“Would you like to pay with cash or credit card?”
“Neither, what about Bitcoin?”
The emergence of Bitcoin (BTC) has profoundly changed the concept of ‘money’ and it has became the most popular digital asset in recent years, following an increase of coverage by media globally.
Where did it originate?
Bitcoin is a digital currency created in 2009. It follows the ideas set out in a white paper by Satoshi Nakamoto. It offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority illustrating a digital currency dictated by a Peer to Peer model.
Unlike traditional currencies, BTC doesn’t rely on an organization to issue its’ currency but instead relies on ‘miner’ to solve specific mathematical algorithm which generates BTC once every 10 minutes. BTC economy uses a distributed database formed by multiple nodes in a P2P network to confirm and record all transactional activities. Additionally, it uses cryptography design to ensure the security of the currency in circulation.
Basic statistics of BTC
• Issue date: January 3, 2009
• Abbreviation: BTC
• Total supply: 21 million
• Initial price: around $13.36 USD
• Record high: reached $5,808 USD per token in mid-October
The pros and cons of BTC
How is it used?
BTC is the most popular and highest trading cryptocurrency. If you are new to the crypto market, you could start with purchasing a BTC. First of all, you have to choose a reliable exchange such as OKCoin as the gateway to purchase your first digital asset. After you sign up, you could connect your bank account with the exchange for the conversion between fiat currency and BTC.
BTC will be stored in the hot wallet of your chosen exchange once transaction is complete and you could sell it or convert it back into fiat currency anytime and anywhere. Happy trading!
[RISK WARNING] Digital currency is a new social product that is still in its initial stage of development. There could be many risks in the market of digital currency trading (e.g. technical defects, price fluctuations etc.). Users should be fully aware of the investment risks. Established under the legal framework of Australia, BitRabbit is a neutral trading platform aiming to satisfy the trading demands of digital currency fans and is not liable for any review, warranty or compensation liabilities of the currency value.