Trade Bitcoin on Beaxy

Bitcoin is a network of computers that maintain and govern a public record of peer-to-peer electronic value transfers. Bitcoin can also refer to individual units of unspent value within the Bitcoin network.

Bitcoin profile

Features of Bitcoin

Decentralized

The Bitcoin protocol decentralizes power by distributing it through all of the nodes on the network. Nodes that validate and confirm transactions, assign them to a block and mine it, share the control of the network amongst themselves. There is no single entity that can unilaterally change anything on the blockchain.So Bitcoin is not controlled by any person, company, or institution.

Anonymous

On the Bitcoin blockchain, you are identified by your wallet’s public address which is not attached to your actual identity. This makes it difficult to, in some cases, impossible to tie a transaction to a specific person.

Immutable

Once an action on the Bitcoin blockchain has been taken and is validated and confirmed by the nodes managing the protocol, there is nothing that can be done to change or reverse that action.

Fast

Nodes on the Bitcoin network begin to organize your transactions almost instantly. Transactions on the Bitcoin blockchain can take as little as a few minutes. When the network is busy it is normal for a transaction to take up to an hour to be confirmed.

Transparent

Even though transactions are anonymous by shielding the identity of a person with a public wallet address, they are still tracked on Bitcoin’s public ledger. This means that Bitcoin has full transparency as every action taken on the protocol is recorded and can never be changed.

Frequently Asked Questions

What is Bitcoin?

Bitcoin is the world's first cryptocurrency. It was developed by Satoshi Nakamoto as a response to the 2007-2008 global financial crisis. As of 2020, the real identity or identities of Satishi are unknown. The Bitcoin blockchain was released to the public in January of 2009. Bitcoin’s primary characteristics are its distributed control and low transaction fees. Almost of the world’s money is controlled by a central authority. Bitcoin is the first instance of truly decentralized value transfer. In regards to cross border payments, with FIAT currencies, it can cost as much as 15% to send money from one nation to another. A standard Bitcoin transaction costs about $0.20 which is significantly cheaper than wiring funds across borders.
Bitcoin is also the world’s first currency that is purely digital. There is no physical form of Bitcoin. It does not have coins or paper notes. Every Bitcoin exists as the unspent value within a Bitcoin wallet. The network of nodes, that manage the Bitcoin network, validates that wallet addresses have the correct balance and ensure that the same bitcoin is never spent twice.

Bitcoin Technology

Satoshi Nakamoto invented ‘‘Nakamoto Consensus’ and added the feature to Bitcoin’s protocol. Nakamoto Consensus represents the biggest technological breakthrough that stemmed from the invention of Bitcoin. This is considered a brilliant innovation because it solved the ‘double-spending’ problem that was inherent to all previous forms of digital currency. And it did so without requiring any trusted third parties.

How to mine Bitcoin?

Bitcoin blocks a mined by computing power that attaches a hash to a nonce with the goal of getting a SHA256 output that begins with a predetermined amount of zeros. That is referred to as Bitcoin’s difficulty. As more zeros are required at the beginning of the hash output, this lowers the odds of finding the right output which requires more hashes (more difficulty) to mine the block. For example, the current mining difficulty level may require there to be 16 zeros at the beginning of the hashing output in order for the block to be mined. The miners computer begins to combine a random SHA256 hash with a nonce until the solution is found. This can require trillions and trillions of guesses before the right answer is found. This means that your computer must be powerful enough to generate trillions of hashes.
Anyone with the right equipment can mine bitcoin. It is recommended that you have at least the combination of a Graphical Processing Unit (GPU) and An Application-Specific Integrated Circuit (ASIC). GPU’s work particularly well with the logic required to apply hashes to Bitcoin’s hashing algorithm. The ASIC amplifies the frequency that a hash can be applied to a nonce. This gives the miner better odds of finding the correct hash that will mine the a block.

Risks of Bitcoin Trading

Investment Risk Bitcoin is known to have one of the highest risk to reward ratios of any asset that has ever traded on a market. The price of bitcoin regularly moves a lot in very short periods of time. This means that bitcoin is a very volatile asset. Increasing volatility is generally seen as an increase in the overall risk. Bitcoin, being only 10 years old, doesn’t have the liquidity of the stock market, whenever there is a large buy or sell order the price will reliably make a significant move Security Risk Bitcoin’s security risks are more complicated than other assets such as stocks or real estate. It is important to reduce your attack surface as much as possible. You can do so by holding your bitcoin in a wallet that is not connected to the internet. This requires a hacker to get your private key before they could gain access to your wallet. When using a wallet that is connected to the internet, a hacker may only need your password to a website in order to steal your bitcoin. When using an offline wallet with a properly recorded and stored private key, you have significantly reduced your attack surface. Regulatory Risk Bitcoin has regulatory risk that stems from it being partially anonymous. Governments know that bitcoin can be used to launder money and they have a general lack of incentives to help Bitcoin as they see it as a competitor to their national FIAT currency. Because of this, there is a possibility that governments could apply unusually harsh regulations to using or owning bitcoin. They could even ban the digital currency outright and make its use or possession against the law. This is a major risk as any such action taken by a powerful nation could negatively affect the value of the Bitcoin blockchain.

