What is bitcoin?
Bitcoin was invented in 2009 by a person (or group) who called himself Satoshi Nakamoto. His stated goal was to create a “new system of electronic money” that would be “completely decentralized without a server or central authority”. After developing the concept and technology, in 2011, Nakamoto transferred the source code and domains to other users of the bitcoin community and subsequently disappeared.
Simply put, bitcoin is a digital currency. No bills, no coins. It is decentralised: there is no government, institution (for example, a bank) or other authorities that control it. The owners are anonymous; Instead of using names, tax IDs, or social security numbers, Bitcoin connects buyers and sellers using encryption keys. And it is not created “from above” as a traditional currency; Bitcoin is "mined" by powerful computers connected to the Internet.
What determines the value of bitcoin?
Ultimately, the value of Bitcoin is determined by how much people pay for it. Thus, there is a resemblance to stock prices.
The protocol established by Satoshi Nakamoto states that only 21 million bitcoins can be mined - about 12 million are still mined - so there is a limited supply, like with gold and other precious metals, but there is no real intrinsic value. This distinguishes bitcoin from stocks, which usually have some relation to the actual or potential earnings of the company.
Without a government or central authority, or in general someone controlling the amount of bitcoins available, “value” is completely open to interpretation. This “price disclosure” process is the main driver of bitcoin price volatility, which also causes speculation.
What can I do with bitcoins?
You can use Bitcoin to buy items from more than 100,000 merchants around the world with no currency conversion fees. You can sell with profit over time. Or you can just store funds in bitcoins.
How to buy bitcoin (BTC)?
Download the app on the App Store, Google Play, or use the web version of the Bitcoin Wallet
Go through the registration process and confirm your email address, it only takes a few minutes
Press the Buy button on the main screen and select the cryptocurrency purchase method convenient for you
To increase the limits on the purchase and sale of cryptocurrencies it is necessary to go through verification