Bitcoin is a form of digital money that operates independently of government authorities and financial institutions, and can be transferred globally without the need for centralized intermediaries.
Bitcoin (BTC) 6 key point overview:
- ✔️What is Bitcoin?
- ✔️Who created Bitcoin?
- ✔️The features of Bitcoin
- How to buy BTC
- Top 3 BTC Wallets
- Why we like Bitcoin
What is Bitcoin?
👉 At its core, people can use Bitcoin to make secure, international payments with faster transaction speeds and at lower costs, in comparison to traditional legacy settlement methods such as the SWIFT or ACH networks used by banks.
👉 It is the first and most widely recognized, decentralized cryptocurrency, which enables peer-to-peer exchanges of BTC tokens on digital platforms.
👉 Bitcoin is most commonly regulated as either a currency or a commodity, and is legal to use in all major economies, depending on government restrictions and regulations.
👉 In June 2021, El Salvador became the first country to mandate Bitcoin as legal tender.
Who created Bitcoin?
👉 Bitcoin was launched anonymously in January 2009 by a persona known as Satoshi Nakamoto, but it is unclear if the name refers to a single person or a group of people.
👉 The persona was involved in the early days of Bitcoin, working on the first version of the software in 2009 after Satoshi Nakamoto published a paper in 2008 that jumpstarted the development of cryptocurrency.
👉 Nakamoto proposed a decentralized approach to managing funds, where transactions are recorded in a historical ledger, known as a blockchain, which can never be changed.
The features of Bitcoin
👉 The Bitcoin network consists of participants who agree to the rules of a protocol and willingly “mine” coins, using a secure open-source software client.
👉 Bitcoin is mined by solving cryptographic puzzles to verify and validate a block of transactions occurring within the network.
👉 Bitcoins can currently be subdivided by seven decimal places: a thousandth of a bitcoin is known as a milli and a hundred millionth of a bitcoin is known as a Satoshi.
👉 The cryptography behind bitcoin is based on the SHA-256 algorithm designed by the US National Security Agency and it is extremely difficult to hack and has a known monetary policy that cannot be altered.
👉 Bitcoin is now a globally traded financial “hard” asset with daily settled volume measured in the tens of billions of dollars.
How to buy BTC
👉 To buy BTC, you will first need to decide which exchange you will use.
👉 There are several popular, trusted exchanges you can choose from, but choosing one with low fees and high security is recommended.
👉 The best exchanges to buy BTC from are Coinbase, Gemini and Binance.
Top 3 BTC Wallets
👉 Be sure to use an exchange that offers secure BTC wallets and decide whether a hardware or software wallet is the right option for you before making any commitments.
👉 The Exodus wallet offers a user-friendly interface with a built-in exchange.
👉 The most popular feature of Exodus is the ability to swap between more than 100 cryptocurrencies and it offers increased security features.
👉 Electrum is one of the original Bitcoin wallets and has been rated one of the most secure wallets for trading and holding this coin.
👉 This wallet is dedicated to bitcoin and excels at this primary function, but due to its complexity, Electrum is also suited for more experienced traders.
👉 The Coinbase software wallet is by far one of the most popular cryptocurrency wallets and it allows you to buy and store BTC and ERC-20 tokens, participate in airdrops and ICOs, collect rare digital art and other collectibles, browse decentralized apps (DApps), shop at stores that accept cryptocurrency, and send crypto to anyone around the world.
Why we like Bitcoin
👉 Bitcoin encourages economic freedom by providing an alternative form of money that integrates strong protection against money laundering, censorship, and devaluation through uncapped inflation.
👉 Nobody controls or owns the Bitcoin network and there is no CEO.
👉 Bitcoin can be exchanged for cash just like any asset and there are numerous online cryptocurrency exchanges that facilitate cash conversions, but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept bitcoin.
👉 Bitcoin payments effectively go directly from one person or business to another and there is no need for any third parties to act as intermediaries.
👉 Anyone can use Bitcoin and all Bitcoin transactions are recorded and publicly available for anyone to see on the blockchain, preventing the possibility of fraudulent transactions, while protecting individual identities by using specific Bitcoin addresses instead of Bitcoin accounts.
👉 Miners and owners of Bitcoin solely possess the keys to their Bitcoins and it is difficult for authorities to confiscate assets or to ban individuals or businesses from using it, making it possible to achieve some level of economic freedom.