What is Bitcoin (BTC)?

Bitcoin (BTC) is a digital currency and a peer-to-peer electronic payment system that operates without a central authority. Its whitepaper was published in 2008 by a person or group of people using the name Satoshi Nakamoto. It is the “first cryptocurrency” and the “first decentralized blockchain network.”

Bitcoin has been around since 2009, but the increases in Bitcoin’s price in 2020 and beyond brought it to the attention of almost everyone. So, fundamentally, what is Bitcoin (BTC)? Is it a tangible asset, money, or something more like gold? How did Bitcoin investors become millionaires? What Bitcoin commentary and analysis do leading industry figures offer? When was Bitcoin launched? Let’s explore…

When Was Bitcoin Launched? Its History and Development

When was Bitcoin launched? This is a frequently asked question. To fully answer what Bitcoin is, it helps to understand its history.

• The Bitcoin whitepaper was published on October 31, 2008, under the title “Bitcoin: A Peer-to-Peer Electronic Cash System.” It bears the name of Satoshi Nakamoto, whose identity remains unknown. Emerging during the global financial crisis triggered by the 2008 mortgage crisis, Bitcoin proposed a way to transfer value directly between peers without a central intermediary.
• On January 3, 2009, the first block of the Bitcoin blockchain, known as the genesis block, was created. It included that day’s headline from The Times: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This headline refers to the banking crisis of the time and conveys Bitcoin’s emergence as an alternative financial system.
• On January 11, the renowned cryptographer Hal Finney posted the following on Twitter: “Running bitcoin.” Finney was thus among the first people to run the Bitcoin software.
• January 12, 2009, marked an important milestone in Bitcoin’s history. The first person-to-person BTC transfer took place that day, when 10 BTC was transferred from Satoshi Nakamoto’s wallet address to Hal Finney’s address.

What Are Bitcoin’s Main Features?

Bitcoin emerged as the first cryptocurrency, with a decentralized and transparent structure described in its whitepaper. The Bitcoin blockchain began to be used with the first transfer in January 2009 and has been described as a “first-generation blockchain.” Quickly gaining popularity, BTC now competes with the stock market and even gold, while remaining a pioneer in the cryptocurrency market.

Thanks to its distributed, decentralized, and transparent structure, Bitcoin quickly emerged as a challenger to the existing financial system. Its limited supply, combined with growing adoption, has made it a “scarce” financial instrument. Bitcoin technology has been adopted by many investors and financial institutions, as well as public institutions.

As a pioneer in the cryptocurrency world, Bitcoin has helped drive the development of numerous industries and technologies. In addition to the technological innovation it introduced, its transparent blockchain and limited supply have led many investors to view it as an investment asset with low supply inflation and significant potential.

However, because Bitcoin could not provide sufficient speed and scalability for various applications, many other cryptocurrencies emerged. These cryptocurrencies are known as “alternative coins,” or “altcoins.”

What Are the Advantages of Bitcoin?

As the first crypto asset, Bitcoin offers numerous advantages. A low inflation rate and a reliable payment system are among its main benefits.

Bitcoin’s advantages can be listed as follows:

• Its supply cap of 21 million allows it to serve as a store of value.
• Its decentralized structure eliminates a single point of failure, making it highly secure.
• Its decentralized structure makes external interference very costly.
• It can enable faster and cheaper transfers than traditional methods.

As Bitcoin’s use cases and acceptance expand, the benefits it offers users may also increase.

What Are the Disadvantages of Bitcoin?

Alongside its advantages, Bitcoin also has several disadvantages:

• Although not as volatile as some other cryptocurrencies, BTC’s price remains highly volatile, making it harder to use as a means of payment.
• Bitcoin’s transaction speed and capacity are considerably lower than those of competitors such as Ethereum (ETH) or Solana (SOL).
• Operating the Bitcoin blockchain requires substantial energy consumption.

For these reasons, anyone considering trading Bitcoin should take its advantages and disadvantages into account.

How Is Bitcoin’s Price Determined?

In theory, Bitcoin’s price is determined by supply and demand. Since Bitcoin’s supply follows a defined schedule, its price equilibrium is influenced by market risk appetite and demand. Several factors affect overall market demand.

