Bitcoin today has quite a reputation all over the world. It was created in 2009. Now it is known as the first digital currency to go on and become the most valuable cryptocurrency in the market. It dictates the market value of other crypto coins and is considered a very powerful coin when it comes to the dictates of the market.
By definition, Bitcoin is a digital currency with no central issuing body and can be sent from one user to another without any intermediary. In addition, it is known to herald blockchain technology which today has revolutionized the world of finance and technology.
In Canada, Bitcoin is considered a good coin to trade and can be bought and sold on a reliable crypto exchange platform like Coinberry.
How does Bitcoin work?
Bitcoin is software with a set of processes and a decentralized system where all transactions are recorded in a distributed ledger known as the blockchain. The ledger is protected against fraud via a trustless system.
However, there have been theft occurrences, but it is an extensive security system. Bitcoin can be owned mainly in 3 ways:
1. With fiat money
You can buy Bitcoin with CAD on crypto exchange platforms and peer-to-peer platforms.
2. As a medium of exchange
Bitcoin is now mostly accepted as payment for goods and services. You could get paid for your goods and services in Bitcoin if you want.
Mining is verifying new Bitcoin transactions to the Bitcoin digital currency. It is a process by which Bitcoins enter circulation. Bitcoin mining can be done by using a Computer, and the miners use software to solve transaction-related algorithms that support the overall system.
Fun Facts about Bitcoin
- One prevalent fact is that a certain Laszlo Hanyecz, when Bitcoin was still relatively new, bought 2 Papa John’s pizzas in Florida for 10,000 Bitcoin on May 10, 2010. This happened to be the first recorded Bitcoin payment in exchange for a commodity or service. It was valued at about $40 at the time. That amount of Bitcoin is now worth over $4 Billion.
- Only 21 million Bitcoin can ever be created, and 3.7 million of it has been lost forever, leaving only 17.3 million available bitcoin. Over 18 million have been made, with 3.7 million lost forever. This means that over 90% has been produced, with 20% of it lost forever.
- There is only 1.3 million bitcoin available to buy on crypto exchanges worldwide today.
- Since its launch in 2009, there have been over 670 million bitcoin transactions.
- It has been said that the last Bitcoin will be mined in the year 2140.
- Bitcoin is a legal tender in El Salvador.
- There are about 100,000 Bitcoin millionaires around the globe.
- Bitcoin has a market capitalization of over $747 billion.
History and Bitcoin’s Journey Since the Launch
Bitcoin started with its invention by Satoshi Nakamoto using different ideas from the cryptography community, which is why Bitcoin uses cryptography to control its creation and management. Satoshi bought the domain name in August 2008 and released a paper on Bitcoin in October same year on a cryptography mailing list.
Mainly, the Bitcoin network came into existence with Satoshi mining the genesis block of Bitcoin named block number 0. This block has a reward of 50 bitcoins. A particular programmer named Hal Finney is known to be one of the first adopters of Bitcoin.
He downloaded the Bitcoin software on the day it was released, and he received 10 Bitcoins from Satoshi for what is known today as the first Bitcoin transaction.
Other early adopters of Bitcoin were Nick Szabo, creator of Bitcoin’s predecessor bit gold, and Wei Dai, creator of Bitcoin’s predecessor b-money.
The journey has been an interesting one for Bitcoin lovers. In just over a decade, Bitcoin has witnessed so many market changes, investors have had quite a journey, it has spiked and repeatedly crashed to what it is today.
In February 2011, Bitcoin crossed the $1 threshold, and by June the same year, it spiked to $31 and crashed back to the single-digit range later that year.
By April 2013, Bitcoin climbed as high as $200; a remarkable feat bettered in November when it peaked at $1,000. By November 2017, it rose to $10,000. In 2017, Bitcoin was in a bubble as investors were paying a premium to own the digital asset. This was due to the Initial Coin Offering (ICO) boom, which somewhat compared to the internet boom at the end of the 20th century.
This period saw billions of dollars invested in the crypto space, which later crashed in the early months of 2018 amidst fraud, uncertainty, and some technical and psychological factors. But this event opened the eyes of the world to the potential of Bitcoin and the crypto space.
In November 2021, Bitcoin reached its all-time high at $68,990 before the crypto market crashed weeks later. It has not been a smooth ride, but Bitcoin still has quite a large following and will continue to be the number cryptocurrency for a long time.
How can you buy Bitcoin on Coinberry?
Coinberry is one of the top crypto exchange platforms in Canada. It offers the trading of Bitcoin on its platform, and you can do that with the guarantee of safety and competitive transaction fees. To buy Bitcoin on Coinberry, make sure you take the following steps:
1. Create an account
You can access Coinberry by downloading the mobile app or visiting the Coinberry app. Then you create an account. The next step is verification, which can be automatic or manual. 90% of Coinberry is automatically verified. Confirmation entails uploading a government-approved ID with your full name and date of birth. Additional documents may also be required.
2. Fund account
After a successful verification, you fund your account and do this at the top of the menu. You can fund your account using e-transfer and a bank account that supports e-transfer. When you successfully fund your Coinberry account, you can purchase Bitcoin.
3. Direct purchase
You can also purchase Bitcoin directly on Coinberry with your credit or debit card. Go to the buy and sell tab, select Bitcoin, and enter the amount you want to purchase. It will take you to a page where you can enter your credit or debit card details to place your order Coinberry accepts Visa cards and debit cards for payment.