Lately, Bitcoin has been taking the center stage in hyper-inflated countries like Venezuela. There, Bitcoin has been unofficially adopted by the Venezuelans as their preferred choice of currency.
Bitcoin has had a relatively short yet storied past. When Bitcoin was first created, 1 Bitcoin was only worth less than $1. Less than 10 years later, it peaked at an all-time high of nearly $20,000 and made thousands of people very rich.
Although Bitcoin has also had a notorious image of being the currency of choice for people with nefarious intentions, like scammers and money launderers, it pales in comparison to the good that the cryptocurrency has done to countless people. The technology behind Bitcoin is still in its early years, and it’s safe to say that the best is yet to come.
But for those who are still wondering what is Bitcoin and what is behind all this hype, keep reading to understand in layman’s terms what it is all about, how to invest in Bitcoin, and how it can benefit you.
What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
The purpose behind Bitcoin is to allow one person to directly send money to another. This type of transaction is known as “peer-to-peer”.
In other words, Bitcoin allows you to pay another person directly, whether they’re a block away or across the globe. Both parties don’t need to use a trusted third party like a bank or Paypal to process their transaction (and especially pay their high remittance fees). As you can see, peer-to-peer transactions are highly efficient.
At its simplest, Bitcoin is either virtual currency or reference to the technology. You can make transactions by check, wiring, or cash. You can also use Bitcoin (or BTC), where you refer the purchaser to your signature, which is a long line of security code encrypted with 16 distinct symbols. The purchaser decodes the code with his smartphone to get your cryptocurrency.
In another way; cryptocurrency is an exchange of digital information that allows you to buy or sell goods and services. The transaction gains its security and trust by running on a peer-to-peer computer network that is similar to Skype, or BitTorrent, a file-sharing system.
What are the Benefits of Bitcoin
There are many benefits to owning and HODLing Bitcoin. Although it was initially created as a form of electronic payments or remittance system, it has proven to be a great store of value. You can think of it as “digital gold.”
To give you a better idea of the benefits of Bitcoin, here are the cryptocurrency’s 5 major advantages:
- Irreversible and immutable
After confirmation, a transaction can‘t be reversed. 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 send money, you send it. Period. No one can help you, if you sent your funds to a scammer or if a hacker stole them from your computer. There is no safety net.
Neither transactions or accounts are connected to real-world identities. You receive Bitcoins on so-called addresses, which are randomly seeming chains of around 30 characters. While it is usually possible to analyze the transaction flow, it is not necessarily possible to connect the real world identity of users with those addresses.
- Fast and borderless
The transaction is propagated nearly instantly in the network and is confirmed in a couple of minutes. Since they happen in a global network of computers they are completely indifferent of your physical location. It doesn‘t matter if I send Bitcoin to my neighbour or to someone on the other side of the world.
- Highly secure
Bitcoin funds are locked in a public key cryptography system. Only the owner of the private key can send cryptocurrency. Strong cryptography and the magic of big numbers makes it impossible to break this scheme. A Bitcoin address is more secure than Fort Knox.
You don‘t have to ask anybody to use cryptocurrency. It‘s just a software that everybody can download for free. After you installed it, you can receive and send Bitcoins or other cryptocurrencies. No one can prevent you. There is no gatekeeper.
In summary, these are the benefits of owning bitcoin:
- A new way to transact outside of the government (and without any middleman).
- A way to gain 100% control over your money, outside the sphere of influence of any organization, government, or bank.
- A new, very volatile investment that has probably fortunes for many people.
Where to Buy Bitcoins
There are essentially several ways you can get hold of some Bitcoins – mining, trading, Bitcoin ATM or receiving a salary (or payment for a service) in the form of Bitcoins.
Among the many ways to get your hands on them, buying Bitcoin on a cryptocurrency exchange is by far the easiest and cheapest. Although there are dozens upon dozens of crypto exchanges that you can buy Bitcoins with fiat or credit card, they are still limited and restricted based on your geographic location.
If you are located in Malaysia, for example, you won’t be able to use exchanges like Coinbase or Kraken to buy or sell Bitcoins. Instead, your next best option will be a peer-to-peer trading platform like Remitano – one of the best cryptocurrency exchange in the space.
Remitano allows its users to buy, sell or swap cryptocurrencies and fiat instantaneously. Think of it as a marketplace for cryptocurrencies. You can easily buy Bitcoins on Remitano by choosing a trusted seller on the platform and transferring your fiat currency into his or her bank account. Once the seller has verified that the funds have been received, Remitano will release the Bitcoins – that was held in escrow on that platform – to your Bitcoin wallet on Remitano.
And just like that, you have bought Bitcoins using your own national fiat currency. The platform is one of the largest, trusted peer-to-peer platforms that is the preferred choice for a majority of users in the emerging market, and now rapidly expanding its reaches to other regions across the globe.
How to Buy Bitcoin on Remitano
Buying Bitcoin on Remitano is a lot easier than you’d think. Once you’ve passed the KYC process – or also known as the Know Your Customer – you can start buying or selling cryptocurrencies with your national fiat currency.
To buy Bitcoin/Ethereum/Bitcoin Cash/USDT/Ripple/Litecoin on Remitano, follow these steps:
Step 1: From https://remitano.com homepage, scroll down, Find 1 seller from ‘List of sellers’ and click Buy
Step 2: Enter amount of coin you want to buy
Step 3: Fill in your Wallet Address
Step 4: click on [Buy BTC/ETH/BCH/USDT/XRP/LTC] to open the trade.
Step 5: Copy payment details of the seller from the trade page.
Access your internet banking and pay the seller through INSTANT TRANSFER.
Step 6: Then Press the [I have paid seller] and wait for the seller to confirm. You will lose money if you don’t
And it’s as easy as that! There are many options these days to buy or sell Bitcoin on peer-to-peer exchanges, but it’s always best to go with a trusted platform like Remitano that has been around since way before the 2017 bull run.