What is Bitcoin

What is Bitcoin?

Posted  In

In 2009 an unknown person using the pseudonym Satoshi Nakamoto invented the Bitcoin, the first digital currency which operates without a centralised system, meaning no middleman and no banks! The price of Bitcoin continues to soar, from under a US dollar back in 2011 to thousands last year in 2017! No wonder people are convinced they will get rich!


More and more companies are accepting Bitcoins for payment nowadays; from Domino Pizzas, to Subway sandwiches and even booking your flight with Expedia with Bitcoin, the choice is growing!International payments are also easier and cheaper with Bitcoins since they are not tied to any regulation. It is true to say that the majority of people still think of Bitcoins as an investment, believing it is their door to instant wealth!


Bitcoin exchanges are simply market places where traders can buy or sell their Bitcoins in different currencies. These are increasing in popularity although there is an element of risk, as with all trading features, due to them being internet based and accessible to hackers. The most popular Exchanges are Coinbase, Bitstamp and Bitfinex.


All transactions are carried out digitally, either via computers, mobiles or other digital devices. Transfers are very fast and secure.


The process of verifying transactions and adding them to the ledger known as the Blockchain, and also the process of releasing new Bitcoins.


Bitcoins are stored in a digital wallet which serves like a virtual bank account, either on your mobile or computer. The wallet allows you to make payments, receive Bitcoins as well as send them and so on.


Despite the fact that all Bitcoin transactions are recorded in a public ledger, the real names of the buyers and sellers are never revealed, just their wallet IDS. This has made Bitcoin the preferred currency for people buying illegal drugs and other products as no identities are revealed.  


No one knows as the currency continues to boom, making governments unhappy at their lack of control!

Risk Disclosure: Cryptocurrencies are influenced products. CryptoGT associated with foreign exchange, leveraged trading, common assets and other underlying variables, involves a high level of risk and a possibility of loss of some or all of your investment. Please consider carefully whether trading or investing in bitcoin or other cryptocurrencies is appropriate to your financial situation. Only risk capital should be used when trading or investing. You must review Terms of Service and this Risk Disclosure prior to establishing an account.

CryptoGT currently accepts only cryptocurrencies as method of deposit.