In this article, we will learn about Bitcoin, which was discovered one year after the discovery of the Blockchain network. We will examine the beginning of the digital money era, which will be called a new money revolution in the world in the future. Let's learn about this revolution together.
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Introduction
After the 2008 crisis, a person or persons named Satoshi NAKAMOTO published technical articles on Bitcoin, a peer-to-peer electronic payment system. Thus, Bitcoin emerged as a decentralized, third-party cryptocurrency protected against intervention.
In 2009, it entered use as a public network. Afterwards, Bitcoin was called the first successful cryptocurrency "1st generation Blockchain".
Satoshi Nakamoto published a text on the Nakamoto Institute's website in February 2009. This text, which explains the importance of digital currencies, includes the following words:
“MANY PEOPLE AUTOMATICALLY REFUSE TO ADOPT E-CURRENCIES BECAUSE OF ALL THE COMPANIES THAT HAVE GOEN BANKRUPT SINCE THE 1990s.”
“I HOPE THAT CITIZENS WILL ONE DAY UNDERSTAND THAT IT IS THE CENTRALLY CONTROLLED NATURE OF THESE SYSTEMS THAT IS DOOMING THEM. I THINK THIS IS THE FIRST TIME WE ARE TRYING A SYSTEM THAT IS NOT DECENTRALIZED AND NOT BASED ON TRUST.”
Basic Information About Bitcoin (BTC)
Project Name: Bitcoin (BTC)
Sector: Cryptocurrency
Website: https://bitcoin.org
Technical Article: https://bitcoin.org/bitcoin.pdf
Total - Circulating Supply: 19,873,468 (Last Updated Data: 2/06/2025) Source
Maximum Supply: 21,000,000
Supported Blockchain Networks: BTC Network (Integrated with All Blockchain Networks)
Exchanges Available for Purchase: Binance, MEXC, KuCoin, HTX, Gateio, OKX, Bybit etc.
What is Bitcoin?
Bitcoin is a creative payment network and a new currency.
Bitcoin is a system that works without a central authority or bank using peer-to-peer technology. The management of transactions and the distribution of bitcoins are managed collectively by the network. Bitcoin is open source; its design is public, no one owns or controls Bitcoin, everyone can participate. Thanks to its many unique features, Bitcoin can handle very different payments that cannot be made with other payment methods.
The maximum amount of Bitcoin that can be produced on the Bitcoin Blockchain platform is 21 million. Bitcoin provides peer-to-peer, address-to-address transfers, and the block generation time is approximately 10 minutes.
Bitcoin addresses are the identities of users on the platform. They cannot be associated with the person who made the transaction, and if the keys to these addresses are lost, rights to the addresses cannot be claimed.
Thanks to its distributed structure, Bitcoin rose against today's financial order in a very short time. This also made it the enemy of the capitalist order. Because today's financial system is in the hands of the capitalist system.
While it is possible to track transactions entering the Bitcoin network, it is impossible to find out who made the transaction.
Transactions approved on the Bitcoin Blockchain network cannot be reversed and these transactions cannot be changed due to the chain structure.
Because it is not subject to regulation or control, Bitcoin's value has increased from zero to thousands of dollars. Given its limited supply, it is expected to increase even more.
What is Spot Bitcoin ETF?
The United States Securities and Exchange Commission (SEC) approved 11 Spot Bitcoin ETFs (Exchange Traded Funds) on January 10, 2024. This was a long-awaited development.
This approval includes 11 companies' Bitcoin ETFs. These companies are; ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex and Franklin Templeton.
So what does this mean? Bitcoin is now accepted as an investment vehicle in the US markets. Bitcoin, whose supply is limited to 21 million units, has become an even more valuable investment vehicle.
As a result of this approval, cryptocurrencies are now expanding the financial system by coming together with stock exchanges as we know them. The recent increase in Blockchain and Metaverse funds was evidence of investors' great interest in Blockchain technologies. Spot Bitcoin ETF approval could be the result of this interest. This approval will be a turning point for the Crypto sector.
What is the Working Logic of Bitcoin?
Bitcoin is a decentralized, limited supply, and not dependent on any authority digital currency. It allows interpersonal money transfers on a cryptographic network created on the blockchain, namely the BTC network, that is, it can be used as digital money. It is a new alternative to the gold investment that has been going on since ancient times.
What is the Purpose of Bitcoin?
The purpose of Bitcoin is to bring a new alternative to the current monetary system in the world. BTC is an interpersonal, transparent and accessible cryptocurrency. It is the best option against the US Dollar, which is the dominant currency in the current world monetary system, and the investment vehicle Gold. Bitcoin can be used both as a reserve currency and in trade.
Is Bitcoin State Guaranteed?
Bitcoin is a digital (crypto) currency that is not tied to a central authority. Therefore, there is no state guarantee. If Bitcoin is accepted as a value like gold with future laws, it can be taken under state guarantee. El Salvador and the Central African Republic have accepted Bitcoin as legal reserve currency, and they also use it in payment transactions.
What are Bitcoin and its advantages?
"Bitcoin is the simplest way to transfer money with very little cost."
Now let's learn the advantages and benefits that Bitcoin adds to our lives.
Provides Convenience in Mobile Payments
Bitcoin allows you to make payments on mobile platforms in two simple steps: scan the QR code and pay. There is no need to swipe your card through the reader, enter a PIN code or sign anything. All you need to receive Bitcoin payments is to show the QR code in the Bitcoin wallet application and have your friend scan it with their phone. Or you can touch the two phones together (using NFC radio technology).
