What is Bitcoin (BTC)
BITCOIN (BTC) is the world's most famous cryptocurrency. In fact, BTC is a digital payment system or digital currency. The price is 9256.6662 USD.
Bitcoin was created in 2009 by Satoshi Nakamoto, who unveiled the principle of the digital currency network. No one knows who Satoshi really is and it’s still a mystery whether he is one person or a group of developers. During its existence, Bitcoin has gone from "entertainment for geeks" to getting into the top 5 largest currencies in the world.
What can you do (or buy) with BTC?
You can buy anything: from knit socks to a brand new Tesla. You can make payments online or offline. For the recent years numbers of countries where you can use BTC are increased and for sure, will continue to grow.
The apogee of glory
In 2017, almost every person in the world discovered Bitcoin. If Bitcoin starts 2017 at a price of around 970 USD, by the end of December it reached the mark of almost 20,000 USD. Bitcoin capitalization at that time was an impressive 320 billion dollars.
Pros and Cons
The main advantages of BTC are the following:
- Decentralized network. BTC is not regulated by any bank or government entity. It is created to let every person get involved in mining and transaction verification.
- Anonymity. No need to share any personal information while making transactions
- Fast transactions. It takes much less time to proceed the transaction than a usual operation in your bank does.
- Transparency of the blockchain system. Every single operation with BTC that has ever happened is stored in the Blockchain.
- Easy usage. Just create a wallet and start using BTC.
Among the disadvantages are:
- Legal question with BTC. Legal regulations of BTC are still under the development and for example, in some countries, you can not use BTC at all.
- Volatility. Unstable exchange rate reduces the potential of BTC as a payment option.
“Bitcoin will do to banks what email did to the postal industry.” — Bitcoin Magazine
“Bitcoin is the most important invention in the history of the world since the Internet.” — Roger Ver
“You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust.” — John McAfee, Founder of McAfee
The first purchase using BTC was made by a US resident Laszlo Hanyecz, who offered ten thousand Bitcoins to someone who could bring him a couple of pizzas.
In November 2013, the price of Bitcoin for the first time exceeded the price of gold.
James Howells, a resident of the UK accidentally threw a hard drive with a wallet, which contained 7,500 Bitcoins. It should be hard to get over the fact that you’ve lost about 30 000 000 USD.
The last Bitcoin should be mined by 2140.
How to get BTC?
There are many services for buying and selling cryptocurrency. One of the best services to exchange your coins to BTC is StealthEX. It’s an anonymous and limitless cryptocurrency exchange with the top concern about users privacy.
✔ Choose the pair and the amount for your exchange. For example ETH to BTC.
✔ Provide the recipient address to which the coins will be transferred.
✔ Move your cryptocurrency for the exchange.
✔ Receive your coins.