-4.31% Bitcoin (BTC) 30410.79 EUR
-0.45% Ethereum (ETH) 2317.77 EUR
-6.83% Litecoin (LTC) 78.97 EUR
-4.63% B-Cash (BCH) 228.01 EUR
+3.91% Ethereum (ETH) 0.0769418 BTC
-2.40% Litecoin (LTC) 0.00262701 BTC
-0.26% B-Cash (BCH) 0.0075851 BTC
-4.55% Bitcoin (BTC) 32060.0361 USDC
-0.01% USD Coin (USDC) 0.95 EUR
-4.26% Bitcoin (BTC) 32058.511 USDT
-0.97% Tether (USDT) 0.94 EUR
-4.09% Chainlink (LINK) 8.67 EUR
+0.49% Chainlink (LINK) 0.00028771 BTC
-3.12% Dogecoin (DOGE) 0.1 EUR
+1.10% Dogecoin (DOGE) 0.00000366 BTC
-4.54% Uniswap (UNI) 6.21 EUR
-0.24% Uniswap (UNI) 0.00020654 BTC
+1.45% Cardano (ADA) 0.65 EUR
+6.02% Cardano (ADA) 0.00002172 BTC
+1.24% Tron (TRX) 0.07 EUR
+6.25% Tron (TRX) 0.00000255 BTC
+2.06% Shiba Inu (SHIB) 0.00001662 EUR
-3.12% Binance Coin (BNB) 312.19 EUR
+1.35% Binance Coin (BNB) 0.01036866 BTC
0.00% Binance USD (BUSD) 0.95 EUR
-4.35% Bitcoin (BTC) 32051.2289 BUSD
-6.39% Zcash (ZEC) 95.89 EUR
-2.17% Zcash (ZEC) 0.0032017 BTC
+2.07% Basic Attention Token (BAT) 0.00001577 BTC

Bitcoin (BTC)

What is Bitcoin?

 
Bitcoin, launched in 2009, was the first of a new kind of asset called cryptocurrency - it is a type of money that is completely virtual. What does that mean? It is a decentralized form of digital cash that eliminates the need for traditional intermediaries like banks and governments to make financial transactions. If there is no third party to make the transaction, how do we trade with bitcoin? We use a decentralized ledger system, known as a blockchain. Blockchain is a collection of blocks, in each block, there is a collection of transactions.

How does Bitcoin work?

 
Bitcoin is the world’s first completely open payment network which anyone with an internet connection can participate in. Bitcoin was designed to be used on the internet and doesn’t depend on banks or private companies to process transactions. Every single transaction is recorded on the blockchain.
  • Blockchain
Blockchain is a system of recording information in a way that makes it difficult or impossible to change or hack the system. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
  • Blocks
Blocks are files where data pertaining to the Bitcoin network is permanently recorded. Thus, a block is like a page of a ledger or record book. Each time a block is ‘completed’, it gives way to the next block in the blockchain. A block is thus a permanent store of records that, once written, cannot be altered or removed.
 

Is Bitcoin trading secure?

 
Data that makes up the signature can just be read and copied by any computer, so how do you prevent forgeries?
  • Public Key Cryptography
Public key infrastructure (PKI) is used to manage identity and security on internet communications. The core technology enabling PKI is public-key cryptography, an encryption mechanism that relies upon the usage of two related keys, a public key (pk) and a private key (“secret key”, sk). These two keys are used together to encrypt and decrypt a message. 
 
What one key does                   ->      The other will validate
The Public one encrypts           ->      The Private one decrypts
The Private signs digitally        ->      The Public one verifies the signature
The Private one authenticates  ->      The Public one verifies the authentication
 

Where to store my Bitcoins?

 
Each Bitcoin is a computer file stored in a digital wallet on a computer or smartphone. People can send Bitcoins to your digital wallet, and you can send Bitcoins to other people. 
A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. Bitcoins can be stored in two kinds of digital wallets:
  1. Hot wallet: Digital currency is stored in the cloud on a trusted exchange or provider, and accessed through a computer browser, desktop, or smartphone app. Basically, a hot wallet is connected to the internet while a cold wallet is not. But you need a hot wallet to download bitcoins into a portable cold wallet.
  2. Cold wallet: An encrypted portable device much like a thumb drive that allows you to download and carry your bitcoins.
 

Benefits of paying with Bitcoin.

 
  • User Autonomy 
  • Discretion
  • Peer-to-Peer Focus
  • Elimination of Banking Fees

 

How to buy Bitcoin?

 
  1. Create an account
  2. Verify your identity
  3. Fund your account and start trading Bitcoin on X1
 

What to do after buying Bitcoin?

 
  • Store/Hold Bitcoin
You can hold on to your Bitcoin with the expectation of it increasing in value, you can also store your BTC safely on your account or in your crypto wallet.
  • Trade Bitcoin
You can trade Bitcoin for other cryptocurrencies.
  • Send Bitcoin
You can send it to anyone and anywhere with their Bitcoin address.

Risk Warning: Cryptocurrency trading involves a high level of risk, and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Coinsbay, otherwise seek independent advice if necessary. Crypto, CFDs are highly leveraged products which mean both gains and losses are magnified. You should only trade in these products if you fully understand the risks involved and can afford losses without adversely affecting your lifestyle (including the risk of losing the entirety of your initial investment). You must assess and consider them carefully before making any decision about using our products or services.

The information on this website is general in nature and doesn't take into account your personal objectives, financial circumstances, or needs. It is not targeted at the general public of any specific country and is not intended for distribution to residents in any jurisdiction where that distribution would be unlawful or contravene regulatory requirements.