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Best 10 Bitcoin Apps
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Bitcoin

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The term bitcoin first appeared on the web in 2008 and was used to register the name of a website. Near the end of that year, a group or person using the name Satoshi Nakamoto released a report identifying it as an "electronic cash system". Just a few months later, in January 2009, the bitcoin was officially released as open-source software.

The first bitcoin owners included creators of previous forms of digital currency, such as the "bit gold" and "b-money". It wasn't until 2010, that the first purchase was made using bitcoin. At the time, the bitcoin was worth a fraction of what it is today, with the buyer paying 10,000 bitcoins for two Papa John's pizzas. The same year, the bitcoin creator Satoshi Nakamoto, gave control of the network key to Gavin Andresen, a software developer, who later became a central figure in the push to decentralize the cryptocurrency.

Most initial bitcoin transactions were conducted over the dark net, as it enabled users to purchase illegal goods and services without leaving a trail. In fact, several sites on the Dark web, went so far as to only accept bitcoin as a form of payment.

The rise of bitcoin as a popular form of electronic currency has prompted governments and institutions to take a stance and establish possible regulations or guidelines for its use. While some governments, such as China have prohibited using bitcoin and other forms of digital currency, countries like the United States have recognized it as a form of currency. In 2013, the United States Drug Enforcement Administration seized bitcoin for the first time, and in 2018, the cryptocurrency was accepted for the first time as a way to pay taxes, by means of an intermediary who exchanges the cryptocurrency for dollars. 

The status of bitcoin as a form of currency has been subject to debate by different organizations throughout the years. Although some argue against recognizing it as currency, it is more widely recognized as a medium for exchange. This has not hampered the public's general interest in the cryptocurrency, as there are approximately 3 million users owning bitcoin in 2017, up from a bit less than 1,000,000 in 2013.

The practical use of bitcoin has also been a limiting factor in its general acceptance by merchants. Because bitcoin payment processing times take approximately ten minutes per transaction, it quickly loses attractiveness as a form of payment in the retail market. Costly transaction fees also make it impractical for small individual purchases.

The value of bitcoin has been highly volatile throughout the years. For example in April 2013, it lost 70% of its value in just a few weeks and subsequently shot back up in value by over 110% within just a few hours. While in 2011, the bitcoin was valued at $0.30, by January 2018, the cryptocurrency had amassed a value of more than $13,000 per bitcoin. Bitcoin price prediction 2018 from many economists projected it to surpass $25,000 by the end of the year. However, as of December 2018, the current bitcoin price USD $3,300 is much lower than at the beginning of the year.

The volatile nature of bitcoin has prompted many price index tracking services around the world to closely follow the cryptocurrency. Users can easily find the current price of bitcoin, cash price, bitcoin stock price today, bitcoin price history, price charts, and price graphs online. Websites like Coin Desk, Coin Market Cap, CNN, Coin Base, and many others, publish the bitcoin current price and other statistical data valuable to buyers.

Bitcoin mining is a necessary process for the successful and secure completion of bitcoin transactions. Significant computer processing power is required as unique blocks of computer algorithm need to be found and assigned to bitcoin transactions. These blocks must comply with variable difficulty parameters that are set by the network. The difficulty setting is set in accordance with the amount of processing power that is available to the network at a given time. Generally, one block takes approximately 10 minutes to mine. Newer transaction blocks are built upon previous blocks, creating a blockchain of all transactions. This requires blocks to be broadcasted to the network continuously, so the network of bitcoin miners produce consistent and complete blocks.

Bitcoin miners are rewarded with newly created bitcoins for every block they complete. However, the supply of bitcoins is limited, so every 4 years the number of bitcoins that are rewarded is halved until eventually, no more bitcoins will be available. Bitcoin miners also get their income from transaction fees. Although there is no set value for transactions fees, generally clients pay higher fees so that priority is given to process their transaction. Bitcoin mining has become an industry within itself, with startups generating over $1 billion in between 2012 and 2015.

While the technology behind bitcoin has significant potential, it has also received a lot of criticism from a variety of organizations, institutions, and economists.

The major concern revolves around the fact that many believe bitcoin to be a result of false speculation, which will result in the eventual crash of its apparent value. In the past, some have even called the bitcoin market a pyramid scheme and a Ponzi scheme. However, attempts to substantiate these claims have failed.

Environmentalists groups have been critical about the high power consumption required by bitcoin mining. Between 1 to 4 gigawatts of electricity is estimated to have been consumed globally by bitcoin miners near the end of 2017. Although the number is significant, it only amounts to approximately 6% of the power used by the banking sector.

Many also advise against investing in the cryptocurrency as it has the added risk of being subject to hackers or fraud. By the end of 2017, almost 1 million bitcoins have been stolen by hackers, phishers, and scammers.

Last but not least, the fact that bitcoin transactions are unregulated by a central bank or government, has opened the door for it to be used in illegal transactions, such as purchasing drugs, unregistered weapons, and other nefarious activity. Similarly, there is great concern that bitcoin can be easily used in money laundering schemes. 

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Best 10 Bitcoin Apps

  • 1 ranking-icon-1
    Trade crypto, securely store in wallet, and follow crypto news and market trends
    4.6 Ratings 2M+ Reviews 10M+ Downloads
    Free Feature Rich Fresh 1M+ Reviews Editor's Choice
    Free
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  • 2 ranking-icon-2
    Gemini is the safe, secure, easy way to buy bitcoin and other cryptocurrency.
    4.7 Ratings 85K+ Reviews 1M+ Downloads
    Free Fresh
    Free
    Free

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  • 3 ranking-icon-3
    Best Crypto Spot & Derivatives Exchange to Buy, Sell, and Trade Bitcoin.
    5.0 Ratings 89K+ Reviews 1M+ Downloads
    Free Fresh
    Free
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  • 4
    Buy & sell cryptocurrency | Blockchain wallet | Bitcoin, Ethereum & more crypto
    4.0 Ratings 91K+ Reviews 5M+ Downloads
    Free Feature Rich Fresh Editor's Choice
    Free
    Free

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  • 5
    Buy & use bitcoin and crypto
    4.4 Ratings 43K+ Reviews 5M+ Downloads
    Free Fresh Editor's Choice
    Free
    Free

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  • 6
    Buy Bitcoin and other crypto, use the cryptocurrency widget in the CEX.IO app.
    4.1 Ratings 19K+ Reviews 1M+ Downloads
    Free Fresh
    Free
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  • 7
    Crypto Wallet & Exchange
    4.4 Ratings 964+ Reviews 10K+ Downloads
    Free Fresh
    Free
    Free

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  • 8
    Send, Receive, Invest, Bitcoin
    4.6 Ratings 7K+ Reviews 100K+ Downloads
    Free Fresh
    Free
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  • 9
    Buy Bitcoin with the lowest fees, and put your cryptos to work with Earn.
    4.4 Ratings 2K+ Reviews 100K+ Downloads
    Free Fresh
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  • 10
    Cryptocurrency Exchange
    4.3 Ratings 7K+ Reviews 1M+ Downloads
    Free Fresh
    Free
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