Bitcoin () is a digital currency. Unlike other digital currencies, Bitcoin is decentralised, with no single administrating or controlling body. Bitcoin users can send any value large or small, at any time of the day or night, from their Bitcoin account. With Bitcoin you can truly be your own bank and have complete control of your spending.
Bitcoin was invented in 2008 and first released into circulation in 2009. Since the invention of Bitcoin - the world’s first cryptocurrency - several other cryptocurrencies have been created but Bitcoin remains the most widely traded and spent on goods and services. Bitcoin even has its own slang, one of the most popular acronyms being HODL (Hold on for Dear Life) often used by Bitcoin investors when prices shift.
It has become much easier to purchase Bitcoin in recent months due to the number of Bitcoin exchanges such as Coinbase or LocalBitcoins where you can buy Bitcoin easily using a credit or debit card. On top of this the integration of Bitcoin to mobile banking apps such as Revolut and PayPal has made Bitcoin much more accessible to the general public.
Since Bitcoin is a digital currency, it is predominately used to pay for goods and services bought online, however, there is a rapidly growing number of physical establishments such as clubs and restaurants that have started embracing cryptocurrency. So, what can you buy with Bitcoin? You can buy pretty much anything, online and offline, from a Brazilin Butt Lift to a Mercedes Benz - and you often get considerable discounts when paying with Bitcoin!
Bitcoins are non-physical, and new Bitcoins are created or “minted” daily through a process called mining. Very simply put, Bitcoin miners are accountants that are paid in Bitcoin for verifying and confirming each and every transaction that takes place on the Bitcoin payment network.
Since there is no bank involved and Bitcoins are not physical, how and where are they stored? Bitcoins, and other cryptocurrencies are stored on wallet addresses that are part of the Blockchains database. Bitcoin wallets come in many forms; the most common being online platforms accessible from a mobile phone or laptop, or a cold storage hardware device such as the Trezor or Ledger Nano wallet.
One of the main benefits of owning and using Bitcoin to pay for goods and services is the anonymity that Bitcoin offers its users. Funds are sent from Bitcoin wallet to Bitcoin Wallet where neither party needs to share personal details. While Bitcoin addresses are anonymous, Bitcoins themselves are not, and all transactions are visible on the Blockchain making any payment instantly verifiable.
Bitcoin has been capped; there will only ever be 21 million Bitcoin created or mined. Since its release in 2009, over 18 million Bitcoin have already been mined meaning there are just under 3 million left - worth about $23 billion today!
Like gold, oil and diamonds, Bitcoin has a limited supply but in terms of scarcity levels Bitcoin is much more drastic. According to financial analysts roughly 1.2 million adults became millionaires in 2019, bringing the total to an amazing 47 million millionaires worldwide. This means that if there were 21 million Bitcoin available right now each millionaire in the world could only have 0.4468 Bitcoin each!
We know that the last Bitcoin will be mined in about 85 years from now, in the year 2104, and we know that Bitcoin is definitely here to stay but what does the future hold for its value? Many experts believe that the record high prices of Bitcoin that we experienced in December 2017 may only have been a drop in the ocean and further predict that 1 Bitcoin could be worth an estimated $50,000 by 2025, and a staggering $75,000 by 2030!
Yes! Thanks to the plethora of well-regulated providers online selling Bitcoin it is now very easy!
Create a Bitcoin account with Coinbase / LocalBitcoins (or sign-up for Revolut or PayPal).
Verify your account (Coinbase, LocalBitcoins, Revolut or PayPal) by uploading your ID.
Select the desired amount of Bitcoin that you wish to purchase and add to your wallet.
We Do Not Store Bitcoin on Our Server