• Central bank interest rate decisions
• Geopolitical tensions
• Global economic crises
• Market risk appetite

Factors such as these have a significant influence on Bitcoin’s price. The balance between supply and demand, shaped by market risk appetite, is reflected in the price at which buyers and sellers agree to trade an asset. This is where Bitcoin’s price formation begins: when people start buying Bitcoin, its value begins to rise because the amount in circulation is limited; when they start selling, its value falls. In short, prices rise when demand for Bitcoin increases and tend to fall when demand decreases.

How Much Is Bitcoin in TRY? Calculating Bitcoin’s Value in Turkish Lira

If you are wondering how much Bitcoin is worth in Turkish lira, you can use our Bitcoin price calculator. You can also calculate its TRY value yourself using the BTC/USD exchange rate. Here is how:

• Check the BTC/USD price to find out how many US dollars 1 BTC is worth.
• Check the USD/TRY exchange rate and multiply Bitcoin’s USD price by the value of 1 US dollar in Turkish lira.

That’s it! The result answers the question: How much is 1 BTC in TRY?

Bitcoin Price by Year

Bitcoin’s price changes according to market demand and other factors. From its launch in 2009 to the present day, Bitcoin has experienced rapid price growth over the years. Its price was very low in its early days but increased over time. Although Bitcoin appeared to have little value when it launched in 2009, its price changed as its popularity grew:

Yıllara Göre Bitcoin Fiyatı	BTC/USD (ABD Doları)	BTC/TRY (Türk Lirası)
2009 Yılı Bitcoin Fiyatı	0,00043478	0,000673909
2010 Yılı Bitcoin Fiyatı	0,06	0,09
2011 Yılı Bitcoin Fiyatı	6,05	10,1
2012 Yılı Bitcoin Fiyatı	8,46	15,14
2013 Yılı Bitcoin Fiyatı	189,54	360,12
2014 Yılı Bitcoin Fiyatı	526,02	1.151,98
2015 Yılı Bitcoin Fiyatı	272,36	740,81
2016 Yılı Bitcoin Fiyatı	567,25	1.713,09
2017 Yılı Bitcoin Fiyatı	4.001,16	14.604
2018 Yılı Bitcoin Fiyatı	7.558,21	36.354
2019 Yılı Bitcoin Fiyatı	7.196	40.801
2020 Yılı Bitcoin Fiyatı	29.000	203.290
2021 Yılı Bitcoin Fiyatı	44.337	395.042
2022 Yılı Bitcoin Fiyatı	514.850	46.252
2023 Yılı Bitcoin Fiyatı	316.038	16.530
2024 Yılı Bitcoin Fiyatı	1.281.281	42.279
2025 Yılı Bitcoin Fiyatı	3.281.272	93.455

Looking at Bitcoin’s price over the years, it is possible to observe an overall upward trend despite declines during certain periods. After the peak in 2017, the market entered a quieter period before rising to new highs as demand increased during the pandemic in 2020. In 2024, Bitcoin’s price rose sharply following the approval of spot Bitcoin ETFs in January and Donald Trump’s subsequent election as US president. During this period, Bitcoin, the first cryptocurrency, surpassed $100,000 for the first time and repeatedly set new records.

Bitcoin Commentary: Expert Opinions and Market Analysis

Bitcoin’s technology and innovation have encouraged many users and investors to take an interest in cryptocurrencies. It is one of the leading cryptocurrencies in terms of both trading volume and recognition. Any Bitcoin commentary should take this fact into account first: Bitcoin is the largest cryptocurrency!

Commentary on Bitcoin also highlights that its popularity and recognition make it the first stop for many investors entering the cryptocurrency market. These views suggest that BTC is expected to remain the best-known cryptocurrency for a long time, thanks to both its popularity and its decentralized technology.

Below, you can find Bitcoin commentary and analysis from experts and prominent figures whose views attract the market’s attention.

Donald Trump’s Comments on Bitcoin

Donald Trump, the 45th and 47th president of the United States, opposed Bitcoin until 2022. Since 2022, he has been one of its strongest supporters. Here are some of his notable comments on Bitcoin:

• “We can mine Bitcoin very cheaply. With low energy costs, the United States will become the undisputed Bitcoin mining capital of the world.”
• “BTC and cryptocurrencies will grow our economy, strengthen America’s financial dominance, and make our country stronger.”
• “I will make the United States the crypto capital of the world.”
• “[Bitcoiners] are the Edisons, the Wright Brothers, the Carnegies, and the Henry Fords of our time.”
• “The cryptocurrency industry is like the steel industry a hundred years ago.”

