Bitcoin, abbreviated as BTC, is one of the digital money, or as we call it the first cryptocurrency that works without the involvement of any governmental organization or bank. It was created in the year 2009 by a mysterious man who goes by the pseudonym of Satoshi Nakamoto. The identity of the creator of bitcoin is still a mystery to the entire world. One of the most unusual aspects of this coin is that it works on a decentralized system. Unlike traditional assets, it is not controlled by any institution or government.
Bitcoin(BTC) is a cryptocurrency with no physical coins that one can touch. The record of these coins is maintained on a public ledger that is transparent for everyone to access. The bitcoin transactions undergo verification by the massive amount of computing power. Bitcoin is very popular around the globe despite not being on the legal tender. The influence of this cryptocurrency led to the launch of many other digital tokens or cryptocurrencies, generally known as altcoins.
Why buy Bitcoin
Bitcoin provides its users with an efficient means of transferring money across the internet. It is a completely decentralized network that has a transparent set of rules, therefore presenting a permissionless alternative to centralized systems.
The key attributes that make Bitcoin (BTC) a successful crypto coin are
Scarcity: During its launch in 2009, it was stipulated by the developer of this protocol that the supply of this crypto token would be capped at 21 million. The current supply of BTC is nearly 18 million. It is expected that the supply shall reach 19 million by 2022.
Divisibility: The supply of bitcoin is way smaller than the fiat currencies however, this cryptocurrency is divisible to 8 decimal points. The smallest unit of this crypto is called a satoshi, after its developer. This divisibility has led to the distribution of quadrillions of satoshi among the entire global community.
Utility: The biggest selling point of bitcoin is the utility of blockchain technology. The flexibility of blockchain technology gives bitcoin the power to be used outside the cryptocurrency space.
Transportability: The cryptocurrency wallets, exchanges, and other tools have made transferring bitcoin between parties easier and within minutes irrespective of the size of the transaction at very low costs.
Durability: Durability is one of the major issues in the case of fiat currencies. However, bitcoin is tremendously valuable in such a case. BTC cannot be destroyed like its fiat counterparts.
Counterfeitability: It is extremely difficult to counterfeit bitcoin. Why? All thanks to its complex blockchain system which is too complicated to be counterfeited.
3 Random facts about Bitcoin
– Bitcoin does not have a determined value.
– Bitcoins are stored in digital crypto wallets.
– Bitcoin transactions are irreversible.
Bitcoin price trends
|Bitcoin (year closing)||$465||$19,783||$11,884||$51538.84|
How to buy Bitcoin on CoinDCX
Use the Three steps below to learn how to buy bitcoin (BTC) using the CoinDCX platform:
- Sign up for the CoinDCX account
On the sign-up page, enter the valid email address and select a user name. Once sure, create a strong password to secure your account.
- Verification of the account
BTC can be bought using the CoinDCX platform along with other cryptocurrencies. The very first step is to get your documents uploaded along with KYC. It hardly takes 15 minutes to complete the entire process.
- Buy Bitcoin
Once all the document verification is complete the user needs to deposit the fiat currency to buy their BTC. The transaction takes place within minutes.