bitcoin-image

What is Bitcoin and how does it work?

Bitcoin is the first and most popular cryptocurrency on the market. The founder of Bitcoin is one of the most enduring mysteries on the crypto market, his pseudonym is Satoshi Nakamoto. But there is just little known about him. After releasing the bitcoin whitepaper, he disappeared. Bitcoin was created and released as open-source software in 2009. The first transaction was placed between Satoshi Nakamoto and one of the early adopters of bitcoin in January 2009. The first real transaction was made in 2010 by the bitcoin miner who bought two pizzas at Papa John’s for 10,000 bitcoins.

Bitcoin’s ticker symbol is BTC. 

How Bitcoin works

As a new user, you can start using Bitcoin without understanding a lot of technical information. Once you’ve installed a Bitcoin wallet or you’ve registered at one of the crypto exchanges, you will get your first Bitcoin address. You can send your addresses to your friends so that they can pay you or you can send Bitcoin to their wallet. This process is pretty similar to how the email works, except for one fact, that the Bitcoin address should be used only once.

Is Bitcoin worth to invest in 2020?

In short, yes, it is.

For a longer answer, read this article, where we wrote about all interesting cryptocurrencies to invest in 2020.

Where to buy Bitcoin

You can buy the Bitcoin on one of the crypto exchanges on the internet. But do not trust every exchange which you will find on the internet. There are a lot of scams, where you can lose your money. Rather, choose one of the trusted crypto exchanges which we tried and reviewed.

Bitcoin trading

Bitcoin trading becomes more popular in the last years so let’s see how the bitcoin trading works. Everything you need to start trading Bitcoin is an account at the good and trusted cryptocurrency trading platform. You can register on the Binance and get a discount on the trading fees. Don’t forget to get familiar with the basics from the forex trading world because it is really important to know the trading knowledge – this can help you minimize the potential losses during trading.

Bitcoin stats

You can find the actual Bitcoin’s price and 24h change in the following table.

Name Price24H (%)
Bitcoin (BTC)
$10,722.58
0.33%

Bitcoin trusted exchanges

Exchange
coinbase
Binance
Kraken
Fee
1,49 %
0,10 %
0,26 %
Payment methods
Bank transfer, Credit and Debit cards, PayPal
Visa, MasterCard, Cryptocurrency
Bank transfer, Cryptocurrency
 

1 thought on “What is Bitcoin and how does it work?”

  1. Pingback: Kraken - fees, bonuses, cryprocurrecies - APRIL 2020 - We Hold Crypto

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