Elon Musk’s Comments on Bitcoin

Elon Musk, the entrepreneur and CEO of companies such as SpaceX and Tesla, is also among the most prominent supporters of cryptocurrencies. Here are some of his notable comments on Bitcoin and cryptocurrencies:

• “I am a supporter of Bitcoin. I really think Bitcoin is on the verge of gaining broad acceptance in conventional finance.” (2022)
• “Paper money is going away. Cryptocurrencies are a much better way to transfer value than a piece of paper, that’s for sure.”
• “If the price of Bitcoin goes down, I lose money. I might pump, but I don’t dump. I definitely do not believe in driving up the price and selling, or anything like that. I want Bitcoin to succeed.”

Michael Saylor’s Comments on Bitcoin

Strategy, formerly MicroStrategy, is a leading corporate BTC investor. Here are some comments on Bitcoin from Strategy founder Michael Saylor:

• “My formula for success is to get up early, work late, and buy Bitcoin.”
• “Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, and growing exponentially smarter, faster, and stronger behind a wall of encrypted energy.”
• “You may not be interested in Bitcoin, but Bitcoin is interested in you.”
• “The halls of eternity echo with the cries of those who sold Bitcoin.”

Where Can You Buy Bitcoin?

“Where can you buy Bitcoin?” is one of the first questions asked by people who want to purchase BTC. To buy Bitcoin through a cryptocurrency exchange, users need to open an account. After opening an account with Bitlo, users can purchase Bitcoin at current market prices by trading the BTC/TRY pair.

To buy Bitcoin:

• Sign up for Bitlo and complete the KYC verification process.
• Deposit funds into your account through one of Bitlo’s partner banks.
• You can then trade the BTC/TRY or BTC/USDT pairs.

You can also use our “Recurring Investment” feature to start accumulating Bitcoin automatically.

What Is Bitcoin Mining?

Bitcoin mining is a system required to maintain the security and continuity of the Bitcoin blockchain. Bitcoin operates using Proof of Work (PoW). Miners receive Bitcoin as a reward for each block they add to the blockchain under this algorithm.

Bitcoin mining (cryptocurrency mining) essentially involves adding new blocks to the system by solving cryptographic puzzles. Solving these puzzles depends on the computer’s processing capacity and the network difficulty. Miners are rewarded with Bitcoin for the blocks produced by solving them.

An increase in the number of miners strengthens the blockchain’s security by increasing both network security and mining difficulty. The more miners participate in the blockchain, the more decentralized and secure the network becomes.

What Is Bitcoin HODL?

The term Bitcoin HODL originated in 2013 when GameKyuubi misspelled “hold” as “hodling” in a Bitcointalk thread titled “I am hodling.” Bitcoin HODL refers to investors continuing to hold their Bitcoin without selling, regardless of the circumstances.

Bitcoin as a Payment Method

The simplest way to accept Bitcoin payments is through a person-to-person, or address-to-address, transfer. This method became more popular and practical as blockchain wallets became available on smartphones. There are also commercial applications designed specifically for this purpose, often using QR code scanning. In some countries, Bitcoin can be used both as a payment method and as legal tender.

Is Bitcoin Secure?

How secure is Bitcoin? This is another frequently asked question. Due to its underlying technology, every transaction on the Bitcoin blockchain follows certain procedures. Each transaction is digitally signed and broadcast by the owner of the sending wallet. Miners then collect these transactions and record them on the blockchain approximately every 10 minutes on average. In this way, encrypted transactions are recorded alongside all the other data on the chain.

Bitcoin’s founding philosophy emphasizes freedom and personal responsibility. Because the Bitcoin blockchain is fully decentralized, losing the private key to a wallet you control can mean losing all access to that wallet.

Bitcoin also addresses double-spending, a significant security problem faced by cryptocurrency experiments before 2008. Double-spending means spending the same token more than once on a blockchain, such as attempting to send the same 1 BTC to two different wallets. Bitcoin’s solution prevents the same funds from being spent twice, giving it a highly secure structure.

In addition to the security measures built into the Bitcoin network, Bitlo implements numerous additional safeguards for its users and customers. To review Bitlo’s security procedures, click here.

Cryptocurrencies Other Than Bitcoin: What Is an Altcoin?

