Bitcoin can be sent from one person to another in a peer-to-peer model without the need of a central system or intermediary such as a bank. Bitcoin is truly available to everyone with a smartphone and the Internet.
Bitcoin is over a decade old now and its already causing crypto development in the banking and finance world. People all over the planet are learning about and using this new digital currency and blockchain technology including using it for payments, remittances, and as a store of wealth.
Bitcoin gives its users financial freedom and control over how they interact and manage their money. Unlike, traditional, government-issued currencies, Bitcoin is not owned by anybody, hence as a BTC holder, you can control how you access and spend your money. Bitcoin markets are open 24/7, unlike banks that have operating hours and days.
The payment system used on Bitcoin is purely peer-to-peer allowing users to send and receive funds to anyone around the world. Buying Bitcoin provides privacy whereby purchases are not associated with a personal identity. Even though not completely anonymous, Bitcoin transactions cannot be traced to individual holders.
Conventional wire or bank transfers especially international transactions typically involve high fees and exchange costs. Bitcoin payments do not have intermediaries or government involvement, eliminating third party costs, keeping transaction fees very low.
Bitcoin has been hailed as a solution for the unbanked population because an individual only needs a smartphone and an internet connection to buy, sell, or send and receive payments. Access to a smartphone gives users easy interaction and the use of thier funds held in Bitcoin.
A cryptocurrency is any form of digital currency secured by cryptography and built using blockchain technology. The use of the blockchain makes it near impossible to counterfeit transactions. Cryptocurrencies are gaining popularity worldwide because transactions are innately immune to manipulation or interference through an open ledger system that everyone has access to. It is impossible to have a single point of failure as would be the case with a centralized system such as a bank.
Bitcoin is the first example of a cryptocurrency and all other digital currencies built using cryptography and blockchain technologies are known as altcoins. Examples of these altcoins include Ether, Litecoin, EOS, Bitcoin Cash among others.
An aggregating site for cryptocurrencies known as CoinMarketCap as of September 2020 lists over 7000 cryptocurrencies.
A blockchain is a series of time-stamped records of data, similar to a ledger, that once recorded, it is stamped forever, immutable and is not managed or owned by a single entity and remains available to everyone on a decentralized system. Each of these pieces of data bound together to form a chain are secured using cryptographic principles.
A blockchain network is a democratized system where information on the network is shared via an immutable ledger and anyone on the network can see it. Utilizing blockchain allows one to leverage its infrastructure to send information from X to Y in a secure and automated manner.
A party using blockchain technology will initiate a transaction, which is verified by other users in the form of computers (nodes) spread across the internet. Upon verification, the block is added to a chain and stored forever.
Many people are taking advantage of being early stage adopters of Bitcoin and cryptocurrencies and make investments betting that the value today is only a fraction of its potential when digital currencies are the norm.
Using Bitcoin is fast, safe and convenient. More and more opportunities are available everyday to shop using cryptocurrency, including with leading online retailers.
There are cryptocurrency exchanges that will only accept crypto deposits and will not take bank transfers. Bitcoin funding is how most people buy and trade other forms of cryptocurrencies.
Pay your Canadian property taxes, in Innisfil, using Bitcoin.
Ticker Symbol: BTC
Max Available Units: 21 million
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