Bitcoin — What it is & How to Buy on the Scallop Exchange
There’s been a lot of buzz about cryptocurrency lately. And one of the currencies to bring the crypto industry into the limelight is BITCOIN.
In the Scallop Chain ‘Know your Crypto’ series, the focus of this article will be on BITCOIN. We’ll take a look at the basics, what BTC is, how to buy it & more.
Bitcoin is a peer-to-peer digital currency. Unlike government-issued currencies, there is no single entity that is in charge of processing transactions.
Bitcoin is basically an online form of cash.
Bitcoin operates without a trusted third party (this means that no single entity can control transactions). Instead, it works as a purely peer-to-peer electronic currency, meaning that payments can be sent directly from one person to another.
Is Bitcoin real money? Yes, it is
Here’s why 👇
- Accessibility & Transparency — Bitcoin can be sent to anyone, anywhere across the world with an internet connection. The software that constitutes the core of Bitcoin is free and open-source so anyone can review the code.
- Privacy & Security — You don’t need to provide any personal information when using Bitcoin. None of your personal information is being sent over the internet and therefore there is a minimized risk of fraud.
- Safety — Looking at the crypto record, in over 10 years of existence, the Bitcoin network has never been successfully hacked.
Now let’s look at how Bitcoin works and the best way to buy & sell
Each Bitcoin is basically a computer file that is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
This makes it possible to trace the history of Bitcoins to stop people from spending coins they do not own, making copies, or undoing transactions.
Simply visit https://www.scallop.exchange/en_US/
- Sign up(for new users) or login(for existing users).
- Go to the “Trade” icon and then click on “Classic”.
- Search for BTC in the search box on the right window.
- Select ‘’Market order’’ and simply enter the amount you’d like to buy.
Please remember to never invest more than you can afford to lose and that past price is no indicator of future performance.
Scallop Chain is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.
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