Keeping pace with the digital trend of the marketplace, cryptocurrencies such as Bitcoin are answering the need to replace cash with modern, secure, more technology-driven alternatives. Bitcoin (BTC), like all cryptocurrencies, is basically a virtual form of money.
Another important component that propels the growth of Bitcoin as a currency is crypto exchanges. These exchanges provide a place for traders, where they can buy and sell crypto-assets. Cryptocurrency exchanges are digitised platforms that serve as an intermediary between the buyers and sellers of Bitcoin and other digital assets.
If we take a look at the all-time Bitcoin chart above, we can see that instead of documenting the constantly changing prices of the cryptocurrency, the chart reflects the overall trends, price hikes and lows that Bitcoin has been through since its launch in November 2009.
Existing in a digital format, Bitcoin is essentially a file that is stored in a digitalised ‘wallet.’
A Bitcoin wallet is an online app that can be accessed via computer or smartphone. Wallets facilitate the transfer of Bitcoins. Through these wallets, Bitcoins can be transferred to other people and can be used to purchase services and products.
The Bitcoin wallet range is quite vast, given how these different wallets are there to serve the diverse needs pertaining to Bitcoin storage and transfer. The basic requirements for a reliable Bitcoin wallet are:
● ease of use;
● ease of transfer; and
● ease of access.
There are many types of crypto wallets:
● Bitcoin web wallets; and
● Mobile — these are perfect for frequent users, as they can be operated on your mobile phone.
A trusted and affordable service such as Jidex enables you to transfer BTC to any type of Bitcoin wallet. Being one of the largest, most secure services facilitating the output of cryptocurrency, Jidex will ensure a safe yet the cheapest transfer of Bitcoin from your account to anywhere else.
When it comes to defining it, many people are confused about what Bitcoin actually is. Bitcoin first emerged in 2008, as the creation of a person who ended up releasing it as an open-source software in 2009, under the name Satoshi Nakamoto.
Bitcoin is the very first cryptocurrency that was built upon the foundation of blockchain. BTC is based on a blockchain that comprises a public ledger, that keeps a record of all the transactions occuring on the network. The benefit is that the history of Bitcoin could be traced effectively. Therefore, the blockchain doesn’t allow people not only to use cryptocurrencies that are not theirs, but also to make replicas or reverse transactions.
Bitcoin is what can be bought or exchanged on cryptocurrency exchanges, as well as its alternatives “altcoins.” Some of the largest cryptocurrency exchanges in terms of traffic, liquidity and trading volumes of spot markets are:
● Coinbase Pro;
● Huobi Global;
● Bithumb; and
If you are curious to learn more about Bitcoin and you want to deeply understand what it is all about, how and where you can buy or exchange it, visit the link below.
If you are wondering what to use Bitcoin for, then you will be surprised to know the extent to which BTC has obtained credibility as a currency and the scope of its usage. There are numerous transactions occurring every day.
Contrary to its early days, a high proportion of BTC usage today is for legal purposes, such as:
● buying products on the Internet;
● paying for services that are obtained on the internet;
● engaging in Bitcoin trading on the Bitcoin exchange; and
● investing in Bitcoin for the long or short term.
A vast majority of BTC exchanges are now deploying KYC/AML (Know Your Customer/Anti-Money Laundering) measures to ensure that bitcoin transactions are more transparent and secure than ever. It indicates that Bitcoin is beginning to gain serious traction as a currency, and people are embracing it as a pathway to maximize the safety, security and convenience of online financial transactions.
In terms of notable BTC live news, the recent gains made by Bitcoin are dominating among the headlines. Starting from March 2020 and the subsequent five months, Bitcoin gained more than any other major asset. All the more surprising is the latest news on BTC, that states how Bitcoin has gained this momentum at a pace that is four times faster than the Dow Jones Industrial Average. For more news on BTC, check out our blog.
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