What is Bitcoin and how do I buy it?

Bitcoin (BTC) is the oldest and most valuable virtual currency or cryptocurrency. Unlike normal or "fiat" money it is not controlled by any single entity i.e. a government. Instead, it is operated by a decentralised community of users, software developers, and the world’s most powerful computer network. In many ways, Bitcoin is more like a version of gold that can be transferred from one owner to another in seconds for a small fee across the internet.

BUY FRACTION OF A BITCOIN NOW - BU…10 TO GET STARTED

It's important to understand that you don't have to buy a whole coin, a fraction of a coin is the place to start.

Bitcoin (BTC) is the oldest and most valuable virtual currency or cryptocurrency. Unlike normal or "fiat" money it is not controlled by any single entity i.e. a government, central bank. Instead, it is operated decentralized community of users, software developers and the world’s most powerful computer network. In many ways, Bitcoin is more like a version of gold that can be transferred from one owner to another in seconds for a small fee across the internet.

Since its inception in 2009 Bitcoin has had a meteoric rise in value from just a few cents to its current value of over $20,000 USD. This has to lead to investment by speculators some of whom are making fortunes almost overnight. It has also lead to criticism and concern amongst traditional financial markets. Banks and other institutions fear they may become victims technological of disruption, much like the struggling newspapers, failing mail delivery business and the irrelevant taxi industry.

The total supply of Bitcoin is limited to 21 million with around 16 million having already been "minted" or "mined". The last coin will be mined in "2140". Some analysts have forecast that a single Bitcoin could be worth a million dollars or more by that time. Should the current growth rate continues this is likely to be the case much earlier.

A Bitcoin is a scarce commodity, mining a single coin costs more than $2,000 USD Bitcoin mining is a process where super powerful computers solve unique mathematical equations that secure the Bitcoin network at the same time processing the Bitcoin transactions. Miners are rewarded for their efforts with Bitcoin. Aside from the cost of the of the computers the major cost of Bitcoin mining is the cost of electricity.

A Bitcoin cannot be copied or hacked. A Bitcoin can be broken down into a very small fraction, ie at time of writing a 0.1 BTC = $1,000 USD.

Bitcoin can be held directly by its owners, in a digital wallet, typically a smartphone app or dedicated hardware wallet. Ownership is anonymous, it cannot be confiscated and it can be used to transfer value (money) to anyone with a Bitcoin wallet address.   

Much of the developing world are switching their local currency for Bitcoin, avoiding the unstable inflation rates and providing banking-like services to people that would not normally have access to banking. Much like the way Africa is leapfrogging centralised power generation; opting for solar power and sidestepping terrestrial landlines telephones for mobile networks. Bitcoin becomes a way to bank the billions that will never be part of the traditional banking system can start saving in a secure non-confiscatable way.

 

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Category: Bitcoin - Cryptocurrency and FinTechCompany about: The world’s most popular way to buy, sell, and use Bitcoin, ethereum, and litecoin. Secure online platform for buying, selling, transferring, and storing digital currency. Bitcoin (BTC) is the oldest and most valuable virtual currency or cryptocurrency. Unlike normal or "fiat" money it is not controlled by any single entity i.e. a government. Instead, it is operated by a decentralized community of users, software developers, and the world’s most powerful computer network. In many ways, Bitcoin ...
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