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Bitcoin – what is it, how to buy it, and why?

Useful apps for buying bitcoin

In April, Forbes published a rating of crypto-billionaires. The first place was taken by Tyler and Cameron Winklevoss – the same ones who sued Mark Zuckerberg for the authorship of the idea of Facebook. The publication estimated the brothers’ crypto-assets at $6 billion.

After spending $11 of the $65 million they received from Zuckerberg as compensation, Tyler and Cameron repurchased 100,000 bitcoins in 2012. Back then, BTC was worth $120. The deal and the brothers’ subsequent work in the market provided them with cosmic earnings. In addition, bitcoin can also be paid in Bollywood casino, which is quite convenient.

And here is the story of the guy who obtained 127 bitcoins in 2011-2012 for watching videos and completing tasks in the game Dark Orbit. The keys to the coins were stored in a file on his grandfather’s laptop. But, unfortunately, the guy forgot about them and remembered when he visited his relative. At that time, the price of BTCs was a little over $30 thousand, and their sale brought him over $4 million.

There are a lot of similar examples of riches thanks to early bitcoin purchases. But even now, you can make money on crypto trading if you have the right tools at hand. In this piece, I will tell you about five practical applications for buying and selling digital currency and not only.

What is bitcoin in simple terms?

  • Bitcoin is quite different from traditional money.
  • Who the creator of bitcoin is is still unknown.
  • Bitcoin can perform the functions of conventional currencies.
  • Bitcoin is the first cryptocurrency, an analog of traditional currencies. The prefix “crypto” suggests that it was created with the help of cryptography, a science that, among other things, is concerned with the study of privacy practices.
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When explaining what BTC is in simple terms, many people often mistakenly compare it to electronic money that users keep on their cards. Such a comparison is incorrect. What makes BTC different from traditional plastic money in a financial institution is its nature.

To answer the question of what bitcoin is in simple terms, we need to dive into the details that make it up.

How BTC works

Bitcoin, just like a rupee, dollar, or another fiat, can function as a familiar currency. For example, it can be used to pay for an order or a service. However, even the most straightforward transaction with BTC will differ significantly from traditional money transfer.

A country’s national currency has one issuer – the country’s Bank. It also determines how much money will be in circulation. Therefore, the value of a nation’s currency depends on the Central Bank’s decision. In the case of bitcoin, there is no such authority, but the cryptocurrency continues to operate due to the principle of decentralization. About it – below.

What is decentralization?

Bitcoin does not have a single center whose team could manage the cryptocurrency, but the project still continues to develop. The digital equivalent of the code helps it do this. Unfortunately, it cannot be rewritten or zeroed out. Bitcoin cryptocurrency is, in simple terms, digital money with its own rules of operations, which cannot be violated.

The fundamental principles of its existence, including the issuance program, are laid down in advance in the technical map of the coin. At the same time, users of the digital asset decide which cryptocurrency indicators need to be adjusted. It is what a decentralized approach looks like. Let’s compare it with the current financial system.

Head organizations for traditional money are a necessity. Without them, the ruble, dollar, or other currency will not be able to function fully, at least because someone must control the issue and other indicators.

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The best books for mastering bitcoin

  • “The Internet of Money”
  • “American Kingpin”
  • “Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies”

CoinMarketCap

It is a must-have app for every cryptocurrency holder. You probably noticed how he checks the price change several times a day if you have such a friend. In all likelihood, he does so in CoinMarketCap.

The app allows you to monitor the rate and capitalization of more than 11,000 coins. In addition, you can subscribe to specific currencies and get notifications of price changes, compare, and learn about new ones.

There is no need to make unnecessary actions – basic information is collected on the main screen: rate of top currencies, which coins fell or grew more than others, converter into fiat money, newsfeed.

FTX (formerly Blockfolio)

It is an advanced cryptocurrency tracker and portfolio organization application. Displays the value of digital coins in more than 100 fiat currencies, integrated with critical exchanges (and there are more than 300 in total) and profile media to keep up with the news.

There is a referral program: you get points if another user registers using your code and makes transactions. In addition, points can be exchanged for cryptocurrency.

BitPay

It is a cryptocurrency wallet that was one of the first to establish itself reliably in the market. BitPay allows companies to accept bitcoin and several other cryptocurrencies as payment and charges a transaction fee.

Fingerprint access. It’s convenient to buy currency here: clicking on the central menu icon opens a field with options for buying cryptocurrency for fiat and receiving and sending coins through wallets. You enter the amount, choose the currency, country, and card – done. If you need to buy crypto, better do it with BitPay. If you are interested in World-Famous and Beloved Table Games, check out this article.

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Coinbase

It is another classic app for buying and selling cryptocurrency. It was initially launched as a wallet and soon created an exchange based on it. Now it has about 43 million users. Among the main advantages is paying with cryptocurrency through Apple Pay and Google Pay. In addition, credit and debit cards can be used to buy cryptocurrencies. Considering Coinbase’s status, security level, and coverage, it is one of the best apps for traders.

TabTrader

A popular terminal application. The standard set of rate charts, currency pairs, and offers on exchanges (Binance, FTX, Coinbase, EXMO, and others) is complemented by the ability to buy and sell cryptocurrencies. There is nothing extra in the application – the focus is on trading.

Unlike other applications, there is no registration required, but the possibilities are limited – only the indicators of coins and exchanges are available. However, different operations require registration or authorization. It is also easier than in other applications: you can log in through your Apple or Google account.

Most digital currency applications are similar to each other. In this case, the criteria for your choice may be the UX and UI, the level of security, and the availability of specific features you need. The main thing is that thanks to such applications, you are always aware of price changes and have the ability to trade from anywhere in the world.

 

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