Bitcoin is a decentralized form of digital money that can be sent or received over the internet. The bitcoin white paper that outlined the concept of bitcoin was first published in 2008 by an anonymous user that went by the pseudonym of Satoshi Nakamoto. Since bitcoin is decentralized, it utilizes peer-to-peer technology, therefore removing the involvement of middlemen such as banks and governments. Bitcoin transactions can also be anonymous as they don’t require identification due to the lack of a principle validator. Every transaction is tracked on a public ledger called a blockchain, with each block being made up by a collection of transactions; these transactions are verified and approved by bitcoin “miners” who are compensated with bitcoin for their work. The creation of Bitcoin has paved the way for all cryptocurrencies and changed the future of digital currency.
An anonymous user that went by the pseudonym of Satoshi Nakamoto published the White Paper explaining the concept of bitcoin in 2009.
Yes, bitcoin is decentralized. Since nobody owns the bitcoin network, there is no central authority that can single-handedly control or manage the network.
Bitcoin is mineable since the network uses the proof-of-work (PoW) consensus algorithm.
Mining is verifying transactions before they go onto the blockchain, they do this by solving a complex hashing puzzle. Miners receive compensation for completing blocks of verified transactions in the form of bitcoin. On average, one bitcoin is mined every 10 minutes.
The bitcoin halving occurs every 210,000 blocks mined (this works out to be approximately every four years). This event halves the reward for mining new blocks by 50%. To learn more check out our blog: Bitcoin Halving
There are only 21 million bitcoin that can be mined in total. Once bitcoin miners have mined all 21 million Bitcoin, the supply will be tapped out.
There is currently a maximum of 21 million Bitcoin that can be mined, which makes Bitcoin one of the best deflationary assets. The last Bitcoin to be mined is estimated to be in 2140. When the last Bitcoin is mined the network will be large enough that mining fees will be sufficient to keep the network running without the need to generate new Bitcoin.
The nature of bitcoin allows for user autonomy, discretion, peer-to-peer focus, and the elimination of intermediaries. To learn more, check out our blog: What is Bitcoin (BTC)?
Bitcoin's price is defined by the last trade conducted on a specific exchange. Selling and buying pressure fluctuates often thus making the price of BTC subject to change. It's more like supply and demand and low liquidity that often play an essential role in the big price moves, as the network matures the prices will stabilize.
Buying Bitcoin (BTC) in Canada can be done through a cryptocurrency exchange such as NDAX, a peer-to-peer trade, or at some Bitcoin ATMs. However, utilizing platforms such as NDAX will allow for affordable, safe, and fast transactions.
Selling Bitcoin (BTC) in Canada can be done through a cryptocurrency exchange, a peer-to-peer trade, or at some Bitcoin ATMs. However, utilizing platforms such as NDAX will allow for affordable, safe, and fast transactions.
Trading Bitcoin (BTC) is made affordable, safe, and fast through cryptocurrency exchanges such as NDAX. NDAX’s trading fee is 0.2%.
Converting Bitcoin (BTC) to cash can be done through a cryptocurrency exchange such as NDAX. First, you will have to trade your BTC to CAD. Once your XLM is converted to CAD you can send a CAD withdrawal to your bank. Click here for step by step instructions.
Yes, you can do this through a cryptocurrency exchange such as NDAX, peer-to-peer exchange, or a Bitcoin ATM.
Yes, Bitcoin is subject to the rules of the Income Tax Act. Talk to you accountant or tax advisor for additional information.
Bitcoin miners process and verify all transactions before recording them on the Bitcoin blockchain in exchange for a reward in the form of Bitcoin.
Bitcoin Whales are market players with significant funds that would be able to move the cryptocurrency market.
• Bitcoin year: 3 • Opening price: $0.30 USD • Highest price: $31.91 USD • Lowest price: $0.29 USD • Closing price: $4.70 USD