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What is Bitcoin?

Technology

In 2008 anonymous software developer Satoshi Nakamoto proposed bitcoin, as an electronic payment system based on mathematical proof. It means that bitcoin could be transferred electronically in a secure, verifiable and immutable way. To this day, no-one knows who Satoshi Nakamoto really is.

Bitcoin is separated into two components. On the one hand, you have bitcoin-the-token, a code snippet that represents ownership of a digital concept. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are called “bitcoin.”

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What are Bitcoin’s features?

Decentralization of payments

Bitcoin is free from any purview by bank institutions or government bodies.

Pseudonymity

Bitcoin payments are not anonymous, but "pseudonymous". Transactions are transparent, but your identity cannot be tied to your bitcoin wallet unless you disclose both at the same time.

Immutability

Bitcoin transactions cannot be reversed. This is because there is no central “arbitrator” that can return money back. If a transaction is recorded on the network, and if more than an hour has passed, it is impossible to change.

Low transaction fee

Bitcoin transactions are cheap. As no intermediaries stand between users, there is no one to pay tribute to.

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Bitcoin in numbers?

Currently, one bitcoin is worth $7083.55 (source: coinmarketcap.com). with such a big price, it is hard to buy the whole bitcoin. That’s why they are divisible and also can be quoted in small amounts, which are very useful for microtransactions. The price is driven by demand and limited supply. Bitcoins are traded on a huge amount of exchanges without any limits. As the quantity of bitcoins is limited, only 21 million coins can be mined, it causes the price to climb up easily.

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How can I use Bitcoin?

Bitcoin can be useful in many ways other than instant transactions. Here are a few of them:

Store as an investment vehicle

Bitcoin is a highly flexible investment vehicle, compared to traditional assets like stocks, gold or commodities. You can speculate on the coin’s volatility, turning it to your advantage.

Pay bitcoin to buy goods and services

The era of crypto is on the rise. Already now you can instantly pay for your purchases, whether this is an international online shopping experience or a cup of coffee around the corner.

To send money all around the world

It’s hard to believe, but using bitcoin your money in any quantity would be sent anywhere on the earth in less than an hour.

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Use Bitcoin with CGift
Buy CGift’s redeemable cards to gain instant access to Bitcoin, Ethereum and others, as well as a secure and simple digital asset management via the CGift Wallet.
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