Bitcoin

Bitcoin is a coin that uses the symbol BTC

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All About Bitcoin

What is Bitcoin, how does it work & why is it cool?

What is Bitcoin?

Bitcoin the world’s most popular cryptocurrency and it is also the first decentralised digital currency. It also has the highest market capitalisation and widest acceptance ratio amongst all cryptocurrencies.

History of Bitcoin

Bitcoin was released in January 2009 by Satoshi Nakamoto and he/they mined the first bitcoin. Satoshi mined the first bitcoin and continued to do so till he reached almost 1 million bitcoin. After Satoshi left, Bitcoin Foundation took over to take care of everything Bitcoin related.

In 2017, almost 3 million users own a Bitcoin wallet. Bitcoin also has two derivatives, the classic bitcoin (BTC) and the Bitcoin Cash (BCH).

In 2010, a major verification bug was fixed to make Bitcoin transactions more secure.

How Bitcoin Works

Every currency denotes certain amount of wealth and is kept with the issuing authority (generally the government of the country) for you. The concept is totally different in Bitcoin because it has no central repository or single administrator. In other words, it’s a decentralised, peer-to-peer currency.

During a transaction, you need to issue a ‘send’ command containing the wallet address of the receiver and the amount of Bitcoin. This information is received and approved via a miner who is more like a ledger keeper of all the bitcoin transactions. The same amount of bitcoin is deducted from your bitcoin wallet upon approval. The same process is followed to receive a payment in Bitcoin.

What Sets Bitcoin Apart

Bitcoin has several advantages, some of which came from being the first of the cryptocurrencies. Here are the top reasons to switch to Bitcoin.

  • User Anonymity: Unless someone makes his identity public by choice, Bitcoin transactions are not traceable. This is due to the fact that during each transaction, the anonymous Bitcoin address changes.
  • No Third-party Involvements: It is impossible for banks, governments or other regulatory bodies to freeze, stop, interrupt or in any other way get involved in a Bitcoin transaction. In fact, Bitcoin Foundation cannot do that either because there is no intermediary between the sender and the receiver, unlike traditional currencies.
  • Purchases Are Not Taxed: Due to the same reason as above, Bitcoin purchases are not taxable. There is no way to identify the buyer and thus, it is technically impossible to impose sales tax on the product or the service which is payable by the buyer.
  • Very Low Transaction Fees: Bitcoin transfers are almost free because there is no third party involved. This is unlike other traditional fund transfers where exorbitant charges are levied by the banks or financial institutions, especially during international transfers.
  • Fastest Transfer: As Bitcoin operates on the P2P (Peer to Peer) protocol, the fund transfer is generally instant. This is a great advantage for travelers as well as merchants.
  • Un-hackable: It is next to impossible to cheat or con using Bitcoins due to the public ledger keeping. This is also advantageous for merchants because they can freely trade without ever thinking of being robbed in their shop.
  • Mobile Wallet: Bitcoin payments can be made from anywhere provided that the user has access to a computer or Smartphone and internet connexion. This also means that we can simply bypass banks. Moreover, no personal verification is needed to make or receive Bitcoin payments.

 

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1 Comment

  1. alexanderisora on October 14, 2017 at 11:12 pm

    Soooo, is Bitcoin a Ponzi after all? 🤔

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