what is bitcoin?

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.

why buy bitcoin?
how to buy bitcoin?

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.

Bitfinex is also available on mobile, so you can easily purchase BTC while on-the-go.

Buy LN-BTC on your mobile
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Download the Bitfinex Mobile App

1. Download the app, select sign up
2. Go to Account Verification verify to Basic Plus.
3. Buy BTC with a payment card through any of the providers available. Go to Wallet Deposit Payment Card.
4. Then convert that BTC into LN-BTC Go to Wallet Coversion.

What’s next

Now that you’ve done your Bitcoin purchase, here’s what you can do with your purchased Bitcoin:

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Trade Bitcoin

Trade your BTC against a number of well known cryptocurrencies on Bitfinex on our exchange or with margin. If you’re new to Bitfinex, you can refer to our beginners’ guide on how to trade Bitcoin

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Bitcoin Lending

You have the opportunity to earn rewards by lending your BTC holdings with Bitfinex Lending Pro!

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Send Bitcoin

On Bitfinex, you can easily transfer your funds to any Bitcoin wallet addresses. You can also connect to Bitfinex Lightning Nodes for faster deposits and withdrawals.

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Buy with Bitcoin

Bitfinex offers Bitrefill integration to make it easier for you to purchase gift cards or refill your mobile with your BTC

Bitcoin Fun Facts