Bitcoin is a digital currency (also known as a cryptocurrency) that was created in 2009 by an unknown person or a group of people using the alias Satoshi Nakamoto. It’s a type of currency that is completely virtual, meaning it can only be created, stored and used online.
The number of bitcoins in circulation is capped at 21 million. However, the smallest possible denomination is 0.00000001 of 1 bitcoin, so there are plenty to go around.
Bitcoin is decentralized and runs on the blockchain, which means there’s no middle involved in Bitcoin transactions. The transaction confirmation time is dependent on the transaction fee because cryptocurrency miners verify transactions with higher fees first. Therefore, a transaction with a smaller fee can take a few hours or more to be confirmed.
To speed up the confirmation of your transaction, we advise you to use what the average recommended transaction fee is at that time.
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