Bitcoin enjoys widespread recognition as the first cryptocurrency. However, its blockchain’s limited capacity and slower transaction speeds led to the emergence of many other cryptocurrency and blockchain projects. Altcoins, or alternative coins, are crypto assets created as alternatives to Bitcoin. Built with structures similar to or different from Bitcoin’s blockchain, these cryptocurrencies are generally programmable and faster.

Alternative cryptocurrencies were developed with different features to gain a competitive advantage, giving rise to new types of crypto assets. Their main differences include maximum supply, the algorithms they use, and blockchain types, such as private or shared networks and permissioned or permissionless consensus.

Alternative coins, more commonly known as altcoins, generally offer more advanced structures or solutions for specific use cases. Today, the cryptocurrencies of many blockchain-based applications, including Web3 projects, Layer-2 projects, and artificial intelligence projects, fall into the altcoin category.

Why Did Altcoins Emerge When Bitcoin Already Existed?

When the Bitcoin blockchain first appeared, it had very few users. Over time, blockchain usage increased substantially as more users and investors entered the space. Many new blockchains and cryptocurrencies emerged in response to Bitcoin’s relatively slow transfer speeds. These new cryptocurrencies offered faster and cheaper transactions.

What Are Some Popular Altcoins That Came After Bitcoin?

As the cryptocurrency world developed rapidly, numerous altcoins emerged and built their own ecosystems. Some leading and early altcoins include:

• Ethereum: A blockchain that enables developers to create smart contracts for applications. It is the second-largest cryptocurrency by market capitalization after Bitcoin. With numerous applications built on it, it is the most widely used blockchain across many categories, including DeFi and NFTs.
• Litecoin: Transfers are processed faster than on Bitcoin.
• Ripple: Ripple is both a payment network and a type of cryptocurrency. Each trade takes four seconds. By comparison, this takes more than two minutes on Ethereum, more than an hour on Bitcoin, and days using traditional methods. Ripple can also process 1,500 transactions per minute.

Other popular assets include Dogecoin, Solana, Avax, Mana, and Enjin.

Bitcoin Forums

Bitcoin forums are places where users share their views on Bitcoin and other cryptocurrencies, participate in discussions, and access educational content. Some of the forums most commonly used by cryptocurrency investors include:

• Bitcoin Talk
• Reddit
• Tradingview
• Investing

These are among the forums most closely followed by investors.

Frequently Asked Questions About Bitcoin

Many people considering investing in Bitcoin seek answers to common questions about it.

When Was Bitcoin Launched?

Bitcoin is the first decentralized cryptocurrency, introduced in a whitepaper published in 2008 by a person or group of people using the name Satoshi Nakamoto. Its first block was created on January 3, 2009, and the first person-to-person BTC transfer took place on January 12, 2009.

Where Can You Buy Bitcoin?

You can open an account with Bitlo and start buying and selling Bitcoin after completing the verification process.

How Is Bitcoin Created?

Bitcoin is created through Bitcoin mining. Miners are rewarded with Bitcoin for each block they add to the network. In short, producing new Bitcoin requires Bitcoin mining.

Where Is Bitcoin Produced?

People involved in Bitcoin mining are largely based in countries such as the United States, Russia, Canada, Malaysia, Germany, and Ireland. These countries can therefore be described as being among the largest Bitcoin-producing countries.

How Much Was Bitcoin Worth When It First Launched?

Bitcoin had very little value when it first launched. Initially priced at around $0.00043478, it now trades for tens of thousands of dollars.

Who Created Bitcoin?

Bitcoin was created by a person or group of people using the name Satoshi Nakamoto. The identity of Bitcoin’s creator remains unknown.

How Can You Obtain Bitcoin?

In Bitcoin’s early days, many websites distributed Bitcoin for free or in exchange for completing certain tasks. While these methods transferred existing Bitcoin from one holder to another, new Bitcoin is created through mining. However, you do not need to mine to obtain Bitcoin; you can purchase it on cryptocurrency exchanges or receive it through a transfer from another person.

How Is Bitcoin Analyzed?

Like other financial assets, Bitcoin can be analyzed using both fundamental and technical analysis. Fundamental analysis examines on-chain data and the underlying factors of the cryptocurrency market, while technical analysis uses indicators and chart patterns, including moving averages, Fibonacci levels, MACD, and RSI.