What is Bitcoin?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is Bitcoin?
  • Where did Bitcoin come from?
  • What are the advantages of Bitcoin?
  • What are the disadvantages of Bitcoin?
  • How to buy Bitcoin on SimpleSwap?

What is Bitcoin?

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 come from?

An anonymous software developer named Satoshi Nakamoto proposed Bitcoin in 2008 as 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?

  • 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?

  • 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 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:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select BTC in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient’s Address. Bitcoin will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

This is everything you need to know to buy BTC.

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