What is Bitcoin?
Bitcoin is a decentralised, digital currency, also known as a cryptocurrency.
Unlike pounds, euros or dollars, there is no central bank which can print new Bitcoin. Instead, Bitcoin is ‘mined’ by the same people who safeguard and maintain the network, and the total supply of it can never be increased.
The technology behind Bitcoin allows it to be transferred anywhere in the world quickly and cheaply, and without the need for a bank account.
Where did Bitcoin come from?
Bitcoin launched back in 2009, although its origin story is shrouded in mystery.
It was invented by a person or group using the alias Satoshi Nakamoto, and while many have claimed to be Satoshi, no one really knows the founder’s true identity.
As Bitcoin was launched as a piece of open-source software, the Bitcoin network is today maintained by millions of cryptocurrency enthusiasts around the world. This means it is safe from attacks and hacks from individuals trying to disrupt it.
Why we support Bitcoin?
Bitcoin puts you in control
Bitcoin allows anyone to securely hold their coins in their own digital (or paper!) wallet. This means you are in control, and your money is really your money. And with just a few taps of your phone, you can deposit, withdraw or exchange your Bitcoins.
Bitcoin empowers people
An estimated 1.7 billion people around the world don’t have a bank account. This locks them out of the digital economy. Bitcoin is changing that. Anyone who owns a mobile phone can join the revolution.
Bitcoin brings the world together
From low-cost remittances to charity fundraisers, Bitcoin is changing the way people exchange value. Bitcoin knows no borders. Without expensive bank fees and lengthy delays when moving money internationally, it has never been easy to send money globally.
Bitcoin is safe and secure
Bitcoin uses cryptography to ensure your coins are your coins. Every Bitcoin transaction is logged on a public ledger for the world to see. Unlike your credit card or bank account, it is as close to unhackable as anything that has ever existed.
Bitcoin is the future
In just ten years, Bitcoin has gone from a concept to a currency worth hundreds of billions of dollars. It has also inspired the creation of thousands of other cryptocurrencies and created a whole new concept for how we understand money.
Still figuring out Bitcoin? Here’s everything you need to know about the digital currency and how it works.
Is Bitcoin illegal?
Bitcoin is not illegal in the vast majority of the world, although a handful of countries have banned it. Increasingly, countries are regulating the exchange of Bitcoin, to ensure ordinary people can enjoy its benefits without risk.
Is Bitcoin used for unethical and criminal activities?
Like pounds, euros and dollars, Bitcoin has been used on occasion for criminal activities. But the nature of Bitcoin – every single transaction is logged on a public ledger – means it is becoming easier for authorities to identify any criminal uses.
Is Bitcoin anonymous?
Yes and no. Bitcoin is pseudonymous, which means that while the coins may not be tied to a real-world person, they are publicly linked to a specific Bitcoin address. This makes it possible for those using it can maintain their privacy while also ensuring authorities can ensure there is no wrongdoing.
How much is one Bitcoin worth?
The price of Bitcoin is determined by the market. This has traditionally fluctuated a lot, although there are signs the price is beginning to stabilise. You can find the price at any moment by simply searching “Bitcoin” on Google.
How do I buy Bitcoin?
There are a number of ways to buy Bitcoin. One of the most popular is via the website Coinbase.com, which will allow you to purchase Bitcoin with a debit card, depending on your jurisdiction. For more info, checkout the link below: