Technical Analysis Bitcoin
What Is Bitcoin?
Bitcoin is a digital currency that was created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.1 The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.Bitcoin is a type of cryptocurrency. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to. All bitcoin transactions are verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins. Bitcoin is commonly abbreviated as "BTC."
The Bitcoin software is free and available online to anyone who wants to run a Bitcoin node and store their own copy of the Bitcoin blockchain. As Bitcoin matures, engineers have designed additional protocols to improve the speed and privacy of Bitcoin transactions, including the Omni Layer, Lightning Network and Liquid Network. Only approximately 21 million bitcoins will ever be created. New coins are minted every 10 minutes by bitcoin miners who help to maintain the network by adding new transaction data to the blockchain.
How to buy Bitcoin on the EXMO exchange?
1. On the website www.exmo.me, create an account and verify it. Procedure: click the “Register” button located at the top right corner, create a username and password, specify an email address. Check the box to confirm that you agree with the terms of service. Enter the ‘captcha’ correctly and click the Register button. Now, check your email and follow the link to confirm your account.2. In the settings section, it is recommended that you enable confirmation by SMS at login, 2FA authorization and IP whitelist. These are additional ways to protect your personal data.
3. In order to deposit and withdraw funds, as well as trade on the exchange, you need to go through a simple verification procedure: provide a photo/scanned document confirming your identity, submit necessary data and send a selfie photo. The process of verification can take up to 24 hours.
4. Go to the Wallet tab, where you can top up your account. When choosing any option, the site redirects the user to the transfer page with instructions on how to use and trade with each currency, card or e-wallet.
5. In the Trades section, located in the upper right corner, use the filters to select a currency pair. At the bottom left corner, a Buy and Sell column is located with currency calculators (the transaction fee will be included in the total amount). Limit, Market and Stop are the names of orders that can be used. Urgent purchases can be made using Market and should you wish to wait for a good deal, use Limit.Stop is suitable for automatic trades. After the order is executed, the coins will be transferred to the trader’s account.
6. The Quick exchange section is suitable for instant transactions using the exchange rate.
The following payment methods are available to users:
- Bank cards – VISA and MasterCard.
- Bank transfers – Bacs, Chaps and Faster Payments.
- Payment systems – Sepa, AdvCash and Payeer.
- SWIFT transfer.
- EXMO Gift Card is a tool for transferring cryptocurrency funds between EXMO users.
- Traders can buy almost any amount of cryptocurrency, there are no restrictions on the amount.
- One of the safest options, high level of protection against fraud.
- Many options for replenishing your balance.
- Relevant prices are offered to traders.
- Ability to create pending purchase orders at a desirable price.
- The trading process is simple and not time consuming.