What is Bitcoin?
Bitcoin is the first ever created, and still the main cryptocurrency asset now. It is a decentralized digital (virtual) currency created by the unknown creator. The creator (or a team of creators) is an incognito user with the Satoshi Nakamoto nickname. His identity remains a mystery up to this day. Of course, there are gossips and speculations in the crypto world about the real personality of Satoshi, but they are not backed up by any facts. Such thoughts are only someone’s assumptions. It is believed that this was a deliberate step and that the creator of Bitcoin wanted to maintain complete anonymity. Satoshi presented the world with his concepts and developments for creating a new digital blockchain network. The secret genius wrote an open-access code and described the principles of the network of the future cryptocurrency No.1. It is an innovative payment network with its personal blockchain system, released as an open source software.
BTC (the Bitcoin’s ticker) – was the first “digital money” coin, which code was anonymously published in 2008. The right time of Bitcoin creation is January 2009. The start of the “Bitcoin career” is considered to be January 3, 2009, on this day the bitcoin network came into existence.
Endless Bitcoin emission is impossible! The maximum BTC supply is 21,000,000 BTC. It is a kind of guarantee against the uncontrolled issue of coins and, therefore, depreciation of an asset. The Bitcoin’s model provokes a constant user’s demand for an asset. How? Bitcoin is known to be called “digital gold”, and it is not without any reasons – all other cryptocurrencies (and fiat) prices, and rates are usually measured in bitcoins (BTC equivalent).
The history of cryptocurrencies begins with the BTC creation. Bitcoin is served as a “layout” or “model” for creating other crypto assets, and, today, variation of digital coins has exceeded over 1000.
History of Bitcoin
Despite the “youth” of this financial market, in comparison with all the usual “classic” cryptocurrencies, they have probably gained the most rapid popularity. And if not everyone knows the mechanism and concept of Bitcoin, then it’s almost impossible to find a person who has never heard of cryptocurrencies, namely Bitcoin. The cryptocurrency market, and its main asset, is not even 10 years old yet, but it has already reached a turnover of more than a trillion dollars.
A huge number of investors all over the world entrusted their funds to the “new tool” and, as a result, cryptocurrencies have become a whole breakthrough, perhaps even one of the most high-profile and hype in a century.
Talking about price – it’s a very volatile asset. And, from the early beginning till now BTC’s price has seen enormous changes. BTC All-Time High was 20,089,00 USD. The situation happened on 17th December 2017.
And the BTC All-Time Low was fixed on 5th July 2013, the price was 65,53 USD.
Why to invest in Bitcoin?
Bitcoin purchasing is a good investment idea. Due to the price of Bitcoins is very volatile there are several ways to earn:
- Make trading operations to multiply your income;
- Just hold your amount of Bitcoins on your Binaryx Wallet and wait for the price growth.
Some facts to note:
- BTC (and cryptocurrencies) creation is the most innovative and fast developing event during the whole industry of finances
- Bitcoin has the most significant market cap among all crypto’s
- It is a decentralized asset (unlike fiat)
- 2016 and 2017 were the peak for the BTC price – it reached 20,000 USD
- Bitcoin (or it’s parts) is owned by more than 100 million investors
- About 200 million Bitcoin wallets have already been created
- There are about 60 million active traders on the market
- Some part of Bitcoins are lost in Blockchain (in the wallets with lost access or transactions to non-existent addresses)
- All Bitcoin transactions are irreversible (can’t be undone)
- One identity (person) can have many addresses and wallets on different sources or devises
- Any BTC address can be used only once
How do Bitcoin transactions work?
Initially, Bitcoin is a decentralized payment system that allows you to carry out transactions directly (without intermediaries), such as banks, BTC (and other cryptos) protects your funds from third-party control and commission fees.
Also, an important, and almost basic, advantage of digital currencies is the inability to counterfeit them (all coins are a complex and unique code).
There are several ways of how Bitcoin can work:
- Bitcoin transaction is working as a money transfer between Bitcoin wallets that being added in the blockchain (in case of peer to peer transactions);
- Like an asset for the cryptocurrency exchange (to other crypto or fiat money);
- As a trading tool for the cryptocurrency exchange platforms (trading platforms).
Bitcoin wallets hold a secret private key data for signing the transactions, as a mathematical proof that they came from the wallet’s holder (owner). The signature also prevents the operation from being altered after being issued. All Bitcoin transactions are going to the network for being confirmed while mining process.
In simple words, the principle of operation of Bitcoin transfers is very similar to bank account transactions (Debit or Credit card transactions) or, even, sending emails or messages. The main difference is that the wallet address can be used once.
The blockchain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the blockchain.
How to choose the correct time to trade?