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BTC on Beaxy

Trade other cryptocurrencies on Beaxy

Trade BTC

USDC is a stablecoin and its value is anchored to that of the United States Dollar.

Trade ETH

ETH is the native currency of the Ethereum Blockchain, a programmable protocol that supports applications like smart contracts.

Trade BXY

BXY is an exchange token that works as loyalty rewards and functional fuel for the Beaxy exchange ecosystem. Greater rewards, discounts, and potential of the platform can be unlocked with BXY.

Trade NEO

NEO is an asset run on a distributed smart contract platform. You can exchange NEO and BTC when you place an order on Beaxy.

Trade XRP

XRP is a cryptocurrency known for speed and use in global banking. If you’re interested in XRP you can navigate to the coin page to learn more, or the trading page directly to trade.

Trade LTC

Litecoin and Bitcoin can be directly swapped for each other on Beaxy. Using the LTC/BTC trading pair allows you to move directly between two of the earliest cryptocurrencies.

Trade ETC

Ethereum Classic is a decentralized network that is tailored to application development. If you’d like to trade ETC for BTC, you can do so directly on the exchange page.

Trade XMR

Monero was built for anonymity and is the most popular privacy-focused cryptocurrency. You can move in and out of BTC when you place an order with XMR on Beaxy.

Trade EOS

EOS is the base asset of EOS.io, a smart contract platform that is governed by 21 block producers. Swap your EOS and BTC with ease on Beaxy.

Trade BCH

You can easily move in and out of bitcoin cash on Beaxy. Swap bitcoin cash for bitcoin directly by placing an order on the exchange.

Trade BEAM

BEAM is a privacy-focused cryptocurrency that protects your identity. You can conveniently swap beam and bitcoin on Beaxy.

Trade DASH

DASH is a decentralized payment solution that features instantly settled payments. You can trade DASH and BTC directly on Beaxy.

Trade BAT

Basic Attention Token is the native asset of the Brave browser. You can earn BAT by consuming content on the Brave browser. Exchange BAT and BTC efficiently on Beaxy.

Trade AION

AION is a native asset that performs critical functions for The Open Application Network. You can swap AION and BTC directly on Beaxy.

Trade MTL

MTL is the base asset for the Metal Pay ecosystem. MTL is used for quick and easy peer-to-peer transactions. Trade for MTL and BTC directly on the Beaxy Exchange platform.

Trade ICX

ICX is the native asset of ICON, a decentralized blockchain network that focuses on interoperability. Seamlessly trade ICX and BTC on Beaxy.

Trade VID

VideoCoin (VID) is a cryptocurrency that runs on the Ethereum blockchain. The asset is rewarded to producers and consumers of web-based video content. You can swap VID and BTC directly on Beaxy.

Trade WAVES

WAVES is a cryptocurrency that is designed to cater to developers. You can conveniently trade WAVES and BTC on Beaxy.

Trade ZRX

ZRX is the native asset for 0x, an open-source smart contract development platform. ZRX holders can use the token to vote on updates to the network. Seamlessly swap ZRX and BTC on Beaxy.

Trade TOMO

TOMO is the base asset for the TomoChain platform which uses Proof of Stake Voting to reach consensus. Easily trade TOMO for BTC by placing an order on Beaxy.

Trade GO

GO is the native asset on the GoChain network. GoChain uses Proof of Reputation as a consensus mechanism. You can easily swap GO for BTC on Beaxy.

Trade LINK

Chainlink (LINk) is a decentralized oracle network that connects smart contracts on its platform to verifiable data hosted by nodes on the network.

Trade DRGN

Dragonchain is a commercial-grade hybrid blockchain that enables developers to rapidly build private blockchains and decentralized blockchain applications.

Trade NRG

NRG is a proof of stake platform that is enables the development and management of smart contracts. Exchange NRG with BTC on Beaxy.

Trade POLY

POLY is the native asset of Polymath, a security token genreation and management plafotm that allows enterprises to seamlessly create legal and complaiant security tokens. You can trade POLY with BTC on Beaxy.

Trade FTM

FTM is a smart contract platform that is modeled after Directed Acyclic Graph (DAG). Exchange FTM tokens for BTC on Beaxy.

Trade ZEC

ZEC is a privacy focused digital asset that giver users the ability to choose between sending public or private transactions. Trade ZEC with BTC on Beaxy.