What is Bitcoin?
Bitcoin, launched in 2009, was the first of a new kind of asset called cryptocurrency - it is a type of money that is completely virtual. What does that mean? It is a decentralized form of digital cash that eliminates the need for traditional intermediaries like banks and governments to make financial transactions. If there is no third party to make the transaction, how do we trade with bitcoin? We use a decentralized ledger system, known as a blockchain. Blockchain is a collection of blocks, in each block, there is a collection of transactions.
How does Bitcoin work?
Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet and doesn’t depend on banks or private companies to process transactions. Every single transaction is recorded on the blockchain.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change or hack the system. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
Blocks are files where data pertaining to the Bitcoin network is permanently recorded. Thus, a block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain. A block is thus a permanent store of records that, once written, cannot be altered or removed.
Benefits of paying with Bitcoin.
- User Autonomy
- Peer-to-Peer Focus
- Elimination of Banking Fees
How to buy Bitcoin?
- Create an account
- Verify your identity
- Fund your account and start trading Bitcoin on X1
What to do after buying Bitcoin?
You can hold on to your Bitcoin with the expectation of it increasing in value, you can also store your BTC safely on your account or in your crypto wallet.
You can trade Bitcoin for other cryptocurrencies.
You can send it to anyone and anywhere with their Bitcoin address.