Bitcoin is the first decentralized cryptocurrency and worldwide payment system which was created in 2009 by pseudonymous developer Satoshi Nakamoto. The network is peer-to-peer and transactions take place between users directly, without an intermediary. The unit of account of the bitcoin system is bitcoin (BTC).
A cryptographic hash function called SHA-256 was used as its proof-of-work scheme. Bitcoin was the first successful cryptocurrency to use scrypt as its hash function instead of SHA-256.
Australian entrepreneur Craig Wright says he's the inventor of the digital currency bitcoin.
How do I buy Bitcoin?
Downloading a broker app such as Coinbase, Blockchain, Paxful, and Coinomi is the most common way to buy the currency. These wallets enable users to use a credit or debit card to exchange pounds, dollars, naira for Bitcoin.
You don’t have to buy whole Bitcoins, meaning you can actually purchase a fraction that match the value of cash investment you which to invest.
There are transaction fees associated with buying and selling Bitcoin. The process is a bit riskier and more complicated – especially for a beginner.
Is it safe to buy Bitcoin?
If you are thinking of investing in Bitcoin or another cryptocurrency, you should be very careful because their values are volatile, with the ability to fall or plummet as quickly as they rise or shoot up.
On January 9, 2018, Bitcoin and other major currencies hit the floor after major monitoring platform Coinmarketcap decided to leave out the trading prices from South Korea.
