Bitcoin (BTC) – What is it, how to buy, price chart

What is Bitcoin:

Bitcoin (BTC) is the oldest and most famous cryptocurrency that started the cryptocurrency revolution. The protocol was launched in 2009 by a mysterious inventor and pseudonym, Satoshi Nakamoto, who has so far been untraceable. Today, Bitcoin is used everywhere in the world its adoption is steadily growing.

Why buy bitcoin?

• Decentralization: bitcoin is not controlled by any central authority such as a bank or government. Instead, it is operated and secured by a global network of computers that spans every continent. Bitcoin is the most decentralized cryptocurrency of our time.

• Limited supply: only 21 million bitcoins are written into the algorithm to ensure their rarity and potential growth in value.
• Security: Bitcoin transactions are protected by strong cryptography, ensuring their irreversibility and correctness.
• Transparency: All Bitcoin transactions are recorded in a decentralized registry called the blockchain, which is accessible to all.
• Stability: It is therefore a very stable and secure network.
• Proof-of-work mechanism: New bitcoins are created using a proof-of-work mechanism. In the real world, electricity must disappear in order for a new unit of value to be created in the digital world. Bitcoins are therefore not created out of thin air.

Investing in Bitcoin:

Bitcoin is a volatile asset whose price can fluctuate sharply. This makes it both a risky investment and a potentially profitable one. If you are considering investing in Bitcoin, it is important to do your own research and consider your risks. It is generally recommended to use bitcoin as a long-term store of value for periods longer than 4 years. 

The most successful investment strategies 

The most successful investment strategy is DCA (dollar cost averaging) where you buy on a regular, ongoing basis for smaller amounts. This minimizes the risk of volatility, you don’t have to watch the market and you don’t succumb to the emotions of the FOMO effect.

Buying and selling Bitcoin:

Bitcoin can be bought and sold for Czech crowns and by convenient bank transfer at Simplecoin and many other exchange offices, exchanges, or in person or at bitcoinmat. 

What do I need to buy bitcoin?

To hold (store) bitcoin, you need a bitcoin wallet. This will give you control over your bitcoins and no one can seize them from you as long as you have a recover for the wallet. 

We can recommend the Coinomi wallet, which can be downloaded to iOS, Android and PC via the official site here.

How to buy bitcoin

To buy bitcoin on the Simplecoin exchange, all you need is a bitcoin wallet. You can then purchase up to 200 Euros worth of bitcoin in 10 days anonymously without registration. For a higher investment, you need to upload two identity documents. Details can be found here.

Bitcoin Lightning Network

Lightning Network:

It is a second layer above the bitcoin blockchain that offers users to make fast and cheap transactions. 

Benefits of Lightning network:

• Higher scalability: it allows you to create more transactions per second than say Visa or Master Card.
• Lower fees: the fee per transaction is in the units of pennies, which is an order of magnitude less than on a traditional bitcoin blockchain.
• Faster transactions: transactions are settled in seconds.

Learn more about Bitcoin:

Website: https://bitcoin.org/
Wikipedia: https://cs.wikipedia.org/wiki/Bitcoin
Block Explorer: https://mempool.space/cs/
Czech signpost: https://bitperia.cz/

A signpost to other cryptocurrencies:

Bitcoin (BTC) 

Ethereum (ETH)

Litecoin (LTC) 

Dogecoin (DOGE) 

Ripple (XRP)

Bitcoin Cash (BCH) 

USD Coin (USDC) 

Zcash (ZEC)

Important Notice:

This page is for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies is risky and you should consider the risks before embarking on any investment.