Bitcoin - What is it?

Bitcoin (BTC)

Bitcoin what is it? Bitcoin is the first cryptocurrency launched in 2009, enable user-to-user transactions without a bank or administrator.

Up-Close on Bitcoins 

Bitcoins are powered through a computer-generated technology through software-driven cryptography. This can only be accessed by the users of this software’s thereby resulting in a creation of currency that can only be backed by a code rather than physical value items.

The first Bitcoin currency transaction is said to have happened back in 2009 between two computers owned by the late Finney Hal who was a cryptocurrency fanatic and Dorian Nakamoto who is a developer.

Unlike other hard currencies, Bitcoins cannot be printed. They are computer-generated and stored electronic wallets. Bitcoins were the first cryptocurrencies and they became more popular thereby creating a class of assets that portray some similar characteristics to the fiat currency.

Bitcoins are characterized into two;

1.  Bitcoins the digital currency owned and traded by the users.

2. Bitcoins the protocol ledger that tracks transactions of all traded tokens

Characteristics of Bitcoins

In totality, there are only 21 million Bitcoins that are available for mining. In the event of depletion of the existing supply, there will be a need for change in protocols to allow for increased supply. About 18.5 million bitcoins have been mined to date.

  • Decentralized- this means that there is no common country’s system that controls the platform. There is no government or central bank that can control the platform.
     

  • Secure. The encryption techniques used in recording the blockchain transactions is way more secure than the hard currencies.
     

  • Irreversibility. Upon confirmation of a transaction, it cannot be reversed by either party involved.
     

  • Fast and worldwide. Blockchain transactions are instantly initiated and can be done all across the world.
     

  • Growth potential. With the ever-growing concerns for blockchains, they are likely to grow in value upon growth in the trust.
     

Lots of time when you google Bitcoin - What is it? then is quite difficult to understand. If you wanna learn more, check What is Crypto, Buy Bitcoin, or Local Bitcoin.

Regular money system vs Bitcoin network 

1. Issued by governments

2. Governed by governments through central banks

3. Transactions require intermediaries

4. Transactions may take days depending on the institutions involved

5. Transactions are reversible if successful

6. It offers both digital and hard currency transactions

7. Unlimited supply

1. Created from a decentralized system - control your money

2. Governed by the majority

3. Person-to-person transaction - no banks needed

4. Transactions take 1 min - 1 day

5. Transactions cannot be reversed

6. Only enables digital transactions

7. Supply is limited 21 million

Check TOP 3 best and trusted exchanges to trade and buy Bitcoin Crypto Exchange Platforms

2

1

3

  • Serves more than 130 countries

  • Used by more than 2 million traders daily

  • $1-2 billion daily tradings volume per day

  • Supports over 190 cryptocurrencies

  • Trading fees 02%

  • OTC huobi

  • Supports 180+ countries

  • Over 13 million daily users

  • Over $10 billion daily trading volume

  • Supports over 150 cryptos

  • Trading fees: 0.1 %  

  • OTC Binance

  • Supported 180+ countries

  • Over 2.2 million daily users

  • $200-500 million daily trading volume

  • Supports over 30 cryptos

  • Trading fees: 0.1-0.16 % 

  • OTC Kraken

Details

​Highly TRUSTED

by www.consulting24.co

The Binance exchange by far is the largest crypto-exchange platform by trading volume in the whole world. it records more than $10 billion worth of trade per day with more than 12 million users per day.

Founded in 2017, Binance first issued its coins through the Ethereum blockchain before then moving to its own Blockchain (Binance Blockchain). Binance native token symbol is BNB. It offers the safest trading platform which discounts its client’s transaction costs by up to 50%.

Binance value is backed by exchanges having a known address which can easily affect its value in the event of any change to it. Since its inception, binance has performed well and had depicted an uptrend.

Just like all the other cryptocurrencies, Binance offers its services around fundraising, listing, and trading of digital currencies. To successfully start trading with Binance, traders will be required to open an account then add funds to their digital wallet address before they can start trading.

  • It offers the lowest trading fees between 0,1% and 0,2%

  • More than 30 million people are already using Binance's services

  • It trades an average between 10 billion and 12 billion in volume daily.

  • Has more than 320 000 users of Bitcoins

  • More than 180 different cryptocurrencies are supported

  • Provides the best price to buy through credit/debit cards or via Sepa transfer

  • Earn 2-30% year holding bonuses for more than 23 cryptocurrencies

  • 10% of the trading profit will be deposited for an emergency fund (SAFU).

