin is 1.72t USD. Bitcoin -7.11% since the beginning of the year. 

Key Characteristics of Bitcoin

• Unit and Divisibility: A single Bitcoin is divisible into 100 million units called satoshis. This high divisibility allows for the purchase of small fractions of a bitcoin, making it accessible even for small investments.
• Volatility and Performance: Despite its notorious volatility, Bitcoin has been the top-performing asset class over the past decade, increasing by 9,000,000% from 2010 to 2020.
• Genesis and Price Milestones: When Bitcoin was first launched, the initial price was $0.00. It reached parity with the U.S. dollar in February 2011, and after various market fluctuations, it peaked at 109,811.48 USD in March 2020.

Blockchain Technology: The Backbone of Bitcoin

• Distributed Ledger: Bitcoin transactions are recorded on a decentralized public ledger called the blockchain, which can be downloaded and maintained by anyone.
• Direct Transactions: Transactions occur directly between the sender and receiver without intermediaries, reducing transaction costs and processing times.
• Security and Control: Bitcoin owners have full control over their assets, secured by cryptographic keys. Bitcoins cannot be accessed without the owner’s private key.
• Fixed Supply: The total supply of Bitcoin is limited to 21 million coins, ensuring scarcity. Units of Bitcoin cannot be destroyed, preserving the total supply.

Mining Bitcoin: Securing the Network and Earning Rewards

• Proof-of-Work System: Bitcoin mining involves solving cryptographic puzzles to validate transactions and add them to the blockchain. This process, known as proof-of-work, ensures network security and integrity.
• Mining Rewards: Miners are rewarded with newly created bitcoins and transaction fees for each block they successfully add to the blockchain. Initially, the reward was 50 BTC per block, but it is halved approximately every four years. The current reward is 6.25 BTC per block, which will drop to 3.125 BTC after the next halving expected in 2024.
• Hashing and Target Hash: Miners use a cryptographic function to generate a hash from transaction data. To add a new block, the hash must be lower than a target value, which requires significant computational effort and energy.

The Evolution of Bitcoin

• Early Years and Price Fluctuations: Bitcoin saw its price reach $1,000 in 2013, followed by a series of significant events like the Mt. Gox hack and China's first crypto ban, leading to price volatility. In 2017, Bitcoin surged to $19,850, and after a bear market in 2018, it reached a new high of $64,799 in 2020.
• Bitcoin Halving Events: The halving events reduce the block reward and influence Bitcoin's supply dynamics, contributing to its scarcity and potential price appreciation.
• Genesis Block: The first block, known as the genesis block, was mined by Satoshi Nakamoto in January 2009, marking the beginning of the Bitcoin blockchain.

Environmental Impact of Bitcoin

• Energy Consumption: Bitcoin's proof-of-work mechanism requires significant energy, with the network consuming about 93 terawatt hours (TWh) annually as of 2021. This is comparable to the energy consumption of the 34th largest country.
• Criticism and Initiatives: Despite criticism from various quarters, Bitcoin's energy consumption is only a small fraction of global energy use. Initiatives like the Crypto Climate Accord and the Bitcoin Mining Council are promoting the use of renewable energy to mitigate the environmental impact.

Bitcoin Governance and Contributors

• Satoshi Nakamoto and Early Developers: The Bitcoin network was created by Satoshi Nakamoto, who later handed over development to other contributors such as Hal Finney, Wei Dai, Nick Szabo, and Gavin Andresen.
• Bitcoin Foundation: Formed in 2012, the Bitcoin Foundation aimed to support the development and adoption of Bitcoin but dissolved after three years due to financial issues.
• Blockstream and Innovations: Co-founded by Adam Back, Blockstream develops infrastructure for the Bitcoin network, including the Lightning Network and sidechains.

Investing in and Using Bitcoin

• Exchanges: Bitcoin can be traded on various platforms like ONUS, Binance, and Coinbase.
• Cost-Effectiveness: Transactions typically incur lower fees compared to traditional financial systems.
• Privacy: Bitcoin transactions offer enhanced privacy as they are pseudonymous.
• Global Reach: Bitcoin enables cross-border transactions without the need for currency conversion.
• Investment Potential: Many investors view Bitcoin as a valuable asset with the potential for significant price appreciation.

Storing Bitcoin

• Wallets: Bitcoin wallets, which function as virtual bank accounts, can be software-based or stored securely in the cloud. These wallets are used to store, send, and receive Bitcoin.

Market Statistics: A Snapshot of Bitcoin's Presence

• Market Capitalization: Approximately $1.3 trillion.
• Daily Transaction Volume: About $4.3 billion in Bitcoin transactions occur daily.
• Ownership Distribution: Around 80% of Bitcoin in circulation has been purchased, while 20% has been mined.

Bitcoin remains a revolutionary digital currency, continuously influencing the financial world with its innovative technology, unique characteristics, and significant market presence.