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Simple Explanation of Bitcoin
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What is Bitcoin

Bitcoin is a digital store of value and a disinflationary digital currency designed to facilitate financial transactions without a centralized intermediary and government control.

Bitcoin Characteristics

DECENTRALIZED
No one controls Bitcoin as its network is globally distributed.

TRUSTLESS
Nobody has to trust anybody else in order the Bitcoin network to function.

CENSORSHIP-RESISTANT
Governments and central banks cannot take control over Bitcoin and its blockchain.

RELATIVELY ANONYMOUS
Bitcoin transactions are linked to a Bitcoin address, which does not contain any personal information.

IRREVERSIBLE
Bitcoin transactions are irreversible unlike transfers in the traditional financial system.

LIMITED SUPPLY
Bitcoin has a disinflationary economic model and a fixed supply of 21 million.

FAST SETTLEMENT
Bitcoin transactions are fast, cost-effective, and cross-border.

How Bitcoin Works

Bitcoin Blockchain

Bitcoin is a digital asset and therefore does not have physical monetary value like gold or traditional fiat currency. Rather, Bitcoin is just a record on the Bitcoin blockchain that confirms Bitcoin ownership. Bitcoin blockchain is a distributed ledger of timestamped Bitcoin transactions that are bundled into blocks. The Bitcoin blockchain is immutable and Bitcoin transactions are irreversible. Bitcoin network consists of thousands of Bitcoin miners and Bitcoin nodes.

Role of Bitcoin Miners

The security of Bitcoin network is ensured by Bitcoin miners. Bitcoin miners use powerful computers to solve complex cryptographic problems to validate Bitcoin transactions and receive a Bitcoin reward. This computing process is called “proof-of-work”. The first miner that finds the solution to the cryptographic problem and creates a new Bitcoin block receives a Bitcoin block award. This is how new bitcoins are created. Each Bitcoin block is mined every ten minutes on average, which is roughly 1,440 blocks per day.

Besides block rewards, Bitcoin miners earn Bitcoin transaction fees that are currently much smaller than the block reward amount. Specifically, they receive transaction fees for verifying and processing Bitcoin transactions included in the block they have mined and added to the Bitcoin blockchain. We expect that Bitcoin transaction fees will increase substantially once the last Bitcoin is mined and no more block rewards are available. Miners are driven by financial incentives and tend to prioritize Bitcoin transactions with the highest transaction fees.

Bitcoin Economic Model

Bitcoin Scarcity

The most important advantage of Bitcoin is that it has a unique disinflationary economic model that makes it an excellent investment alternative to gold and traditional fiat currency. Total Bitcoin supply is fixed at 21 million. As of May 2020, around 18.4 million bitcoin have already been mined, which is roughly 87% of the total supply. The current disinflationary Bitcoin economic model will transform into a deflationary model once the last Bitcoin is mined, in contrast with the traditional fiat system. This means no more Bitcoin will be mined beyond 2140 and the total Bitcoin supply will be only decreasing for various reasons, such as lost Bitcoin and mistaken Bitcoin transaction.

Bitcoin Inflation

The current block reward amount is equal to 6.25 BTC per Bitcoin block and decreases by half every 210,000 blocks, or approximately every four years. We estimate that around 9,000 bitcoins will be mined on daily basis until the next Bitcoin halving event in 2024. Bitcoin block reward will be reduced to 3.125 BTC per block at this time and Bitcoin inflation rate will drop below 1% first time ever. Notably, Bitcoin inflation rate will become equal to 0% when the last bitcoin is mined, presumably in 2140. Once the last bitcoin is mined, the Bitcoin economic model will become purely deflationary.

Why Investors Buy Bitcoin

Bitcoin as a New Asset Class

Smart investors are always seeking non-correlated alternatives to traditional asset classes, especially during the economic recession. We believe that Bitcoin is an attractive investment opportunity, given its robust disinflationary model, excellent historical performance, and low correlation with traditional asset classes. Bitcoin can serve as an investment alternative to gold given similar features like scarcity. But unlike gold, Bitcoin is providing unique advantages such as fast settlement and instant cross-border transfers. Moreover, Bitcoin holders can generate substantial income by depositing their Bitcoin to a Bitcoin interest account.

Bitcoin as a Reserve Currency

We can speculate that Bitcoin at some point can serve as an alternative to reserve currencies, especially in the developing countries. If this is the case, its value will increase substantially. Besides that, Bitcoin’s censorship-resistant nature may provide an attractive alternative to the offshore banking system. Overall, allocation to Bitcoin makes economic sense as it enhances risk-adjusted returns for traditional investment portfolios. Our company provides easy exposure to this new asset class and you can easily buy Bitcoin online with credit card on our website.

Bitcoin Historical Performance

Bitcoin is the best performing asset class for the past decade. Investment in Bitcoin has been providing an annual average return of over 300% for the past several years. Besides its outstanding investment performance, Bitcoin is the most liquid digital asset currently available on the market. In addition, it is the largest cryptocurrency by market capitalization. Bitcoin is becoming an essential part of the global financial infrastructure because of its unique economic model and investment characteristics. We expect that more institutions and investment managers will start allocating capital to this alternative asset class. This may trigger its further global adoption and price appreciation.

How to Buy Bitcoin Online

Cryptocurrency Exchanges

Digital assets such as Bitcoin are going mainstream. The number of cryptocurrency holders worldwide continues to grow on average twice every year. A recent survey by research group Yo u Gov shows that 48% of American millennials are interested in using cryptocurrency. Bitcoin is a digital currency, sometimes called internet money, and hence you can easily purchase it online. The most common way to buy Bitcoin online is purchasing it on cryptocurrency exchanges. The largest crypto exchange globally is Bi nan ce, and the largest crypto exchange in the United States is Co inb ase. Both of these cryptocurrency exchanges have more than 13 million users, though Binance has a slightly larger market share.

Payment and Trading Apps

Besides crypto exchanges, many fintech payment services allow their customers to seamlessly purchase Bitcoin online. Most of them started offering exposure to Bitcoin back in 2017-2018. Cas h App by Sq uar e allows their users to buy Bitcoin starting 2018. Trading apps Ro binhoo d and e Toro started offering Bitcoin to their customers also in 2018. Leading European fintech bank R evol ut began offering Bitcoin back in 2017. The largest global online payment systems P ayPa l and Ve nm o are rolling out a new product in 2020 to allow their users to seamlessly buy digital assets online.

Other Fintech Companies

You can instantly purchase Bitcoin online with debit or credit card using payment services such as Sim pl ex or MoonPay. Unlike the majority of crypto exchanges and other online services, they have implemented a simplified KYC process for their customers. As a result, you can receive your Bitcoin in minutes after initiating a purchase. However, both Simplex and MoonPay sell Bitcoin not directly but through their trusted partners. We partner with MoonPay to help our clients to purchase Bitcoin online with debit or credit card. Therefore, we certainly make Bitcoin purchases quick and easy.

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