What is Bitcoin?
Bitcoin is the first crypto created on the blockchain and currently the most popular cryptocurrency in the world.
The concept was initially introduced as a peer-to-peer (P2P) electronic cash system that was meant as a solution to the double-spending issues in digital currency at the time. The Bitcoin whitepaper was made public by its pseudonymous inventor, Satoshi Nakamoto, in a cryptography mailing list back in 2008; however, it wasn’t until 3rd January 2009 the first block of Bitcoin was created, or more commonly known as the genesis block.
Bitcoin is open-source, which means anyone can participate in developing the network. Bitcoin ticker code, BTC, is widely used in online social conversations as a reference to the cryptocurrency.
Why Bitcoin
As a decentralized network, Bitcoin doesn’t have an authoritative party that controls the network. Instead, it relies on participants, or more familiar as nodes, to determine what should or shouldn’t happen to the blockchain.
In this respect, Bitcoin can offer more control over financial assets as an alternative to the widely-used centralized payment systems.
The number of the total Bitcoin is already predetermined at 21 million, which makes it a deflationary asset in nature.
How to buy Bitcoin on Bitfinex
For a fast and convenient way to buy Bitcoin, Bitfinex is one of the best places to start.
Here’s how to buy BTC on Bitfinex:
1. Log in to your Bitfinex account or sign up to create one.
2. Go to the Deposit page.
3. In the Cryptocurrencies section, choose the crypto you want to buy BTC with and create a deposit address on the Exchange wallet.
4. Send the crypto to the deposit address.
5. Once the funds arrive in your wallet, you can trade them for BTC. Learn how to trade on Bitfinex here.
1. Log in to your Bitfinex account or sign up to create one.
2. You need to be a fully verified user to be able to send fiat to your account. Learn about different verification levels here.
3. On the Deposit page, under the Bank Wire menu, choose the fiat currency of your deposit. There’s a minimum amount for fiat deposits on Bitfinex; learn more here.
4. Check your email for the wire details.
5. Send the deposit.
6. Once the funds arrive in your wallet, you can use them to buy BTC.
1. Log in to your Bitfinex account or sign up to create one.
2. Select Payment Cards on the Deposit page.
3. Both payment processors are available for Bitcoin purchase. For OWNR, you will need to get the full or intermediate verification level. Learn more about different verification levels here.
4. Select Bitcoin, fill in the amount, and select the destination wallet.
5. Agree to the terms and then click Proceed to Payment.
Bitfinex is also available on mobile, so you can easily purchase BTC while on-the-go.
Download the Bitfinex Mobile App