Everything depends on the current market situation. There is no “high-time” for sure. Bitcoin is traded 24/7 and its price changes every second.
Fundamental and technical analysis is suitable for such situations, as never before. Do not neglect analytics, Market Situations, often, has a recurring nature, and, knowing the result of past similar conditions, it is easier to navigate the current actions at the moment.
How long does Bitcoin (BTC) transaction take?
Different payment methods provide different coins delivery speed. It is important to understand that all the cryptocurrency assets transactions depend on the network congestion.
Compared to traditional bank transfers, Bitcoin transactions have several advantages:
- they are much faster;
- they are anonymous;
- transactions are available 24/7;
- worldwide transactions.
Sometimes, the network may be overloaded. The more BTC transactions are made via the same period of time – the longer time it may take to get your coins. It usually takes about 10-30 minutes. But, even on the overload market situation it’s rare to experience a delay longer than one hour.
Fees are also important – the higher fee you pay – the faster transaction you get. Bigger fee payments are stimulating miners to confirm and process your transaction faster.
How to exchange Bitcoin on Binaryx?
If you are wondering how to exchange Bitcoin to Binaryx, we will assume that you already have a registered account with a positive Bitcoin balance. The following data is provided based on this information. In case if you are Binaryx user and Bitcoin holder exchanging your assets will take less than a minute.
Binaryx gives a chance to exchange Bitcoin to:
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Tether (USDT)
- US Dollar (USD)
The process is extremely easy and suitable for everyone (even for newbies on the Market).
The simple steps are outlined in a “How to Exchange Bitcoin” guide:
- Step 1. Log-in to your personal account
- Step 2. Check your balance
- Go to the Wallet section to check your Bitcoin balance.
- Step 3. Use the Quick Exchange option. Quick Exchange option of your Wallet will calculate the exchange price after specifying the exchange amount
- Step 4. Confirm the operation. Please note: We charge a 0.7% fee for completing your operation
- Step 5. Successful exchange
- Congratulation, now exchanging Bitcoin to another currencies is no longer a problem!
How long the exchange goes?
Binaryx Exchange Module is known to be the fast way to exchange your funds. Exchange from Bitcoin to Fiat, and from Bitcoin to other cryptocurrencies (or vice versa) is just lightning fast and takes only a few seconds. The exchange operation occurs at the current rate (the rate is being updated every second).
And, after a successful operation, funds are immediately displayed in your personal account. Binaryx charges a 0.7% commission for processing your payment (exchange).
Design and Architecture of Bitcoin
BTC is a digital currency, which is not controlled by central banks (or any other financial companies and laws). As we mentioned above, this means, that BTC is a decentralized cryptocurrency asset. The only exception is that Bitcoin (more precisely, cryptocurrencies in general) is prohibited in some countries.
Digital signature: To be sure that a particular bitcoin address can be used only by one person – a digital signature is produced by the private key. In case if the private key is lost, the bitcoin network will not recognize any other evidence of ownership.
Blockchain: A blockchain is a database or digital archive that is irreversible and permanent. Talking about Bitcoin blockchain – the main goal of this database is to track, record, and store all the Bitcoin transactions sequentially. Any changes in blockchain data are almost impossible due to the hash function in every block. If needed, the balance amount of the users can be calculated with the blockchain data records.
Distributed network: A distributed system is used to ensure further security of transfers on the Blockchain network. Any person can act as a particular node for storing an identical replica of the blockchain; therefore, it is extremely difficult for crackers to fake accounts stored in absolutely every node. The main idea is that numerous duplicate blockchains are stored separately around the world, which can help to avoid a certain point of failure.
Mining: Bitcoin mining is the process of add-on the records about operations (money transfers) to Bitcoin’s public ledger of past transactions or blockchain. This ledger of the already done Bitcoin operation is known as the blockchain, because, literally, it is a chain of blocks. We need blockchain to confirm transactions as already occurred once. Bitcoin nodes use the blockchain to distinguish legitimate Bitcoin transactions from attempts of re-using cryptocurrency assets that have already been spent.
After discovering a new block is discovered – miners get some part of Bitcoins, as a reward. This is known as agreed-upon (by everyone in the network) statement.
Also, miners are being awarded with fees paid by users for their transactions. The commission (or fee) is a kind of the miner’s incentive to include the transaction in their block.
Can I purchase a part of Bitcoin (not a full coin)?
Sure! 1 Bitcoin is divisible into 100,000,000 equal parts (pieces). The of Bitcoin is equal to 0.00000001 BTC, it is called a Satoshi.
Am I linked as a Bitcoin owner? Who can see this information?
