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What is Bitcoin?

Bitcoin was developed by the pseudonymous developer Satoshi Nakamoto in 2009. It is designed to function as a digital means of payment in which individuals can exchange money without any central authority or middlemen. Bitcoin uses the blockchain to keep a record of all the transactions, and the ledger is transparent and immutable. Bitcoin is highly decentralized and uses nodes to validate the transactions and avoid double-spending.

Unlike the fiat currencies, Bitcoin is a deflationary currency with a limited supply of 21 million. As the supply is restricted, the value of Bitcoin increases with the demand. Bitcoin uses Proof-of-Work (PoW) consensus algorithm to confirm the transactions. This process of validating transactions is called Mining, and Miners are rewarded with new Bitcoins.

Bitcoin is the most popular cryptocurrency, thanks to its remarkable price growth over the years. Bitcoin is being adopted all over the world as an alternative to fiat currencies. Bitcoin can be used to pay at stores for goods and services, trade and also use it as a store of value.

On ChangeHero you can buy Bitcoin with credit or debit card in less than 15 minutes. We filtered out all the complicated stuff, all you have to do is simply pick the currency with which you want to buy bitcoin and complete a simple verification process. You can be sure that you will get the best rates for your Bitcoin purchase with USD, Euro and many other currencies.

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