Bitcoin (BTC) is the #1 cryptocurrency in the world. How to use it?
The very first cryptocurrency in the world, "digital gold", TOP-1 cryptocurrency in the world by capitalization - all this is about Bitcoin.
This coin has both a lot of fans and haters, but there is no point in minimizing the success Bitcoin.
In this article, we will look at: the world's first cryptocurrency, analyze its advantages and disadvantages, explain why to use it, tell you what makes it valuable, and also provide instructions for use.
Table of contents
What is bitcoin. Advantages and disadvantages
Bitcoin (BTC) is the world's first created decentralized cryptocurrency, which to this day remains the leading digital coin by market capitalization. The launch of this cryptocurrency was announced in 2008 and was launched in 2009. Bitcoin is a global peer-to-peer payment system powered by Blockchain technology that allows parties to transact with each other without the need for an intermediary bank or other financial institution.
This cryptocurrency is often seen as a digital alternative fiat currencies and gold.
Unlike traditional money, Bitcoin does not have a central bank to control its issuance. Instead of this BTC is a financial system controlled by thousands of computers distributed around the world. Anyone can join the network Bitcoinby simply downloading its software.
Attractiveness Bitcoin compared to the traditional system is the impossibility of censoring payments, transactions cannot be canceled in it, funds cannot be reused, and payment cannot be sent to BTC can be done at any time from anywhere without any restrictions.
- Decentralization. The very first and main advantage is decentralization, because this characteristic is fundamental for most cryptocurrencies. Bitcoin not controlled by a private company or government agencies. In mid-2010, even the creator of the world's first cryptocurrency, Satoshi Nakamoto, stopped participating in the work on the project and gave control to independent developers.
- Network uptime. It is believed that the network of the world's first cryptocurrency is resistant to attacks (including a 51% attack) that can affect transactions and the blockchain as a whole.
- Digital alternative to gold. Analysts at the investment company Grayscale are confident that Bitcoin will replace, if not already replaced, gold and is its digital alternative.
- An easy way to invest. To start trading bitcoin no special licenses or knowledge required. It is enough to go through the registration procedure on one of the cryptocurrency exchanges (by the way, we recommend bybit.com) or download an electronic wallet and buy a coin there.
- Protective asset. During local economic crises, the exchange rate is often Bitcoin on local sites rises above the average market values. When people lose confidence in their national currencies, they try to find an alternative to save their money. Bitcoin, despite the insane volatility, is not subject to inflation and, moreover, hyperinflation. Therefore, it looks like a great investment option.
- Volatility. It is difficult to be sure that savings in cryptocurrency will retain their value. Price BTC at any moment it can sharply collapse by tens of thousands of dollars, or rise.
- High Commissions. The main disadvantage of this cryptocurrency is considered to be high commissions, but they still don’t bite so much for large amounts. For example, a $100 transfer fee can reach up to $30. Not very pleasant, agree.
- Regulators. With a high degree of probability in the future we will see regulation Bitcoinas a digital asset. This is what the Fed (Federal Reserve System) is doing now.
- Fraud. This cryptocurrency is used not only for investments and transfers, but also for the purchase / sale of prohibited substances, money laundering, and so on (we condemn such actions not only in relation to bitcoin, but in general).
- Difficulty in using the system... Owners BTC are not error-proof. For example, if an investor forgets the password for his Bitcoin-wallet, then he will have nowhere to turn to get access back.
Why Use Bitcoin
Many appreciate the first cryptocurrency for its inclusive nature, i.e. anyone with an internet connection can send and receive these coins. This is similar to cash in that no one can stop you from using it, and this digital advantage means that with Bitcoin you can exchange currency all over the world.
What makes bitcoin valuable
Instead of spending, investors store ("hodl") for a long time with the prospect of further growth. Bitcoin earned the nickname "digital gold" due to the limited number of coins available. Some investors are considering the world's first cryptocurrency as a store of value. The reason for this is the presence of such factors as: shortage and complexity of production. It is also often compared to precious metals such as gold or silver.
Holders believe that the presence of these qualities, combined with global availability and high liquidity, make it an ideal vehicle for maintaining wealth over long periods. They believe that the value Bitcoin over time it just keeps growing.
