Bitcoin is the first introduced cryptocurrency. This decentralised cryptocurrency was created out of an urge to control finance, make decisions and open new paths for development. Bitcoin does not have any authority (third-party) responsible for issuing and recording fund movements. You might ask: Who owns Bitcoin then? Well, it does not have one owner, all the users and miners are responsible for a part of it – this is exactly what decentralisation means.
Bitcoin was created by Satoshi Nakamoto, a mysterious figure of unknown origin. He published an article describing the “peer-to-peer” payment system and then, after few months, released the first software that allows the use of the envisioned network. Nobody had time to figure out even if Satoshi was an alias or a group of people, as Bitcoin creator disappeared in April 2011.
In the beginning, all Bitcoin coins were mined through a normal CPU (central processing unit) but over time it was getting so hard (and time-consuming) to mine new coins, that a new form of mining using GPUs (Graphics Processing Unit) was introduced. This technology has a higher processing capacity than CPUs and miners find it easier and more convenient to use.
All the transactions on Bitcoin blockchain are encrypted with special cryptography and confirmed by the network members. The transactions are partly anonymous – this makes Bitcoin more private than conventional currencies. However, do not listen "all crypto is anonymous" statements – this applies only to a selected row of coins and tokens.
What is a Bitcoin price? Bitcoin price today can be checked through the Internet portals specialising in the trade of this virtual currency. The price is determined by the coin’s supply and demand. If the demand for Bitcoins increases – the price increases, and if the demand decreases – the price goes down.
A note is: It is not necessary to buy a whole unit of Bitcoin. It can be divided up to eight digits after the decimal point. 0.00000001 BTC is the minimum amount that can be managed. Also, Bitcoin purchases are available on the majority of exchanges and can be done with cryptocurrencies or digital money. Of course, if you want to buy Bitcoin online, you can do it with Guarda.
If you want to buy Bitcoin with cash, you could check if there are any Bitcoin ATMs around. This is a feature available not for all countries, but it never hurts to check around!
As for spending, Bitcoin can be used to pay for goods and services online. The list is vast and includes things from tuition fees and plane tickets to everyday items. More and more businesses out there implement crypto payments feature due to lower fees, faster transactions and security.
Bitcoin is based on mathematics, meaning that each coin is produced with the use of a mathematical formula and special software programmes. This formula is available and anyone can freely verify it – Bitcoin uses the transparent open-source software.
As Bitcoin works on the blockchain, all the confirmed transactions are included into “blocks”
when entering the system. All the Bitcoin users are aware of transactions taking place on the ledger, securing the network from any chance of theft and double spending (processing the same operation to different wallet addresses). The above-mentioned process also helps the blockchain users to trust the system and make it more reliable.
Guarda Wallet is a multicurrency non-custodial light wallet. We support the most popular coins and tokens, and Bitcoin is one of them! It is easy to use, you don’t even need to create an account and you can feel secure since we don’t store any user’s personal data. Guarda was designed as an interface where clients can manage, store, transfer and receive coins and tokens.