What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous developer Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is 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 charts high on popularity, and has triggered the launch of hundreds of other virtual currencies collectively referred to as Altcoins.
key takeaways
Launched in 2009, Bitcoin is the world’s largest cryptocurrency by market cap.
Unlike fiat currency, Bitcoin is created, distributed, traded and stored with the use of a decentralized ledger system known as blockchain.
Bitcoin’s history as a store of value has been turbulent; the cryptocurrency skyrocketed up to roughly $20,000 per coin in 2017, but as of two years later, is currency trading for less than half of that.
As the earliest cryptocurrency to meet widespread popularity and success, Bitcoin has inspired a host of offshoots and imitators.
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A beginner’s guide on buying your first Bitcoin
                         
Create a Blockchain Wallet
All you need is a verifiable email address to get started.
                         
Set Up an Exchange Account
Once you’ve created your wallet, navigate to the ‘Buy Bitcoin’ tab to set up an account with one of our integrated exchange partners.
If the buy option is not available in your wallet when you log in, stay tuned. We’re working with exchange partners all over the world and we’ll be in your area soon!*
*Our buy Bitcoin feature is currently only available for users within certain states in the US, India, the European Union, Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino.
                  
Start Buying Bitcoin
Once you have set up an account with our exchange partner, you can begin buying bitcoin.
Blockchain works with exchange partners all around the world to make buying bitcoin in your wallet both a seamless and secure experience.
Using Your Blockchain Wallet
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Logging in With Your Wallet ID
To log into your wallet you need your Wallet ID, your password, and any two-factor authentication that you have enabled. Your Wallet ID is a string of random letters and numbers that acts as a username. You can find it by navigating to the ‘General’ section of your Settings menu. Although it looks similar to an address, your Wallet ID cannot be used to send or request funds.
Checking Your Balance
You will always be able to see your balances at the top of your wallet and on your dashboard. Want to see your balance in your chosen currency instead? Click on your cryptocurrency value and it will display the fiat currency equivalent.
Sending & Receiving
To send funds from your wallet, you need the recipient’s receive address or QR code.
To request, you can share your address or QR code with the sender. Note: your bitcoin and bitcoin cash address will change each time you request but your ether address will stay the same.
Using Your Transaction Feed
Your home screen will display your most recent transactions, and you can find your full transaction feed by clicking on the corresponding asset in your wallet’s menu.
Buy, Sell and Exchange
Our Buy and Sell Bitcoin feature currently serves users across Europe and India (with more coming soon!).
Our exchange partnership with ShapeShift allows you to convert your bitcoin into ether (and vice versa!).
Languages and Currencies
Our wallet is available in 25 languages and 22 currencies. To change your wallet’s language or currency, navigate to the Preferences section under Settings. From there, choose your language or currency from the drop down.
Blockchain on Mobile
Use your Blockchain wallet on the go. Download the Blockchain app to access the same wallet, same funds, and same transactions, all on your mobile device.
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