Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
The first bitcoin transaction was cypherpunk Hal Finney, who had received the first bitcoin transaction from Satoshi Nakamoto himself. Nakamoto is estimated to have mined one million bitcoins before disappearing in 2010 when he handed the network alert key and control of the code repository over to Gavin Andresen.
Andresen later became lead developer at the Bitcoin Foundation.
The price of a bitcoin reached US$1,139.9 on 4 December 2013.
On 5 December 2013, the People’s Bank of China prohibited Chinese financial institutions from using bitcoins. After the announcement, the value of bitcoins dropped, and Baidu no longer accepted bitcoins for certain services.
Bitcoin active times can be difficult to determine due to its decentralized nature. However, we can take a look at some data to get an idea of when activity is highest.
According to CoinDance, a website that provides data on Bitcoin activity, trading volume is highest on weekdays between 9am and 10am GMT (4am and 5am EST). This is likely due to increased activity in Asia during those hours.
Europe also sees significant activity during this time period, with trading volume picking up between 3pm and 4pm GMT (10am and 11am EST).
activity also tends to be higher during times of market volatility. This makes sense, as investors are likely to trade more frequently when prices are fluctuating rapidly.
For example, trading volume spiked in late 2017 when prices reached an all-time high of around $20,000 per bitcoin.
In conclusion, while there is no definitive answer as to when Bitcoin is most active, we can see that activity tends to be highest during weekdays in Asia and Europe.