  • It offers its own trading platform, Binance OTC

  • It helps in nurturing other upcoming and promising projects before the ICO stage.

  • It offers upcoming cryptocurrencies a launching platform “Launchpad”

  • It helps raise funds for blockchains that deserve the necessary support.

  • There exists numerous complains of delayed customer support

  • The platform does not allow for deposits or withdrawals from the fiat currency system like other crypto-exchange platforms.

​Highly TRUSTED

by www.consulting24.co

Based in Singapore, China Huobi was established in the year 2013 Largely targeting the Asian market. It is among the largest cryptocurrency trading platforms serving more than 2 million users every day providing its more than 190 cryptocurrencies to more than 130 countries.

The company focuses more on creating a reliable, secure and safe platform for its customers by deploying multiple verification procedures and an offline cold storage. It charges 0.2% in withdrawals charges and also supports depositing and withdrawals from the traditional modes of transactions.

Huobi offers its own token (Huobi Token) and allows multiple payment modules such as swift and PayPal.

  • Boasts of daily trading volume average between 2 billion and -5 billion
     

  • 5 million people use Huobi's services
     

  • It supports more than 235 currencies.Enables trading in multiple currencies; It offers huge trading pairs

  • 420 000+ users of Bitcoins
     

  • Provides facility to purchase through debit/credit card
     

  • Facilitates support in 130+ countries
     

  • Huobi OTC

  • It offers huge trading pairs

  • Offers excellent customers support-It also offers a protection fund for its users

  • Huobi offers a separate trading desk for institutions

  • Charges a fee as high as 8% fee to buy Bitcoin with a debit card
     

  • Trading fees between 0.03% to 0.4% is on the higher side 
     

  • Purchase of crypto through bank wire transfer is not provided

  • Huobi interface is not much user-friendly- might be sometimes confusing

  • It provides excess name domains that are unnecessary.

​Highly TRUSTED

by www.consulting24.co

It’s one of the world-leading crypto exchanges launched in 2011 More than 2.2 million daily users. Kraken is more than just a Bitcoin trading platform. Trusted place to buy, sell, trade, and learn about crypto. Deposits via bank wire, SEPA, and SWIFT. Kraken is available in more than 180 countries. 

  • Provides high liquidity and high buy limits 
     

  • It is a transparent and popular platform--A most used enterprise solution that enables us to set up a gateway to sell crypto via debit/credit card/ wire transfer.

  • Established in more than 180 countries
     

  • Facilitates transactions in more than 34 different cryptocurrencies 
     

  • daily trading volume average between 100 million and -300 million

  • Accommodates low capital trading partners - Staking ( Tezos, Bitcoin, EUR, Dollar)

  • Provides its own KRAKEN OTC

  • Offers wide modes of payments and also permits deposits and withdrawals from fiat currencies

  • Non-responsive customer support

  • The trading fee of 0.42% - 1%  is on the higher end also expensive when using fiat currency options

  • Account verification may sometimes be quite slow

​We receive an affiliate commission when you buy bitcoin via our link. Profit will be used for blockchain ecosystem development purposes. Before using this page, read the disclaimer.

Cryptocurrency Risks

Exposure To High Prices

Exposure To Online Frauds

Absence Of Charge-backs And Refunds

Cryptocurrency price is highly volatile. It can go up or down or even become totally worthless. Bitcoin price has dropped more than 1000 USD per hour...Only invest what you are ready to lose.

Bitcoins remain to be the most affected cryptocurrency in terms of online scams and attacks. It has experienced huge breaches such as Ponzi schemes and hack attacks.

Account access and private keys should not be shared with anybody. Users are infact advised to always use 2-nd authentication: email, SMS, or Google authentication. The best way to store your funds safe is to set up the 2nd device /phone which always stays offline (Flight mode). Use the 2nd device only with the purpose of keeping passwords/google authentication.

Bitcoins lack standardized policies for refunds and charge-backs which are offered by the other traditional payment platforms

"Bitcoin - What is it? Bitcoin is so powerful that will change our current financial system the way that every person becomes a bank, its even impossible to understand the whole impact of Bitcoin"
CEO
Mardo Soo
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Disclaimer

The website is only for educational purposes. The website does not constitute the provision of any financial or investment advice in connection with the use of the website. You should consult with a financial or investment professional to understand the risks of cryptocurrencies. You should not invest more than you are ready to lose. We don't guarantee you any trading profit.  BuyBitcoin24 doesn't offer legal services or company registration in Estonia. You can contact our legal team via website www.consulting24.co.​ We receive an affiliate advertising commission from crypto exchanges and Bitcoin wallets. 
 

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