Introduction

If you are new to this ecosystem, then you must know what Bitcoin (BTC) is and how it works. It is not difficult to understand and you will know much more after reading this article.

Bitcoin, the Digital Currency

Bitcoin is a digital currency that was created by Satoshi Nakamoto, a person that we do not know and that has never been known. After the world financial crisis from 2007/8, this individual unveiled Bitcoin’s white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

Bitcoin allows individuals from all over the world with an internet connection to send, receive or store Bitcoins in their wallets.

Bitcoin White Paper written by Satoshi Nakamoto reads as follows:

“A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.”

That’s one of the most important things of Bitcoin. The payments are sent from one person to another one, without depending on a third party institution like a bank. That means that you are the real owner of your money. Nobody needs to accept the transaction, or move the money from one place to the other.

Of course, that means that you need to be very careful when using your bitcoin. There are no charge backs if you made a mistake when sending them and take care of the private key of your bitcoin wallet.

How to Buy Bitcoin?

It is not difficult to buy Bitcoin. There are different cryptocurrency exchanges that accept dollars, Euros or other currencies and allow you to purchase Bitcoin.

Most of the countries have their own cryptocurrency exchanges. You need to search for them. But there are some international ones that will allow you to buy and sell cryptocurrencies. Additionally, some of these crypto exchanges offer a platform for traders that want to invest in the market.

It is not so difficult to open an account. In general, you will have to provide your ID, Passport and/or another document that proves your identity. Once you have done all the possible steps, you will be able to buy with a credit card, debit card, wire transfer or the options available in that particular exchange.

Market

At the moment of writing this article, Bitcoin is the most important cryptocurrency. It has around 40% of the total cryptocurrency market and is being traded at $11.500 dollars. There are other cryptocurrencies as well and they have been gaining attention during the last year.

 

If you want to know more about other cryptocurrencies check our guides here:

What is Litecoin

What is Monero

What is EOS

What is Ripple

What is Cardano

What is Zcash

Disclaimer: The information presented by www.CryptStorm.com and its writers is for informational purposes only. It should not be considered legal or financial advice. www.CryptStorm.com and its writers are not financial advisers. You should consult with a financial professional to determine what may be best for your individual needs.

www.CryptStorm.com and its writers do not make any guarantees or other promises as to any results that may be obtained from using their content. No one should make any investment decision without first consulting his or her own financial adviser and conducting his or her own research and due diligence.

Please always only invest within your means and do so responsibly.