What is Bitcoin

What is Bitcoin?

Bitcoin (also written as BTC) is a decentralized virtual currency, which offers quick, cheap and highly private payments for everyone. It is the first crypto currency to ever exist. Crypto currency also known as virtual or digital currency is medium of exchange, which uses cryptography rules to control the amount of currency available and verify transactions.


Bitcoin or bitcoin?

Bitcoin – with a capital letter is decentralized P2P network which helps to facilitate friction-less transactions between people without a middleman. It can also be called a protocol or a technology of transferring a value.

bitcoins – from a small letter is a virtual currency which exists on Bitcoin network, it can be perceived as a currency for the internet in the same way as the dollar, euro or pound are currencies for United States, Europe, and the United Kingdom.

Can I trust Bitcoin?

Bitcoin is an open source protocol; therefore it can be audited by anyone including industry professionals, academics, and researchers. In addition compared to banks, payment institutions, Bitcoin is decentralized so instead of relying on single counter party, you have to trust a pool of protocol supporters who are confirming transactions and are called miners.

How is bitcoin price determined?

Bitcoins market is one of the few perfect market examples, where price is solely determined by supply and demand of bitcoins. As bitcoin is a decentralized currency, therefore, there is no market intervention to impact bitcoin value. In simple words, the rise in bitcoin price suggests that more people are willing to buy bitcoins than to sell bitcoins and vice versa.

Why use bitcoins?

Bitcoins are superior payment method for the digital age. Firstly, bitcoin transactions cost practically is free which makes it a much cheaper alternative compared to debit or credit cards as an example. Secondly, bitcoins are accepted globally, which makes it the perfect platform for remittances and international transactions. Thirdly, bitcoin payments are nearly instant so receive does not have to wait for settlement. It is just a couple of bitcoin advantages not mentioning privacy, micro payments, and autonomy.

Where can I buy bitcoins?

SpectroCoin.com provides an option to buy bitcoins with a number of different payment options including bank transfer, debit or credit card, cash, various e-wallets to name but a few. It only takes a couple of minutes to receive you bitcoins.

How can I spend bitcoins?

The number of shops and service providers accepting bitcoin is growing every day. However, our answer is – everywhere, because you can use SpectroCoin debit card to spend bitcoins at more than 20million stores and more than 30 million ATMs around the globe. You can get your bitcoin debit card here.