Where to Buy and Store Bitcoin (BTC)
Use Bitcoin: Ways to spend and Invest BTC
Current BTC price & historical price chart
What is Bitcoin?
Bitcoin (BTC) is the world’s first and most popular cryptocurrency. It has the highest market capitalization of any digital currency by far, as well as the widest rate of merchant acceptance among all cryptocurrencies. The
History of Bitcoin
The bitcoin network was launched in January 2009 by the anonymous developer (or group of developers) Satoshi Nakamoto, who mined the first bitcoin block. As the network had no participants for several month, he mined all of the first bitcoins for several month, and the total estimated ownership under his control is estimated to be close to 1 million bitcoins (this makes him one of the world’s wealthiest individuals). Upon Satoshi’s somewhat mysterious departure, the Bitcoin Foundation took control over everything Bitcoin related.
Over ten million people now own a bitcoin wallet.
In 2010, a major verification bug was fixed to make bitcoin transactions more secure, and the Bitcoin Network has operated more-or-less flawlessly since them.
How Bitcoin Works
Bitcoin works through a cryptographically-secured, decentralized ledger system, known as the blockchain. Because it has no central repository or single administrator. In other words, it’s an open-source, peer-to-peer digital currency that is responsible for bringing about today’s blockchain revolution.
During a transaction, you need to issue a ‘send’ command containing the wallet address of the receiver and the amount of bitcoin to be sent. This information is received and approved via a ‘miner’ who essentially acts to add new entries to the blockchain ledger. The same amount of bitcoin is deducted from your wallet upon approval. The same process is followed to receive a payment in Bitcoin.
Bitcoin has several advantages over every-day, government-issued, fiat currency, many of which come from it being the first of the cryptocurrencies. Here are the top reasons to switch your fiat currency into Bitcoin.
- User Anonymity: Unless someone makes their identity public by choice (or through requirement by a cryptocurrency exchange), bitcoin transactions are not easily traceable.
- 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, the Bitcoin Foundation itself 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 frequently very cheap 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 via a P2P (Peer to Peer) protocol, the fund transfer is generally instant. This is a great advantage for travelers as well as merchants.
- Un-hackable: Bitcoin’s public ledger keeping system, known as the blockchain, has yet to be hacked or compromised in any way. This is advantageous for users and merchants alike because they can trade freely without concern of charge-backs or false payments.
- 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 its users can simply bypass banks for monetary transactions. Moreover, no personal verification is necessarily required to make or receive Bitcoin payments.