Bitcoin is pseudonymous, meaning that funds are not tied to real-world users but their bitcoin addresses. The owners of BTC wallets (addresses) are identified. All Bitcoin transactions on the blockchain are public and visible, but no one knows who is the owner of address and transactions (Bitcoin operations).
How to Buy Bitcoin on Binaryx?
We live in a modern world where the convenience, speed, and reliability of money transactions are extremely important. We understand the importance of fast and easy transactions and implemented the best practices for Binaryx platform.
Today, you can buy cryptocurrencies in just a few simple clicks. The whole process takes no more than 1-10 minutes. We have tried the best to do these operations as much as user-friendly, as it is even possible.
Many services worldwide give users opportunity to Buy Bitcoin, but we promise, it will never be so fast and simple deal as while using Binaryx. Binaryx offers traditional Buy/Sell, Fast-Exchange and Trading operations, as well as its personal services. It also helps to convert BTC to or another cryptocurrency or fiat assets in record fast time! And, for sure, we guaranty the safety of your funds during the purchase operation.
The simple steps are outlined in a “How to Buy Bitcoin” guide below:
- Step 1. Create an account (if you still haven’t got one)
Registration won’t take long. Log-in using your Social Media profiles or create a brand-new account indicating your email.
Please note: Specifying your ID-data is not mandatory for creating the account, after the completed registration you’ll get an automatically generated personal cryptocurrency wallet for storing your funds. Also, you’ll have the ability to perform trades.
- Step 2. Explore the website
Check the list of available assets on the exchange and get ready to deposit your personal account.
- Step 3. Congratulations, you are ready to refill your personal account!
Go to the “Wallet” section, and choose an asset for the Deposit.
- Step 4. Choose the way to Buy Bitcoin
Deposit your account with your fiat or crypto-currency, for the future “trade” to Sell your asset and Buy Bitcoin for it.
- Step 5. Go to the “Exchange” section
Buy Bitcoin in the “Quick Buy” window. We charge 0.7% fee. Congratulation, now Buying Bitcoin is no longer a problem!
How to Sell Bitcoin on Binaryx?
If you are wondering how to sell Bitcoin to Binaryx, we will assume that you already have a registered account with a positive Bitcoin balance. The following data is provided based on this information. In case if you are Binaryx user and Bitcoin holder Selling your assets will take less than 5 minutes.
The simple steps are outlined in a “How to Sell Bitcoin” guide below:
- Step 1. Log-in to your personal account
- Step 2. Go to the Wallet section to check your Bitcoin amount for the further trade/exchange.
- Step 3. Choose the asset to Sell Bitcoin for
- Step 4. Go to the “Exchange” section
Sell Bitcoin in the “Quick Buy” window. Choose the fiat or crypto-currency for the exchange. We charge 0.7% fee. Congratulation, now Selling Bitcoin is no longer a problem!
How to trade Bitcoin on Binaryx?
Trading feature will be shortly available on Binaryx, we are currently working on it. Below you can discover more about this method and how it works.
Cryptocurrency trading is an integral part of the work for the majority of users who want to make money on cryptocurrencies. More than 60% of all market operations are done in pairs with Bitcoin. There are different types of trading approaches. Mostly, types of trading differ in the amount of time devoted directly for the trading operations and the market analysis. But, no matter what kind of trader you are, do you prefer long-time or short-time investments, the basic idea is invariable: you need to Buy at the low price and, Sell as expensive as possible, for the higher profit.
Please, note: Since volatile markets have favorable trading conditions, buyers and sellers are attracted to trading more. For many, who ignores market analysis, it can end as a lousy decision, due to unstable markets also produce higher losses. Make your trades wisely and always evaluate risk levels before doing any kind of operation.
Store Bitcoin in Binaryx Wallet
Storing cryptocurrency and fiat assets in Binaryx Wallet is totally free and safe. You do not longer need to have several different wallets – hold your portfolio in a single place! For the convenience of users, the wallet is personalized. It displays the current position of your balance and the history of all completed transactions. Track all the movements of your assets.
Storing Bitcoin on the exchange wallet is an excellent idea: you can make a transaction any moment, day, or second you want to, and in case if storing at different sources – you will need to Deposit (refill) your Binaryx Bitcoin (BTC) amount first.
Binaryx Wallet has a build in system form tracking your profits and your assets current prices. Also, your Bitcoin and Dollar equivalent amount are always displayed in your personal wallet.
Why to choose us?
The most priority thing for Binaryx team is the best customers’ experience, stability, and safety.
- 24/7 support
- Easy-to-use interface
- Our representatives in your region
- Low fees
- Active traders’ community
- Wide range of assets
- Both cryptocurrency and fiat support
- Daily handcrafted news from our editorial team
- Fast exchange module
- Favorable conditions on the market