1. Signup on Savitar
To get started, you need a Savitar account. It provides you with a safe way to store your Bitcoin, as well as a platform to buy and sell them with your local currency.
2. Credit your account
After signing up, you’ll need to credit your account. Before that, you’ll have to complete some verification steps. Once your account has been validated, you will be able to add your credit card or credit your account through wire transfers.
3. Buy and sell Bitcoin
You are now able to buy Bitcoin. Since its price fluctuates, you can check it before validating your purchase. Once you confirm your purchase, we’ll complete your order and deliver your Bitcoin. It works exactly the same simply the other way around for sales.
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What is Bitcoin (BTC)?
Bitcoin is the first decentralized digital currency and payment system. The system works without intermediaries or requiring an administrator. Transactions take place directly between users. They are verified by a network of nodes through algorithmic challenges (mining) and recorded on a public and ledger – the blockchain. Bitcoin’s founder(s), Satoshi Nakamoto, is unknown to this date. Bitcoin was released as an open source software in 2009.
As the first cryptocurrency, Bitcoin is the leading player in the market. BTC represented around 80% of the overall cryptocurrency market for years, before the rise of Ethereum and Ripple in 2017. The “BTC dominance” is still a key indicator of the market.
Bitcoin is the most widely adopted cryptocurrency so far and the primary reference point of the markets. The BTC/X cryptocurrencies pairs are the still the most traded. Nevertheless, the scalability issues faced by the protocol pose a significant threat to the long-term development and adoption of the currency.
- As the first cryptocurrency, Bitcoin gained a solid user base over its years of continued existence. The protocol proved its viability and resilience.
- Bitcoin’s user base is hard to estimate, yet with more than 22 million wallets created it’s safe to say that the network is extensive.
- Its founder(s) are still unknown, which helps avoid an excessive political centralization of the project.
- Bitcoin’s consensus protocol, Proof of Work, anchors the protocol in the real world through the need for computing power or energy cost.
- Bitcoin’s Proof of Work implementation requires a vast amount of resources to function. The computers able to consistently solve the cryptographic challenge must now be incredibly powerful, which hinders the architectural decentralization of the network.
- Because of mining (PoW), the overall energy consumption of the whole network is reaching incredible heights. In 2018, the protocol consumed the same amount of energy as Austria to operate.
- Because of the average block creation time (10 min) and the block size limit, Bitcoin’s on chain transaction processing capacity is limited around 7 transactions per second. Overcoming this bottleneck will require an off-chain solution which can lead to more centralization (Lightening Network) or fundamental changes in the protocol leading to forks.
- Bitcoin only supports deterministic smart contracts. It greatly limits what can be done with smart contracts based on BTC.
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