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Bitcoin is the first and the most popular cryptocurrency that once had a cosmic value of about $19,000. The highest price it ever had was in December, 2017 (Read more how it was). As all cryptos, bitcoin doesn’t have any centralization. This advanced and complicated technology uses math, economics and social factors. It is a dynamic and evolving system that promises innovations in the global financial structure.
Bitcoin’s system is based on various encryption technologies that protect it from hacker attacks, allows users to send and receive coins, and ensures absolute transparency of all operations made within the network. There are two ways to get digital coins – to mine them or to buy them from an exchange.
Mining is a process that combines advanced math issues and record register. This register is known as blockchain – a public network where all bitcoin transactions are fixated. Powerful computers that run special software are called “miners” and they are responsible for inscribing all transactions in a single digital ledger.
With the help of powerful hardware and software, miners convert blocks in a blockchain into lines of code, called “hash”. The process of hash producing is incredibly complicated and requires serious amounts of energy as well as computational powers. Users mine simultaneously and nobody knows who exactly will generate hash in the end and close the block. This works similar to a lottery.
When enough hash is generated and the last block appears, the lucky miner gets 12.5 bitcoins, which is about $100,000. Thus, this number decreases over time.
The problem with mining is that too many serious organizations and networks are involved in this process. They possess the equipment that is so powerful that no ordinary computer can compete it. Therefore, mining at home is somewhat useless nowadays. However, there is another way to get bitcoins – exchange market.
There are websites that allow users buying bitcoins and other cryptocurrency. Some of them accept dollars, yens and euros, the other prefer digital money. This way of getting bitcoins may seem risky, however we have prepared a list of reliable resources for you:
Coinbase is the largest exchange where you can safely buy bitcoins and other types of digital money in the world. This resource is based in San Francisco and has trusted investors behind it. Also, it offers a developer API and a digital wallet. However, storing your coins in default wallets of exchanges is a risky decision, so we recommend you to create your own on the official bitcoin website.
Exmo is an UK-based exchange founded in 2013. It supports various currencies, including USD, RUB, EUR and UAH. There you can safely buy, sell and exchange bitcoins and other digital money.
Binance is a fairly new Chinese platform appreciated by a lot of users because of a wide range of crypto/crypto exchange offers and low trading fees. There are two versions of the website – one for newcomers and another one for professional traders. Both have helpful tools and charts, while the basic one is simpler to use.
As the first and the most popular type of cryptocurrency, bitcoin has a lot advantages to offer. It grows in price and promises interesting opportunities to ordinary users and large organizations. The blockchain technology may be used in a lot of other spheres of social life, including business, vote systems and any other management structures. As currency, bitcoin might bring new vision to financial systems and independent communities that doesn’t want government and banks to control their wallets. We believe that bitcoin won’t leave the stage for many years, so weigh all risks and don’t be shy to enter the world of cryptocurrency.