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What Is Bitcoin?

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Nov 22, 2022
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3 min read
what-is-bitcoin

This blog post will cover:

  • About Bitcoin (BTC)
  • Where did Bitcoin (BTC) come from?
  • What are the advantages of Bitcoin (BTC)?
  • What are the disadvantages of Bitcoin (BTC)?
  • How to buy Bitcoin (BTC) on SimpleSwap?

About Bitcoin (BTC)

What is Bitcoin? Bitcoin (BTC) is a cryptocurrency, a form of electronic money. This is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on a peer-to-peer bitcoin network without the need for intermediaries.

Where did Bitcoin (BTC) come from?

An anonymous software developer named Satoshi Nakamoto proposed Bitcoin in 2008as an electronic payment system based

on mathematical evidence.The idea was to create a medium of exchange independently of any central authority, which can be electronically transmitted in a safe, verifiable and unchanged manner.To this day, no one knows who Satoshi Nakamoto really is.

What are the advantages of Bitcoin (BTC)?

  • Freedom
    
    Bitcoin allows you to send and receive funds anywhere in the world.
  • Security
    
    Only users control their transactions. You are the only one responsible for your funds.
  • No hidden information
    
    Thanks to the blockchain, transactions are available to all users and are completely open.
  • Low fees
    
    If it’s necessary, the user can use a large fee for a quick transaction, but usually this is not necessary.
  • Bitcoin attracts sellers
    
    All transactions are saving in blockchain can not be changed that allows sellers to avoid possible fraud.

What are the disadvantages of Bitcoin (BTC)?

  • Irreversible
    
    A transaction can‘t be reversed after confirmation by nobody. And nobody means nobody. Not you, not your bank, not the president of the United States, not Satoshi, not your miner. Nobody. If you sent coins, it is forever.
  • No one can help you, if you sent your funds to a scammer or if a hacker stole it from your computer
    
    There is no safety net.
  • The Bitcoin system could contain unexploited flaws
    
    As this is a fairly new system, if Bitcoins were adopted widely, and a flaw was found, it could give tremendous wealth to the exploiter.

How to buy Bitcoin (BTC) on SimpleSwap?

Let’s say you want to buy Bitcoin. What should you do? We suggest you go to the SimpleSwap homepage and follow the instructions below:

  • For example, you want to swap ETH for BTC. Select the currency you want to exchange (e.g. ETH) in the first drop-downlist. Then enter the amount you want to swap.
  • Select BTC in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. ETH will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of ETH to this address to start the ETH to BTC exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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