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What is Bitcoin?

Created in 2009 by an individual or individuals under the alias of Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. The anonymous Nakamoto stated it was created to allow online payments to be sent directly from one party to another, without the need for a financial institution or third party.

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

The total supply of BTC is capped at 21 million coins. The creator/creators embedded a restriction on how many coins can be mined, making it a scarce finite asset. This helps to control inflation and ensures a steady flow of liquidity and it is commonly referred to as ‘digital gold’.

Bitcoin is still the largest cryptocurrency by market capitalisation and has paved the way for all other digital currencies that have come after it.

How do I swap Bitcoin?

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Learn more about Bitcoin

Why Should I Trade BTC with CoinSpot?

CoinSpot is Australia’s largest cryptocurrency platform that has been operating since 2013 and is trusted by over two million Australians. We make it easy to buy and sell Bitcoin no matter what your trading experience is. Unlike other international and Australian Bitcoin exchanges that require experience and technical knowledge, we make the entire trading process simple for beginners and advanced traders alike.

CoinSpot provides layered security and advanced support systems so you can buy Bitcoin with peace of mind and the comfort knowing support is available everyday to help. There are multiple trading options on our exchange that allow you to conveniently trade Bitcoin how you want to. You will feel familiar with CoinSpot from the beginning and have access to everything you need to buy, sell and manage your cryptocurrency.

How do you store your Bitcoin?

Storing on CoinSpot

Due to CoinSpot’s flexible Multicoin Wallet, storing your digital currency is simple. Just by creating your CoinSpot account you will automatically be given your own unique wallet where you can store your Bitcoin for free.

Cold Storage

If you are holding Bitcoin as a long term investment, you can utilise a cold storage wallet and send your coins there from your CoinSpot account. A cold wallet is a wallet which is completely offline (not connected to the internet) and is a popular option amongst people who prefer to hold their coins, rather than regularly trade.

Frequently asked questions

Right here! CoinSpot offers traders a fast, simple, easy and secure way to buy Bitcoin. We are trusted by over two million customers and with just a few clicks, you can exchange Australian Dollars or other cryptocurrencies for Bitcoin. CoinSpot helps users easily buy crypto, build their portfolio, make secure purchases and invest in this exciting asset class.
Bitcoin has a floating exchange rate – meaning its price is set by individual vendors based on available supply and demand. As Bitcoin is a globally traded asset, the price can vary across the world based on order books, volume, exchange rates and service fees of each individual Bitcoin exchange.
Cryptocurrency differs from other traditional trading options as you can make fractional purchases, meaning you don’t have to buy whole coins. This means you can start investing in Bitcoin & other digital currencies with as little as $1!
Practicing safe investing is best treated as a shared effort. CoinSpot provides a list of security tips that we recommend putting into practice to ensure you’re keeping yourself secure. Step one to buying Bitcoin safely however is using a reputable exchange such as CoinSpot. We are the first Australian exchange to be awarded the internationally recognised ISO 27001 certification for security management and processes. Operating since 2013, we’re proud to say we’re Australia’s most trusted exchange. Start your Bitcoin portfolio here.
Yes! With CoinSpot you can convert your Bitcoin to AUD (Australian Dollars) instantly. You can also withdraw AUD to your Australian bank account for free with no withdrawal limits.
The domain bitcoin.org was registered in August of 2008 and in October, Satoshi Nakamoto announced his work on an electronic cash system that requires no assistance from a third party. The first official Bitcoin block was mined in January 2009, known as the genesis block, it contains the text, "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." The first version of Bitcoin software was announced shortly after, with Bitcoin mining commencing in earnest the next day.
Satoshi Nakamoto is famously associated with the release of Bitcoin, however no one knows for sure who invented the cryptocurrency. In the years since its release in 2009, many individuals have claimed to be the real-life person behind the pseudonym. To this day, the true identity behind Satoshi remains concealed.

Blockchain

The blockchain operates and relies on a shared public ledger that stores all confirmed transactions. It allows Bitcoin to calculate your spendable balance, so new transactions can be verified. Cryptography enforces the integrity and chronological order of these blocks.

Transactions

The transfer of value between Bitcoin wallets is defined as the transaction of the blockchain. The private key or seed is the secret piece of data stored in Bitcoin wallets that can be used to sign transactions and provide proof they’ve come from the wallet of the owner. The signature also prevents transactions from being altered by anyone. All transactions are broadcast to the network and are generally confirmed within minutes through mining.

Processing

Processing or mining is used to confirm pending transactions. By including them in the blockchain, it can enforce chronological order and protect the neutrality of the network, allowing for different computers to agree on the system.

In order to be confirmed, a transaction must be packed in a block that fits the strict cryptographic rules verified by the network. These rules help to prevent modification of previous blocks that would invalidate sequencing. Mining also prevents individuals from creating new blocks to the chain, like a competitive lottery. Groups or individuals can't control what’s included in a block chain or replace parts of it.

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