Provides Control and Security Over Your Money
Bitcoin transactions are secured with military-grade cryptography. No one can request money or make payments in your name. As long as you take the necessary steps to protect your wallet, Bitcoin gives you the ability to control your money and protect you from fraud.
Works Anywhere, Anytime
Just like email, you don’t have to force your family to use the same software and the same service provider. Let them use whatever they want. No problem, they are compatible because they all use the same open technology. The Bitcoin network never sleeps, even on vacation!
Provides Fast International Payments
With Bitcoin, you can transfer BTC from Africa to Canada in 10 minutes. There is no intermediary bank to slow down the process, impose unnecessary fees, or freeze the transfer. You pay your neighbors the same way you pay your relatives in another country. It is important to note that Bitcoin is a pioneer in this regard. Similarly, most altcoins work like Bitcoin in this regard.
Offers Zero or Low Fee Advantage
Bitcoin allows you to receive and send payments for a very low fee. There is no mandatory fee except for some special cases such as very low payments. It is recommended that you make a voluntary payment as much as possible in order to have your transaction confirmed faster and to do justice to the people who manage the Bitcoin system.
Protects Your Identity
There is no credit card number in Bitcoin that malicious users can seize and use as your own. You can even make payments without revealing your identity, just like real money. However, you may need to put in some effort to protect your privacy.
Can Bitcoin be used in shopping?
Some companies in the world are making payments with Bitcoin and also Bitcoin ATMs are used in some places. According to the latest information on the Wikipedia website; In 2015, the number of merchants who received payments with Bitcoin exceeded 100,000 people. It is thought that this number will approach 500,000 people by 2024. Some companies that receive payments with Bitcoin are; PayPal, Microsoft, Dell, Newegg, Overstock, Expedia, TigerDirect, Dish Network, Zynga, Time Inc, Virgin Galactic, Sacramento Kings and more.
What is Altcoin?
After the rise of Bitcoin, many more cryptocurrencies have emerged. These currencies are called "Alternative Coin", in other words "Altcoin" .
While alternative cryptocurrencies were being created, they were benefited from the competitive advantage by having different features at various points and new market types emerged.
Examples of these differences include the maximum amount of money that can be produced, the algorithm, Blockchain subtypes (private/shared, permissioned/permissionless consensus).
Bitcoin Halving What is BTC Halving?
Halving refers to a process that reduces the issuance rate of coins in Bitcoin. In other words, Bitcoin halving is the periodic reduction of the block rewards provided to miners. This process ensures that the Bitcoin supply continues until the maximum supply is reached. Halving has become one of the fundamental elements of the Bitcoin economic model, as they guarantee that Bitcoin will be released to the market at a constant rate and will show a predictable decrease rate. This controlled inflation rate is the main difference between Bitcoin and traditional fiat currencies (Dollar, Euro, etc.) that have essentially infinite supply.
The first halving in Bitcoin took place in 2012, and the block reward was reduced from 50 BTC to 25 BTC. The second halving occurred in 2016, and the block reward was reduced from 25 BTC to 12.5 BTC. The third halving occurred in 2020, and the block reward was reduced from 12.5 BTC to 6.25 BTC. The next halving will occur in 2024, and the reward will be reduced to 3,125 BTC. As this process continues, it seems inevitable that Bitcoin will become even more valuable.
Around April 16-17, 2024, the Bitcoin block reward, which is 6.25 BTC per block, will be reduced to 3.125 BTC per block. This event is a sign of victory and further appreciation for Bitcoin. Major changes may occur in the market.
Below is a Bitcoin Halving-Time graph regarding Bitcoin Halving. Examine the graph to understand the subject. Over time, the halving reward curve becomes more horizontal and the Bitcoin supply, which has a maximum supply of 21 million, increases less over time.
Image: Time and Bitcoin halving difficulty number graph
How Does Bitcoin Gain Value?
As I explained above, Bitcoin is an asset with a limited supply. The fiat currencies of the world states, the American dollar, the European Union Euro, the Turkish lira and other currencies have an unlimited supply. They cannot remain at a certain value and as a result, inflation occurs. The American central bank, the FED, regularly burns and destroys a certain amount of dollars each year. Bitcoin is a limited asset like Gold and Silver, and it is cryptographically written to be only 21 million units. This supply cannot increase or decrease. In addition, the mining rate becomes more difficult with each halving period. It has a deflationary structure as it is produced less and less. In other words, it is both an asset with a limited supply and an asset that is more difficult to extract every year. This allows it to gain value over time.
How and Where to Buy Bitcoin (BTC)?
To buy Bitcoin, you must first register and open an account on a cryptocurrency exchange of your choice. Then you can buy and sell Bitcoin and Altcoins from the exchange you want.
Bitcoin (BTC) is listed on many CEX and DEX exchanges around the world. You can buy Bitcoin (BTC) by registering and opening an account on the exchanges listed below.
Click to Register on MEXC Exchange and Buy Bitcoin (BTC).
Click to Register on KuCoin Exchange and Buy Bitcoin (BTC).
Click to Register on HTX Exchange and Buy Bitcoin (BTC).
Click to Register on Gate io Exchange and Buy Bitcoin (BTC).
Click to Register on Bybit Exchange and Buy Bitcoin (BTC).
Click to Register on Binance Exchange and Buy Bitcoin (BTC).
Click to Register on OKX Exchange and Buy Bitcoin (BTC).
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