First of all, it is worth noting that there are several ways to buy Bitcoin:
- Exchangers... Probably, the easiest way is to mark the exchangers, because you just need to choose the direction of exchange, fill out the form and complete the operation. Recall that it is best to use the monitoring exchangers the Bestchange.r and choose the exchanger that suits you. Please note that the minimum exchange amount may not always match yours. There are also monitoring-exchangers Kurs.expert и bitcoinmarket.global, which can also be used;
- Exchange. With a probability of 99% on the exchange where you are registered, there is Bitcoin. To buy, we recommend using the exchanges Binance.com и bybit.com.
- Buying BTC through an exchange
1. Go to the site of monitoring exchangers the Bestchange.r.
2. Choose the direction you want. For example, Sberbank - Bitcoin (BTC) (1 - Select the direction you want to buy for Bitcoin; 2 - Choose the exchanger that suits you).
3. Make an exchange (1-2 - Enter the amount for which you are going to buy cryptocurrency; 3 - Enter the card number; 4 - Enter the wallet address; 5 - Enter your email; 6 - Be sure to agree with the terms and conditions; 7 - Carry out the operation by clicking on the "Go to exchange" button).
PS Please note that the algorithm on exchangers may differ. Also note that some exchangers require bank card verification.
- How to deposit Bitcoin on Bybit.com
2. Go to the "Assets" section, then "Spot".
3. Transfer funds to the exchange (1 - Enter BTC in the search; 2 - Find the cryptocurrency and click the "Enter" button; 3 - Copy the address and transfer Bitcoin to it).
- Buying Bitcoin on Bybit.com via P2P
2. Go to the “Buy Cryptocurrency” section, then “P2P Trading”.
3. Make an exchange (1 - Select the "Purchase" section; 2 - Select BTC; 3 - Click on the "Buy BTC" button; 4-5 - Enter the amount you are willing to pay or buy; 6 - Click on the "Purchase" button and complete money transfer transaction).
Above we have analyzed the most popular ways where you can store BTC, but there are other options:
- Wallets for Bitcoin BTC: blockchain.com, trustwallet.com, guarda.com, trusteeglobal.com, exodus.com, atomicwallet.io, coinomi.com, electrum.org;
- Wallets for Bitcoin ERC-20: atomicwallet.io, metamask.io;
- Wallets for Bitcoin BEP-2: metamask.io, trustwallet.com;
- Wallets for Bitcoin BEP-20: trustwallet.com;
- Currency Exchange: www.huobi.com, okx.com.
- Hardware Wallets: Ledger, Safe deposit, Safepal.
If you are a beginner, we can recommend that you also read our Articles:
- What is a cryptocurrency: just about the complex
- Tether (USDT) is the largest stablecoin. How to use it?
- Binance USD (BUSD) is a stablecoin from the Binance exchange. How to use it?
- USD Coin (USDC) is the second most popular stablecoin in the world. How to use it?
- Bybit.com - Review and reviews of the cryptocurrency exchange without mandatory verification
- Binance.com - Review and Reviews of the World's Largest Cryptocurrency Exchange
- PancakeSwap - decentralized cryptocurrency exchange review
- Metamask - an overview of the cryptocurrency wallet as a browser extension
- Tronlink.org - Review and reviews of a crypto wallet as a browser extension
- How to avoid paying fees using TronLink
- Trustee Wallet - Review and Review of Cryptocurrency Wallet
- Blockchain.com cryptocurrency wallet review and review
- CoinMarketCap.com - Review and feedback on the service for tracking the cryptocurrency market
- Cryptocurrency and conversion. Understanding how it works
- The most reliable cold storage wallets for cryptocurrency
- What is fiat currency. Its difference from cryptocurrency
- What is a stablecoin and why is it needed
Bitcoin For a long time it was not perceived by large players as an opportunity to store money for the long term, but everything has changed. Now it is a desirable asset in the portfolios of investors. It's hard to say what to expect Bitcoin in the future, but I would like to believe in "To The Moon". Perhaps these thoughts are best left for another article.
In this article, we analyzed: the world's first cryptocurrency Bitcoin (BTC), its advantages and disadvantages, why use bitcoinexplained what it does Bitcoin valuable, and also gave small examples of how to work with the coin.
Write in the comments which wallets you use and consider convenient for PC or mobile devices, there may have been some problems with certain wallets. Who will have difficulties in buying or selling, questions on creating wallets, you can write to the contacts provided below. We will definitely help and advise you!
We hope this article was helpful to you. All successful and profitable investments!
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