What is Cryptocurrency?

What is cryptocurrency? Cryptocurrency 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 bank or administrator.

A cryptocurrency is a form of a virtual or digital currency that is based on the revolutionary blockchain technology. This virtual currency is created from a computer algorithm running on the blockchain network. It is different from fiat currencies since a centralized authority does not regulate it.

If you are looking to learn more check What is Crypto, Buy Bitcoin, or Local Bitcoin.

Bitcoin The Godfather of Cryptocurrencies


The first cryptocurrency to launch was Bitcoin (BTC) that was introduced in 2009 to enable peer-to-
peer transactions. Satoshi Nakamoto who has remained anonymous till today outlined the first
specification and proof of concept for Bitcoin in 2010 and by 2013 Bitcoin had become popular

Bitcoin is, therefore, the godfather of cryptocurrencies and currently, there are around 21 million
BTC. Every 10 minutes there are 6.25 new bitcoins mined and circulated. There are no more bitcoins
that can be issued and the last BTC will come into circulation in the year 2140. Most importantly anyone can download the bitcoin code because it is open-source.

If you are looking to learn more check What is Bitcoin?, Buy Bitcoin, or Local Bitcoin.

Bitcoin (BTC)

Regular money transaction

You need banks or payment institutions to send international fiat ( EUR, USD, etc)  transactions. An international wire transfer takes 3-7 days. 

Bitcoin/crypto transaction

No intermediates needed. To send Bitcoin or crypto transaction computer processors to confirm transactions (called the Bitcoin mining - transaction confirming process). The transaction takes 1 min- 1 day

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




  • Processes daily trades of around 2-5 billion

  • Its trading fees range from 0.4% per transaction to as low as 0.1%.

  • The exchange boasts around 5 million users

  • It offers wide support for around 120 cryptocurrencies

  • Support in over 130 countries

  • Most importantly OTC Huobi providers traders with an exchange bridge to convert fiat currency to cryptocurrency

  • It processes about 10 to 12 million trades daily.

  • Binance fees range from 0.2% per transaction to as low as 0.1% 

  • The exchange boasts over 12 million daily users and more than 26 million visits per month.

  • Supports trading of more than 210  cryptos.

  • It supports crypto trading in more than 180 countries

  • The native token of the Binance ecosystem (BNB) has grown significantly over $15 from an ICO price of $0.1.

  • Processes 100-300 million trades every day

  • Trading fees range from 0.42%-0.1%

  • The exchange has more than 2.2 million daily users

  • More than 30 cryptocurrencies are supported

  • Traders from over 180 countries trust the exchange

  • Exchange has an OTC KRAKEN platform that allows for the execution of large block trades for customers across the globe



by www.consulting24.co

Binance is the largest and most trusted cryptocurrency exchanges in the world in terms of trading because of its low trading fees. The exchange was established by the former Okex trading platform CTO Changoeng Zhao in 2017.

  • The exchange charges the lowest trading fees ranging from 0.1% to 0.2%

  • It is trustworthy with over 20 million users

  • Binance holds more than 320,000 users’ bitcoin

  • The exchange supports more than 180 cryptocurrencies

  • Boast of the biggest crypto trading volumes per day ranging around 10-12 billion

  • Binance has an OTC trading portal that accommodates large cryptocurrency block trades

  • Most interesting is the SAFU fund which is an emergency fund where Binance deposits 10% of its profits to be used if hacking happens

  • Since it is one of the fast-growing startups, risks are there and things could happen

  • It was hacked and around $40 million funds lost but the exchange covered 100% of the damages thanks to its SAFU funds


by www.consulting24.co

Huobi is a leading cryptocurrency exchange that was founded in 2013 in China by former Oracle computer engineer Leon Li. In 2014 the exchange raised around $10 million from Sequoia Capital in venture capital investment.

The exchange has more than 1,300 staff and has subsidiary and partner firms in 12 countries that include Japan, the US, Thailand, Gibraltar, and others. It offers wide support for around 120 cryptocurrencies and has support in over 130 countries. The exchange boasts around 5 million users and processes daily trades of around 2-5 billion.

  • The exchange holds more than 420,000 user’s bitcoin

  • Its daily trading volume is around 2-5 billion

  • Has 5 million users

  • Traders and investors can buy bitcoins using a credit or debit card

  • The exchange supports crypto trading in more than 130 countries

  • Users can convert fiat currency to digital assets through Huobi OTC

  • The exchange charges around 8% fee when buying bitcoin using a debit card

  • Its trading fees are high ranging from 0.4% - 0.03%

  • The exchange doesn’t have the option of buying cryptocurrency through wire transfer


by www.consulting24.co

KRAKEN was founded in 2011 as a crypto spot exchange which also offers margin trading and futures contracts. It is one of the best exchanges and its trading fees range from 0.42%-0.1% and is ideal for investors and day traders.

The exchange has more than 2.2 million daily users and processes 100-300 million trades every day. More than 30 cryptocurrencies are supported by traders from over 180 countries.  Most importantly the exchange has an OTC KRAKEN platform that allows for the execution of large block trades for customers across the globe.

  • The exchange supports trading in more than 180 countries

  • KRAKEN offers high liquidity as well as buy limits

  • More than 35 cryptocurrencies are supported by the exchange

  • Between 100-300million trades are processed daily

  • The exchange follows high-security protocols

  • KRAKEN is the most used platform enabling users to set up gateways of selling cryptocurrency through credit/debits card and wire transfer

  • It allows staking of Bitcoin, Tezos, Dollar, and EUR

  • The KRAKEN OTC desk enables users to execute large trade blocks

  • They don’t have a native token

  • The range of cryptocurrencies supported is limited

  • Their trading fees of 0.42%-0.1% are relatively high

  • It is not private it requires ID for verification

​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

Highly Volatile

Prone To Scams

Fees Is Not Regulated

The price of cryptocurrencies is highly volatile and they can change all over sudden. It can either go up or down or even be rendered worthless. At some point, the Bitcoin price dropped over $1,000 per hour. Therefore because of this volatility cryptocurrencies are risky to use and for investors, they should invest what they can afford to lose.

There are a lot of scammers out there seeking to defraud crypto users and therefore it is important not to share private and access keys. It is advisable to use 2-nd authentication like SMS, Google authentication, or email. One of the best ways of storing your cryptocurrency is by setting a second device that is always offline. Always use the second device for keeping google authentication or passwords.

Some providers can sell bitcoin at very high prices of up to 50% more than the average price. Therefore investors and traders should be wary of such players and should always check the fees before buying bitcoin.

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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.