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?
The SimpleSwap team has rethought the process of cryptocurrency exchange to make it simple, safe and comfortable.
Let's assume you have Ethereum and you want to have Bitcoin. It is necessary just 4 simple steps to complete the exchange:
- Select ETH in the first drop-down list, enter the amount you would like to exchange. In the second drop-down list select BTC. You will be shown the estimated value that you 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 Bitcoin address.
- Check all the information you have entered. If everything is correct click the Exchange button.
- You will be shown Ethereum deposit address. You need to transfer to this address the necessary amount of ETH to start the exchange.
That's it! In a few moments your Bitcoin will be sent to you.