Created in 2009, Bitcoin is a digital asset that facilitates the transfer of value without the need for banks or third-party authorities. Bitcoin is one of the most famous digital currencies which means it has no physical notes or coins and can only be traded online.
Bitcoins are cryptocurrencies that came into existence by the validation of transactions on the bitcoin network, through a process known as mining. Those who undertake this process are known as miners.
When miners verify a group of transactions, they are currently awarded 12.5 bitcoin for their work, as well as the transaction fees included with each transaction. Miners follow a set of specific cryptographic rules to keep the network stable, safe and secure.
All Bitcoin transactions are recorded and verified on the blockchain, a digital public ledger. There are to date approximately 17 million bitcoins have been mined, with the number increasing each year.
There are many ways for people to obtain bitcoin, this includes purchasing it on an exchange using a traditional payment method, transferring bitcoin from one person to another, and earning bitcoin as a miner.
Before buying or possessing a bitcoin, you must have a bitcoin wallet. These wallets can be downloaded and set up on a computer, smartphone or any other mobile device. Each of these wallets stores your private key, which allows you to sign transactions and send bitcoin to other parties.
Bitcoin can be used as a payment method for many goods or services. There are an increasing number of retailers who currently accept bitcoin and its commercial use is constantly expanding. Bitcoin can also be used as a currency for international remittance or as an investment. It can be owned or used as a tradable instrument and sold in exchange for fiat currencies like the US dollar.
Bitcoin premiums vary heavily across currencies to create arbitrage opportunities. Of all cryptocurrencies, Bitcoin is the most liquid and its uses are beginning to evolve more over time.
Security for Bitcoin
Unlike a bank, bitcoin is purely digital, so your money isn’t somewhere safe waiting for you to get it by default.
When you trade-in crypto, you have to be aware of cyber-attacks and store your crypto in a wallet, and this has to be secure. To take the effort out of it, secure your bitcoin with a company. This is where Swyftx comes in.
Why Trade with Swyftx?
Swyftx is an Australian-owned and locally operated crypto exchange that allows users to buy Bitcoin as well as other crypto-assets such as Ethereum and more. Backed by global liquidity providers, their Australian crypto exchange allows you to operate with some of the lowest fees in the market with the smallest spreads available. The platform supports both a mobile and desktop trading option and allows you to buy, sell and trade digital currencies anywhere, at any time with the convenience of your mobile phone being protected by two-factor authentication and biometric logins.
Their Australian exchange also offers incredibly advanced trading features such as portfolio tracking and price alerts, by using Swyftx you can view your real-time profit and loss on all your digital assets through the portfolio tracking feature. With the price alerts, you never miss out on buying on the dip. Simply set a price alert for your favorite currencies and when your decided asset hits a certain price, you get a notification.
Now that you know all about Bitcoin, it’s best to trade with Swyftx, click here to get started.