Even if you are far from the crypto market, you have surely seen a rapid growth of the Bitcoin value. Experts predict that it may even hit $1 million in the future and become a global reserve currency. With such positive dynamics, more and more users are willing to become BTC owners. To pay with it at Burger King and Twitch, remain anonymous at a Bitcoin online casino, and even book flight tickets in 600+ airlines across the world. However, they think that the crypto market is complex and unfriendly to beginners. Well, below we are going to dispel the myth and tell you about Bitcoin in simple words. There is even more useful information on Bitcoin and casinos at NZ CasinoHEX from experienced experts.

BTC in a nutshell

Bitcoin is surely one of the biggest wonders of the modern world. Just imagine: a team of tech geeks invented digital money that is not controlled by any financial institution or government. BTC was created by Satoshi Nakamoto in 2008. But even 13 years later, it is still studied and explored by developers and economists.

Bitcoin is a software protocol similar to those that we use on a regular basis. For example, HTTP for web connection or SMTP for routing emails. BTC protocol allows computers to operate a set of data (i.e. blockchain) and comply with the rules that make crypto valuable.

What shapes BTC value

But what does this value mean and why Bitcoin is such a popular currency? To answer this question, we should discuss it in the context of traditional money values:

  • Acceptability. There’s no denying that a thing is valuable if it is widely recognized. Nowadays, there are thousands of big and small enterprises that accept Bitcoin. For example, Wikipedia, Microsoft, Burger King, Subway, Home Depot, Tesla, and many others. You can also purchase and sell BTC on the international exchanges and even receive salaries in crypto.

  • Fungibility. All currency units must be identical and interchangeable. Similar to paper money or precious metals, BTC may have different fungibility degrees. For example, some exchanges may not accept Bitcoin involved in a crime.

  • Durability. While paper money wears out and has a limited life, Bitcoin is nothing but a set of numbers and letters that you can store virtually, on a hardware wallet, or even stamp into steel. Thus, it can serve eternally.

  • Scarcity. In 2009, there were 50 BTC coins. In 2020, 18 million. Every year, the number of released coins in each block is cut by 50% to keep the supply limited. In total, there will ever be around 21 million coins. 

  • Portability. With BTC, you don’t have to worry about losing a wallet because your wealth is carried in your memory, on a remote server, or on a simple flash drive hidden in a safe place. 

  • Divisibility. Currency’s divisibility allows purchasing items of different value. The smallest part of BTC is called satoshis. There are 100 million sats in one BTC making it the least possible cryptocurrency unit at the moment.

How to buy Bitcoin

Now you know what Bitcoin is and what makes it valuable. There’s only one step between you and a BTC on the account. It is available in US dollars, so you don’t need any crypto to get started. The process of purchasing Bitcoin (or any other cryptocurrency) is quite simple. 

You need to have a so-called crypto wallet. It is an application or virtual storage that holds your coins. Most users choose exchanges where they keep crypto and can make transactions rather quickly. Popular exchanges are Coinbase, eToro, Gemini, Kraken, and Binance. Just create an account, follow the BTC prices, and if you are ready to buy, insert the requested sum to finalize the transaction.

There will never be a better time to start

If you are on this page not only to understand what Bitcoin is and why it’s so popular, you might worry that the train of buying BTC has already departed. However, despite the temporary market fluctuations, Bitcoin shows stable growth without any signs of slowing down. Even though the coin’s value is very high, investors empty exchanges which only proves that the market is ready for you to step in.

Author: Maia Hall, a content manager at NZCasinoHex.com. To find more about the writer, visit this page with the examples of her words: https://nzcasinohex.com/author/maiahall/

Read Also:
Seeking Professional Help: Should I Hire a Financial Advisor?
Venturing into investments can seem daunting, but it's a crucial step for securing your financial future.
What Are the Main Benefits of Fractional Investing?
Fractional investing allows you to buy parts of a stock, not just the whole thing. This makes investing more accessible to everyone.

Other Articles
Verwenden von Bitcoin im Geschäft - Welche Vorteile bietet es?
Während immer mehr Menschen papierlose Zahlungsmethoden für Dienstleistungen und Produkte erkunden, suchen Unternehmen nach Alternativen zum Fiatgeld.

Key Strategies for Effective After-Hours Trading
After-hours trading opens doors to new opportunities beyond regular market hours. This exciting arena allows traders to respond swiftly to news and events.

Enhancing Your Approach to Binary Options Trading
Diving into binary options trading can be thrilling and rewarding, but it requires a strategic approach.

What Is SWOT Analysis in Investment Research?
SWOT analysis is a vital tool in investment research, offering a clear framework to assess a company's strengths, weaknesses, opportunities, and threats.

Quels Sont Les Risques Courants De Suivre Les Tendances Du Marché?
Poursuivre les tendances du marché peut sembler tentant, offrant la promesse de profits rapides et de succès immédiat.

Are There Any Fees For Fractional Investing?
Fractional investing has revolutionized the way people invest, offering a chance to buy slices of high-priced stocks without breaking the bank.

Smart Contracts & BTC: Innovating Security, Efficiency in Digital Era
Bitcoin, the world's first cryptocurrency, delivered an innovative idea of decentralized digital foreign money, overcoming difficult traditional monetary systems.

Exploring Digital Yuan: A Beginner's Guide to Smart Investments
The Digital Yuan, additionally referred to as the Digital Currency Electronic Payment (DCEP), is China's crucial bank digital currency (CBDC)

Demystifying Bitcoin: A Beginner's Guide to Investing
We live in a constantly evolving financial world and with new changes as a globalized currency, Bitcoin has become a revolutionary element.

Navigating the Road Ahead: Tips and Tricks for Car Owners
As car owners, we're constantly on a journey, both literally and metaphorically. Whether you're a seasoned driver or a new car enthusiast, navigating the road ahead can sometimes feel like steering through uncharted territory.

Kann der Wert von Bitcoin auf Null fallen?
Kann der Wert von Bitcoin auf Null fallen? Wenn Sie sich das fragen, lesen Sie diesen Blogbeitrag, um die Möglichkeit des Absturzes des Bitcoin-Preises auf Null zu verstehen.

Verständnis von Bitcoin-Futures - Was sind sie?
Bitcoin-Futures gewinnen zunehmend an Popularität, wie auch die Kryptowährung selbst. Dieser Artikel erklärt, was Bitcoin-Futures sind und wie sie funktionieren.

Kann jemand Bitcoin hacken oder abschalten?
Ist es möglich, Bitcoin zu hacken oder abzuschalten? Dieser Blogbeitrag erklärt, warum es schwierig ist, Bitcoin abzuschalten oder zu hacken.