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What is Bitcoin?
Bitcoin (BTC) is the world’s first decentralised cryptocurrency. It was created in 2009 by Satoshi Nakamoto, whose true identity is still yet to be confirmed. It follows a set of ideas first introduced in Nakamoto’s white paper, ‘Bitcoin: A Peer-to-Peer Electronic Cash System’, published on October 31, 2008.
Bitcoin uses peer-to-peer technology to facilitate payments that require no central authority to operate. Individuals who contribute computing power to the Bitcoin network, also known as ‘miners’, are incentivised by rewards and transaction fees paid in Bitcoin. One Bitcoin is divisible to eight decimal places, and the smallest unit is known as a satoshi.
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Frequently asked questions
What is Bitcoin?
Bitcoin is the most popular cryptocurrency in the world. On top of that, it’s actually the first cryptocurrency, too – the coin that started it all! In a more practical sense, Bitcoin is a digital currency that can be used to make quick and relatively anonymous payments online. All of your trades whilst utilizing Bitcoin are going to be private – great stuff!
What can Bitcoin be used for?
The main use case for Bitcoin is actually rather simple – being a digital currency, Bitcoin’s main purpose is to be used in transactions, as a currency, and as an object of value. Frankly, Bitcoin should be bought and used in order to purchase some service or product, or used as an investment tool, be it for the long term, or for day trading purposes.
How does Bitcoin differ from other cryptocurrencies?
Bitcoin is going to be very different from most other cryptocurrencies on the market. While each cryptocurrency is unique in its purpose and functionality, most of the top coins aim to improve on some certain aspects of Bitcoin – whether it be scalability, transaction speed, or else. That said, Bitcoin still remains the most popular crypto coin on the market!
Is Bitcoin worth buying?
If you’re wondering whether or not to buy Bitcoin with credit card, you should know – it’s definitely worth it! Bitcoin is as popular now as ever before, and many people around the world still choose it as their go-to investment option. If anything, the popularity and demand for this coin are only growing as time goes on!
What is the best way to buy Bitcoin?
There are multiple different ways of how you can buy BTC. However, opting to buy Bitcoin with a credit or debit card is usually seen as the best way to go about it. That’s because of the simplicity and speed of this particular method. The process is usually super-simple, and will only take you a few minutes to complete! Well, assuming that you use one of the top-rated cryptocurrency exchanges, that is.
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