What is Crypto?

#1 Source - What is crypto? Crypto is a digital or virtual currency based on blockchain technology. Bitcoin is the first cryptocurrency launched in 2009, enable user-to-user transactions without a middleman like a bank or payment institutions.

Crypto is a digital or virtual currency based on blockchain technology. Digital currencies are secured by cryptography, making it impossible to counterfeit let alone double spend. Unlike normal currencies, cryptocurrencies are not issued by central banks thus immune to government interference.

While Bitcoin is the most popular and valuable cryptocurrency thousands of alternate crypto have cropped up with various functions and specifications.

Some of the competing cryptocurrencies include Ethereum, Litecoin Bitcoin Cash Ripple Cardano among others.

If you are looking to learn more check What is Bitcoin?Top places to buy Bitcoin or Buy Bitcoin

Bitcoin Facts

  • It’s the flagship cryptocurrency by virtue of being the first-ever launched

  • Bitcoin  is not mined but issued

  • 21 million is the total amount of Bitcoins that will ever be in circulation

  • Every 10 min  6.25 new bitcoins are created and distributed

  • The last Bitcoin will come into circulation in the year 2140

  • The Bitcoin code is open source any person access it

  •  All transactions involving Bitcoin are recorded on a blockchain

Bitcoin (BTC)

Regular fiat transactions

Fiat money differs from cryptocurrencies given the system involved in its distribution. While money exists in both physical and digital systems, there is usually a middleman or central authority involved in its creation and distribution. The central authority in this case is the central bank.

Likewise, to send and receive money people must interact with financial institutions such as banks or payment systems to complete transactions.

Crypto transactions

Bitcoin and other cryptocurrencies don’t exist in physical form. Instead, they exist in digital form and transacted online. Unlike money, Bitcoin is not created by any central authority and no central authority is involved in its distribution.

To send and receive Bitcoin, transactions are confirmed by computers (called Bitcoin mining - a process where computers confirm Bitcoin transaction). No banks or payment institutions needed. Be your own bank.

Bitcoin and other cryptocurrencies continue to outshine money on the fact that they enable fast transactions. While wire transfers can take days to go through, Bitcoin transactions are processed in a matter of minutes.  A low transaction fee is another aspect that justifies the use of cryptocurrencies when it comes to transferring huge loads of money.

Check TOP 3 best and trusted exchanges to buy and trade with cryptocurrencies. 




  • Huobi Global Exchange boasts of 1 billion to 2 billion daily trading volume


  • Works with 5 million registered users


  • Listed as OTC Huobi


  • It costs between 0.4 and 0.1% to trade on the exchange


  • Over 130 countries supports trade in Huobi


  • The platform supports 120 cryptos

  • Binance Exchange posts over 10 billion to 12 billion daily trade volume​


  • Has over 5 million users on its platform​


  • The exchange listed as OTC Huboi charges 0.4 to 0.1% of trading fees from its clients​


  • Supported by 130+ countries


  • Binance supports close to 120 crypto on its exchange

  • KRAKEN Exchange Features registered between 100 and 300 million daily trading volume

  • A whopping 2.2 million users


  • Listed as OTC Kraken

  • Trading costs 0.42 – 0.1% on the platform


  • The KRAKEN Exchange is supported by 180+ countries


  • The exchange backs 30 cryptos



by www.consulting24.co

Binance  Exchange Edge

Binance was founded in 2017 by Champing Zhao. As of January 2018, Binance it was the largest cryptocurrency exchange by trading volume. Binance processes around 10-12 billion in trades daily. Binance supports trading over 180 different cryptocurrencies, has over 12 million daily active users, and over 26 million monthly visits.

  • Charges the lowest trading fees between 0.1% and 0.2%

  • Boasts of the highest trading volumes, 10-12 billion per day

  • Has more than 320 000 Bitcoins users

  • 210 different cryptocurrencies are supported

  • Supports debit/credit card, Sepal transfer purchases

  • Earn staking bonuses for more than 23 cryptocurrencies

  • Its a growing start-up and unwanted happenings may mar its progress


by www.consulting24.co

Huobi is a cryptocurrency exchange, founded in China in 2013. It has over 5 million users and over 1,300 employees. It has established subsidiary companies and partner companies in 12 countries, including the USA, Japan, Gibraltar, Thailand, etc. Founder Leon Li was a computer engineer at Oracle before founding Huobi. Huobi processes around 2-5 billion in trades daily.

In 2014, Huobi raised a $10 million venture capital investment from Sequoia Capital.Huobi Global ecosystem native token HT (Huobi Token) has grown from 1.52$ ICO price to over 4$.

  • Daily trading volume ranges between 2 billion and 5 billion

  • More than 5 million users use the exchange

  • More than 235 different cryptocurrencies are traded

  • Has more than 420 000 Bitcoins users

  • Facilitates purchase of Bitcoin through debit/credit card

  • Has spread in more than 130 countries

  • It has Huobi OTC

  • Fees go up to 8% to buy Bitcoin with a debit card

  • Trading fees are also on the higher side with a range of 0.4% - 0,03% 

  • Does not support bank-wire purchase of cryptocurrency


by www.consulting24.co

Kraken was founded in 2013. It took the founders 2 years to develop the exchange. Today, it is one of the leading crypto exchanges across the globe. With a user-base of 2.2 million, it has come a long way in a short span of time. With its operations spread across more than 180 countries, Kraken’s services gose beyond just trading Bitcoin. It provides a platform for crypto enthusiasts to learn, but, sell cryptos. It offers deposits through SEPA, bank-wire transfers and SWIFT

  • High buy limits

  • Support debit/credit card/ wire transfer to transact cryptocurrency

  • Established platform in more than 180 countries

  • The platform supports more than 34 cryptocurrencies 

  • The daily volume traded ranges from 100 million to 300 million

  • Security standards are very high

  • Staking (Bitcoin, Dollar, Tezos, EUR)

  • It has Kraken OTC

  • Lacks the benefits of a native token 

  • The customer-support is not very active

  • Trading fee of 0.42% to 0,1% is comparatively higher than competitors 

​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

Erratic Price Fluctuation

Security Concerns

High Transaction  Fees

Cryptocurrency are highly volatile. Prices fluctuate throughout the day making it difficult to keep track of their true value

Cryptocurrencies are still in the early stages of adoption. Likewise, scammers have cropped up looking to scam people of their holdings. Cases of security breaches leading to crypto losses are rampant

Transaction fees involved in buying as well as sending cryptocurrencies is high.Some providers charge as much as 50% in transaction fees.

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The website is only for the 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.