Currencies > Bitcoin (BTC)

Bitcoin (BTC)

What is Bitcoin?

Many people believe that Bitcoin is the facade of the cryptocurrency world and the only type of crypto out there. This outlook may not be quite right, but it is explainable – BTC is not only the most marketed cryptocurrency out there but also the first crypto to appear.

In 2009 Satoshi Nakamoto (a controversial Bitcoin creator of unknown origin) released the source code. This was the beginning of the first decentralised cryptocurrency based on the blockchain.

Bitcoin can be transferred peer-to-peer without third-party interference. All transactions made in BTC are stored in the blockchain which makes the information safe from intruders. Bitcoins are produced by miners with the use of free software all around the world, the process is known as bitcoin mining.

Unlike traditional currencies, Bitcoin comes in a limited supply of 21 million coins – this fact makes BTC a valuable asset, as the demand grows but the supply remains unchanged.

There has been quite a bit of speculation on whether Bitcoin will replace the fiat currency. This utopian idea has not come true yet, but BTC is already accepted as a payment method in various services and shops.

What are the advantages of Bitcoin?

  • Freedom. Bitcoin is a possibility to send and get money in any part of the world. Traditional money may fail you with transaction processing time and other limitations that BTC allows users to avoid.

  • Security. The users are in control of their transactions. As the BTC network eliminates the presence of a third party, you are the only person in control of your funds. The transparency of the blockchain also means that merchants cannot charge extra fees for their services without anyone noticing.

  • No hidden information. The transactions are available for anyone on the network to see as well as the public address user's wallet. However, this does not mean that your personal information is public.

  • Low fees. Users may include fees if they want a faster transaction, but usually, it is unnecessary.

  • Bitcoin is attractive to merchants. Transactions done in BTC are saved in the blockchain and cannot be modified. This helps merchants to avoid customer chargebacks and possible fraud.

How to store Bitcoin?

Bitcoin is the first and the most popular cryptocurrency so it can be stored in almost every wallet. There are various types of crypto wallets to choose from – hardware, software, mobile, you name it.

How to buy Bitcoin?

Besides Bitcoin mining, you can easily purchase BTC on all the major cryptocurrency exchanges. Users can exchange Bitcoin with other cryptocurrencies or buy it with fiat money. You may always check the most relevant Bitcoin price on CoinMarketCap.

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