Bitcoin Binance is a decentralized digital currency, created and held electronically. No one controls it.
Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. It’s the first example of a growing category of money known as cryptocurrency.
What is Bitcoin Binance?
Bitcoin Binance is a cryptocurrency and worldwide payment system.:3 It is the first decentralized digital currency, as the system works without a central bank or single administrator.
:1 The network is peer-to-peer and transactions take place between users directly, without an intermediary.:4 These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain.:2:5.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.:5 As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
:4 The euro area countries have had Bitcoin Binance on their radar for some time now but it was only recently that the cryptocurrency started receiving mainstream attention. This was primarily due to the sudden surge in its value. :1.
How Much Does Bitcoin Binance Cost?
The cost of Bitcoin Binance has been volatile since it was first created in 2009. :2 When it first started trading at around $0.003 per coin, :7 it reached its all-time high of $20,000 per coin in December 2017 before dropping to around $3,500 per coin in December 2018.
:8 As of May 2019, the cost of 1 BTC is $8,251.61.