|Circulating Supply||17,495,262 BTC|
|Max Supply||21,000,000 BTC|
Bitcoin is where it all started, the pioneer of what we now see whenever we power up our favourite cryptocurrency exchanges. It was the first decentralized form of digital currency ever created when it launched back in 2009.
Many other cryptocurrencies have been released as a result of this popularity and we now have an obscene amount of coins, altcoins, ICOs and tokens on the exchanges to trade. This is all thanks to what Bitcoin started and traders the world over should be forever grateful.
The current market cap of Bitcoin is $151,234,701,056 and its trade volume in a 24 hour period is that of around $8,800,000,000. That’s a hell of a lot of zeros we are sure you will agree, which shows just how popular and widely traded this cryptocurrency is.
Throughout the rest of this review, you will learn everything that you need to know about the pioneering Bitcoin.
What is The Bitcoin Coin (BTC)?
Bitcoin decentralized digital currency that offers improved speed and lower transaction costs in comparison to traditional financial payment platforms. Operating without any central authority, Bitcoin eliminates each of the inefficiencies that the fiat banking system currently has.
With the ability to be sent internationally around the globe in a fraction of the time of standard currencies, this peer-to-peer cryptocurrency is purely digital in regards to how it is created and stored. Each and every transaction that is performed is kept in a record known as a ledger, otherwise called the Bitcoin blockchain.
Another purpose of Bitcoin was to create a more private payment system that forgoes the need of financial institutions to know anything about the sender and receiver of a transaction. In fact, even Bitcoin itself is not owned by any entity be it a person or a company.
Whats Special About Bitcoin (BTC)
Apart from being the very first cryptocurrency, there are so many other reasons why Bitcoin is such a good transaction system but to make it easier, we are just going to show you four of the main reasons.
- Completely anonymous
Compared to traditional payment methods where banks literally know every detail about a person or company involved in a transaction, performing a transaction using Bitcoin is completely anonymous.
There is no involvement at all by any central authority and the network is kept running by any individual and company that wants to supply processing power to the network. This means that even if one person is not contributing to the network, it will never go down and will run as usual.
Within just a few short minutes, any transaction that you send no matter where in the world, will be completed. Compare this to traditional banking methods and it will take days to send the equivalent value of fiat currencies.
As well as being fast, transacting using bitcoin is so much cheaper than more traditional banking payment methods. All middlemen are cut out of the equation and it comes down to nothing more than the buyer and seller communicating directly when the transaction takes place.
Where to Buy Bitcoin (BTC)
Bitcoin is the largest cryptocurrency out there and easily the most well-known of them all. There will be no shortage of cryptocurrency exchanges that you can use trade BTC with there being dozens of them to choose from in fact. We suggest doing your research first to ensure that you are using those that have the best reputations.
The five below are currently some of the best cryptocurrency exchanges to use:
Binance is one of the largest cryptocurrency exchanges out there and easily one of the most reputable. In our opinion, this should be one of the first exchanges that you use if you want to trade your valuable BTC.
Coinbase is another cryptocurrency exchange that currently has a good reputation and you should feel confident about trading there. Other currencies can also be traded on this cryptocurrency exchange.
Kraken is a popular choice among traders as it really does have a diverse range of coins that can be traded on their exchange. Furthermore, it accepts a number of fiat currencies as well such as USD, GBP, EUR and JPY.
If you also want to exchange some of the other cryptocurrencies and not just BTC, Gate.io is a very good option to consider. On its exchange, you will find all of the major currencies and some altcoins as well.
Kucoin is a large cryptocurrency exchange that will give you some good trading options and pairs that you can use. Other currencies are also available here too and you should have no trouble creating an account.
Investing in Bitcoin (BTC)
There is no doubt that anyone that is interested in cryptocurrencies will have heard of Bitcoin with that cryptocurrency probably being the main reason they gained interest in the first place. This is why Bitcoin is the most popular currency because most beginners come in and purchase Bitcoin before anything else.
That being said, it is a highly volatile currency with swings that can be worth up to a thousand at a time. For that reason, unless you know what you are doing, trading this currency for short-term gains might not be a good idea. If you know how to spot future spikes, however, there is plenty of money to be made.
Do I Need a Bitcoin Wallet?
Anyone that is thinking of jumping on the crypto train and buying some Bitcoin is going to have to consider getting themselves a Bitcoin wallet to store it. You can leave your cryptocurrencies in your account on the exchange that you buy them but this is not recommended even at the most secure of cryptocurrency exchanges.
These exchanges are big targets for hackers who are trying to get their hands on valuable cryptocurrencies that they can then sell for money. Bitcoin, in particular, is worth a lot of money in today’s market with just a single coin being worth around $10,000 (at the time of writing this review).
There is a good selection of wallets out there for you to consider that will store your Bitcoin as well as other cryptocurrencies and you generally have a choice between hardware or software wallets.
- Hardware Wallets
If you want the ultimate in security for your portfolio of cryptocurrencies, hardware wallets are easily the safest option. These allow you to store your currencies offline and in a device that you can hold in your hand. Virtually impossible to hack, this type of wallet is definitely the best option for all you serious traders out there.
Take a look at two of the very best hardware wallets for your Bitcoin and other cryptocurrencies:
Ledger Nano S
Widely regarded as the best wallet in terms of value and safety, the Ledger Nano S allows you to have complete ownership of your private keys. If you want to send any cryptocurrencies anywhere, you have to have it connected to the USB port of a computer but receiving currencies can be done automatically without the need of a computer.
Trezor is also an excellent option to consider but it is a lot more expensive than the Ledger Nano S. This was actually the very first hardware wallet and will set you back $99 rather than the $50 you will have to pay for the Ledger. Despite its expense, however, this wallet is a much better option than online wallets.
- Software Wallets
Usually free but with small fees attached to each transaction, software-based wallets are a good choice for those of you that do not want to splash out on hardware-based wallets. Although slightly riskier as your funds will be kept either online or on your computer (if it’s a software client), these are still far safer than leaving your funds on cryptocurrency exchanges.
Exodus is a downloadable client wallet that is fairly new having been launched back in 2016. This is a good option if you do not want to spend money on a hardware wallet and it has attracted some good reviews and feedback.
If you want to be able to use a wallet on your desktop PC and on other platforms such as Linux, Mac, Android and iOS, Jaxx is the wallet you should be using for your Bitcoin. It also allows the storage of other major cryptocurrencies such as Litecoin, Zcash, RSK, Augur, Dash and Ethereum.
Pros & Cons
Bitcoin is the leading cryptocurrency and is where the industry started, so if you are looking to get into trading or simply buying some coins as an investment, this is one that you should certainly consider. Let’s not forget that Bitcoin was where the whole cryptocurrency industry was started and we feel that it will be some time before another coin can quite match the power that it has.
Here are our pros and cons for Bitcoin (BTC):
- Completely anonymous transactions
- No central authority
- Fast and cheaper than banking transactions
- Highly volatile value relative to fiat currencies