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Bullex Listing Spotlight: Bitcoin (BTC)

"Bullex Listing Spotlight: Bitcoin (BTC)

As expected, Bullex will be launching with Bitcoin as one of its most prominent listed assets. Many of the trading pairs on Bullex will be listed against Bitcoin providing a model that many of you will be familiar with, but for those new to the world of cryptocurrencies, what is Bitcoin? Bitcoin was the first decentralized cryptocurrency, and it launched as an open source project in 2009 by a person, or group of people, known only as Satoshi Nakamoto. It is a digital currency that allows users to send and receive payments in a secure manner without the need to rely on a central bank or other intermediary.

This is made possible by the use of what has widely become known as a blockchain. A blockchain is a public ledger consisting of a sequential string of blocks (groups of transactions) storing all Bitcoin transactions that have ever occured. Each block contains the hash of the previous block guaranteeing that all blocks, and therefore transactions, are in order and accounted for. Approximately every 10 minutes, a new block is added to the chain, and all transactions (unless they can’t fit in one block due to block size limitations) that were sent after the last block are added to the current block via a process known as proof-of-work or mining.

Mining consists of using a computer to solve complex computational problems with the SHA-256 cryptographic hashing algorithm. A network of computers, also known as nodes, are all competing to be the first to solve the problem, and the computer, or group of computers, that solves the problem first is rewarded with newly minted Bitcoin and all transaction fees for the processed transactions. This reward is the main incentive for mining at this point and has led to a very large network of computers across the globe (decentralized) that would be nearly impossible to completely shut down. Each time a solution is found and verified by other miners, a new block of transactions is added to the blockchain. The reward for mining decreases over time, and eventually it will reach its maximum supply of 21 million Bitcoin, but that won’t happen for over 100 years even though 80% of it has already been mined.

To use Bitcoin outside of purchasing and trading it on Bullex, you will need to download one of the many wallet programs and create a Bitcoin “wallet.” Your wallet will have a public key that is used to identify you on the network and is where you will receive transactions and where your transactions will be sent from. Your wallet is secured by your private key, which is a string of 64 characters consisting of 0-9 and A-F. This is essentially your password for your wallet and is what proves that you are you when you are sending Bitcoin from your wallet. This prevents others from stealing your Bitcoin, and your private key should be secured and backed up in a very protected manner. If you lose your private key, you will lose access to your Bitcoin and no one will be able to retrieve them for you, but this is part of what makes Bitcoin so secure.

Bitcoin Blockchain Facts

-Block time: ~10 minutes
-Consensus type: PoW (Proof of Work)
-PoW Algorithm: SHA-256
-Current Supply: ~17.300.000
-Max Supply: 21.000.000
-Estimated date max supply is reached: 2140

Bitcoin may have been the first decentralized cryptocurrency, but it is certainly not the only one. Bitcoin and several other cryptocurrencies will be listed at the launch of Bullex, and we will be featuring all of the listed assets at launch in articles much like this one!

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