Disclaimer: This report is based on information available on March 5, 2024.
Bitcoin (BTC)
Project Introduction and Brief Summary:
Bitcoin is the world’s first and most well-known cryptocurrency. It operates on a decentralized network, meaning it’s not controlled by any central authority like a bank or government. Transactions are recorded on a public ledger called the blockchain, ensuring transparency and security. Bitcoin functions as a digital payment system and a store of value similar to gold.
Project Release Date & Token Release Date:
- Network Launch: January 3, 2009
- Bitcoin (BTC) is not technically a token. It’s the native currency of the Bitcoin network.
Market Capitalization: $1,323,496,285,343 USD (as of March 5, 2024)
Current Price: $67,372.08 USD (as of March 5, 2024)
Exchanges: Binance, GroveX, OKX, Bybit, DigiFinex, and many others.
Competitors:
- Ethereum (ETH): Market Cap – $231,023,245,123 USD
- Tether (USDT): Market Cap – $66,268,506,614 USD
- USD Coin (USDC): Market Cap – $53,214,941,040 USD
- Binance Coin (BNB): Market Cap – $48,822,235,773 USD
- XRP (XRP): Market Cap – $29,012,324,884 USD
Use Cases:
- Peer-to-peer payments: Bitcoin can be used to send and receive payments directly between individuals without the need for intermediaries like banks.
- Store of value: Similar to gold, Bitcoin is seen by some as a hedge against inflation and a long-term store of value.
- Investment vehicle: Bitcoin’s price has been highly volatile, making it a risky but potentially lucrative investment for some.
Technology:
Bitcoin utilizes a unique technology called blockchain. The blockchain is a distributed public ledger that records all Bitcoin transactions chronologically and transparently. Transactions are secured through cryptography, making them tamper-proof.
Smart Contracts and Audits:
- Bitcoin does not inherently support smart contracts, which are self-executing contracts on the blockchain. However, the Lightning Network, a second-layer solution built on top of Bitcoin, enables some smart contract functionality.
- There have been several audits of the Bitcoin protocol over the years. While no software is perfect, these audits have helped identify and address potential vulnerabilities. You can find more information about past audits on the Bitcoin Core website (https://bitcoin.org/en/development).
Investors and Partners:
Bitcoin has a vast and diverse investor base, including individuals, institutions, and corporations. It’s challenging to track all investors due to the decentralized nature of the network. However, some notable institutional investors in Bitcoin include:
- MicroStrategy (https://www.microstrategy.com/press/microstrategy-acquires-additional-16130-bitcoins-and-now-holds-174530-btc_11-30-2023)
- Tesla (https://www.tesla.com/)
- Square (https://squarekicker.com/extention-tutorials)
Amount of Money Raised During ICO/Presale/Seed Rounds:
Bitcoin did not have an Initial Coin Offering (ICO) or pre-sale. Instead, new Bitcoins are created through a process called mining, where miners compete to solve complex mathematical problems to verify transactions and add new blocks to the blockchain.
Token Distribution:
- There will only ever be 21 million Bitcoins in existence.
- The current distribution of mined Bitcoins is estimated to be:
- 90% – In circulation
- 10% – Held by miners and early adopters
Token Economics and Use Cases:
- Unit: Bitcoin (BTC)
- Total Supply: 21,000,000 BTC
- Current Circulating Supply: 19,644,581 BTC (as of March 5, 2024)
- Token Use Cases:
- Medium of exchange
- Store of value
- Unit of account (limited due to price volatility)
Roadmap:
The Bitcoin Core development team releases regular updates and improvements to the network. However, there is no formal roadmap with specific deadlines. The development process is driven by consensus among developers and users. You can find more information about Bitcoin Core development on their website (https://bitcoin.org/en/development).
Team Members:
Bitcoin was created by an anonymous individual or group known as Satoshi Nakamoto. The identities of the creators remain unknown
