Bitcoin (BTC) is the first type of cryptocurrency invented in 2008 by Satoshi Nakamoto, a person (or organisation) whose identity remained anonymous till date.
As a form of decentralised digital currency based on the blockchain technology, it offers peer-to-peer (P2P) transaction without the need for a central party.
How are Bitcoins created?
Although bitcoin is a type of digital currency, you can’t just magically pluck them out from thin air!
Bitcoins have to be mined.
No, not this.
Each block (containing users’ transaction) comes with a super-duper difficult mathematics problem.
Computers are needed to solve these complex problems so that the blocks can be verified and added to the blockchain.
If the problem is solved, a fixed amount of bitcoins (currently 12.5BTC) will be produced and given to the first who solved it.
This process is hence called mining.
The people who operate the computers are called miners.
But! You can’t mine Bitcoins forever!
The limit is capped at 21 million. At the time of writing, more than 18 million bitcoins have been mined (18,010,000, to be exact). The last bitcoin is estimated to be mined by the year 2140.
How much is Bitcoin worth?
The price of bitcoin started at 0.003 USD/BTC but soon rose to $770 in January 2014, followed by its all-time high of $19,783.06 in December 2017.
The price, however, soon dropped to $6,914 in February 2018, and it is now around $7,429.29 at the time of writing. Although bitcoin price is still relatively volatile, its large user base and value still makes it one of the most valuable cryptocurrencies out there.
What can I use bitcoins for?
With the increased popularity and value of bitcoins, more and more industries started to accept bitcoins as a mode of payment!
You can use it to buy food, travel, for online shopping, charities and more!
Apparently, the Funan Kopitiam in Singapore is accepting cryptocurrencies as a form of payment!
How can I get Bitcoins (or any cryptocurrencies)?
There are 2 ways to buy cryptocurrencies – fiat to crypto, and crypto to crypto.
- If you have zero cryptocurrencies now, the easiest way is to buy some crypto with fiat currency (cold, hard cash).
- If you have some cryptocurrencies (e.g. Bitcoins), and you want to get another type of cryptocurrency (e.g. Ethereum), you can either get it with fiat currency or trade with Bitcoins directly!
Where can I get Bitcoins (or any type of cryptos)?
You can either get cryptocurrencies on their individual platform, on cryptocurrency exchanges!
There are many exchanges out there, but one awesome, stable, and reliable exchange is, of course, DigiFinex!!!
We are a world’s leading digital asset platform that is consistently ranked top 10 exchanges on coinmarketcap!
As a stable and secure platform with more than 3 million registered users, you can buy, sell, and trade 200+ cryptocurrencies 24/7 with low trading fees!!
Alternatively, here are some interesting places that sells bitcoins (and others):