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Top Cryptocurrencies Of 2023 [1. Bitcoin (BTC)]


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Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.

 

Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Jan. 31, 2023, a single Bitcoin’s price was around $23,108. That’s a growth of 4,522%.

 

Market cap: $445.5 billion

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How Does Bitcoin Work?

Bitcoin transactions are verified by crypto miners via a proof-of-work consensus mechanism. Proof of work is a validation process that uses a group of miners to validate each block in the blockchain.

For Bitcoin, this process usually takes up to 10 minutes. That’s much slower than many competing cryptocurrencies, to say nothing of conventional payments networks.

Still, Bitcoin is accepted as a form of payment by some retailers and merchants, such as Microsoft, Overstock and Whole Foods, to name a few.

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How to Buy BTC With PayPal

You might be tempted to buy your Bitcoin on PayPal, but purchasing crypto this way means you cannot move your Bitcoin around easily.

According to PayPal’s website: “You can only hold the cryptocurrency that you buy on PayPal in your U.S. personal account. Additionally, the cryptocurrency in your account cannot be transferred to other accounts on or off PayPal. You will not be able to transfer crypto assets from your cryptocurrencies hub to another cryptocurrency wallet.”

For that reason, you might consider another way to buy and store your Bitcoin.

There’s also another way to use PayPal to buy Bitcoin. For example, crypto exchanges like Coinbase and eToro will allow you to link to your PayPal account (as a payment processor) to purchase crypto. In this instance, PayPal is being used as a deposit method to fund your account.

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