Bitcoin price in euros

Bitcoin is a decentralized digital payment network whose native currency is BTC. It was created by Satoshi Nakamoto, the pseudonym of a person or group whose identity remains unknown, and its network launched on January 3, 2009.

It lets you transfer value without a bank or other central intermediary checking that the same money isn’t spent twice. Transactions are recorded on a public ledger, the blockchain, and independent nodes check that the network’s rules are followed.

What it’s used for

Users hold BTC as an investment asset, send money across borders and pay businesses that accept it. Transfers work without banking hours, but the cost and confirmation time depend on demand for block space.

For smaller and faster payments there’s the Lightning Network, an additional network of payment channels built on top of Bitcoin. Using it comes with different requirements, such as having enough liquidity available in the channels.

How many BTC are there

The maximum supply is 21 million BTC, with total issuance falling just short of that number under the current rules. New BTC are issued through mining: miners put computing power into the proof-of-work mechanism and are rewarded for valid blocks.

The block subsidy is cut in half every 210,000 blocks, roughly every four years, and miners also collect transaction fees. The last fractions of BTC are expected to be issued around 2140; some of the coins already issued may be permanently inaccessible because of lost keys.

What to watch out for

Custody of the private keys determines who controls the BTC: if they’re lost, there’s no service that can restore access. If an exchange holds them, you take on the risk of that provider being hacked or failing, which is different from Bitcoin itself being hacked.

The concentration of power in large mining pools, energy consumption and limits on transaction capacity are real challenges. At the same time, high volatility makes everyday payments difficult, and regulatory and tax obligations also need checking for users in Greece.

We think Bitcoin’s core technological value is transferring value without a central administrator, in exchange for greater personal responsibility for custody and use.