How & Where to Buy Bitcoin (BTC)
Use Bitcoin: Ways to send & spend BTC
Current BTC price & historical price chart
What is Bitcoin?
Bitcoin is the world’s most popular, and the first decentralized digital currency. It also has the highest market capitalization and widest acceptance 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 until he reached almost 1 million Bitcoins. After Satoshi left, Bitcoin Foundation took over to take care of everything Bitcoin related.
Over 3 million people now 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 fiat currency denotes a certain amount of wealth and is kept with the issuing authority (generally the respective government). The concept is totally different with 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 essentially a ledger keeper for Bitcoin transactions. The same amount of Bitcoin is deducted from your 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 come from being the first of the cryptocurrencies. Here are the top reasons to switch your fiat currency into 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 Involvement: 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.
- No Sales Tax: 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 a product or service.
- 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 concern 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 an internet connection. This also means that we can simply bypass banks. Moreover, no personal verification is needed to make or receive Bitcoin payments.