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What is Bitcoin?

Bitcoin (BTC) is a digital currency (cryptocurrency) that can be used as a payment method. It is a decentralized network where transactions occur between individuals without the need for a bank or third party. Essentially, you send money directly to another person within the network, with no intermediaries. Transactions are sent and recorded in a digital database known as the blockchain. You can use a hardware wallet to store your Bitcoin. With a hardware wallet you always retain control over your coins. No one, except you, can access them.

Every transaction is verified by thousands of other participants in the network and is only approved once it’s confirmed there’s no manipulation (these participants are called miners). In essence, computers solve complex mathematical formulas to add a new block. Transactions within that block are validated and executed. As a reward for adding a new block, the miners are paid in BTC. The reward is halved roughly every four years. This is called Bitcoin halving.

Some see Bitcoin (BTC) as the new way to carry out transactions, while others consider it digital gold. Additionally, Bitcoin is open source, meaning the source code is freely available and can be used to develop other cryptocurrencies. This makes it extremely secure. If the code is tampered with, everyone can see it.

What is a Blockchain?

Blockchain technology is often regarded as the greatest invention since the internet, but what exactly does it mean? A blockchain is essentially a database where information is stored. Imagine small blocks of information being added to a long chain. Each new block contains details about both the previous block and the current one (such as timestamp, price, wallet address, etc.). If the information in the old and new block doesn’t match, the new block will not be added to the chain.
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Network information

Name
Bitcoin
Ticker
BTC
Network name
Bitcoin network
RPC URL
https://developer.bitcoin.org/reference/rpc
Explorer URL
https://btcscan.org

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Buy Bitcoin with your favorite order type

  • Market order

    Buy Bitcoin instantly at the best available price. Ideal for quick and easy purchases.

  • Limit order

    Set your maximum price for Bitcoin. Your order will be executed when your limit price is reached on the market

  • Auto Invest

    Automate your crypto purchases on a daily, weekly, bi-weekly, or monthly basis.

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FAQ

  • How to buy Bitcoin?

    Follow the steps below to easily and securely buy Bitcoin.

    1. Sign up

      Create an account with a reputable crypto platform like Finst.

    2. Deposit EUR

      Deposit Euros using payment methods like iDEAL, Bancontact, or SEPA.

    3. Start investing

      Buy Bitcoin and securely store it on our platform.

  • Can I automatically invest in Bitcoin on a recurring basis (DCA)?

    Yes, with Auto Invest, you can set up daily, weekly, bi-weekly, or monthly purchases of your favorite crypto using the Dollar Cost Averaging (DCA) strategy. Create your own investment plan and DCA Bitcoin without any action required or additional fees.

    Do you prefer to store your crypto on your external wallet? At Finst, we have various cryptocurrencies enabled for automatic withdrawals, which are sent straight to your wallet after each recurring purchase.

  • What fees do I need to pay when buying Bitcoin?

    When you buy Bitcoin through Finst, you benefit from the most competitive trading fees of 0,15% per transaction.

    Any fees you may encounter when trading crypto are clearly shown for every transaction on our platform.

    It's important to note that network fees are outside of our control, as they are determined by the blockchain networks themselves.

    This means that while network fees may vary depending on the blockchain and current demand, our trading fee remains consistent, helping you better manage your transaction costs.

  • Which order types can I use to buy Bitcoin?

    At Finst, we support several order types to buy Bitcoin: Market Order, Limit Order, and Auto Invest (DCA).

    - With a Market Order, you buy Bitcoin instantly at the best available market price.

    - Do you want to buy Bitcoin at a lower price? With a Limit Order, you set the maximum price you're willing to pay for Bitcoin. Your order will be executed once your limit price is reached on the market.

    - Do you want to invest in Bitcoin without constantly checking the market? With Auto Invest, you can schedule automatic and recurring purchases. Whether you want to buy daily, weekly, bi-weekly, or monthly - you choose the frequency.

  • Can I use limit order to buy Bitcoin?

    Yes, on our platform, you can easily buy Bitcoin with a Limit Order. This allows you to set the maximum price you're willing to pay. Your order will be executed once the price of Bitcoin reaches your limit price or lower.

    A Limit Order is ideal if you want to wait for a better price without constantly monitoring the market.

  • Is it safe to buy Bitcoin?

    Yes, it is safe to buy Bitcoin through Finst. We are registered as a Crypto Service Provider (no. R189158) with the Dutch Central Bank (DNB), and we are the first and only Dutch crypto platform that successfully obtained a Proof of Reserves (PoR) from an independent and reputable audit firm (Audit Now). At Finst, your assets are segregated and held on a 1:1 basis, plus reserves.

  • Is it legal to buy Bitcoin?

    Yes, buying Bitcoin is legal in Europe. However, we advise you to do your own research before making a purchase.

  • Can I buy Bitcoin anonymously?

    No, due to laws and regulations, it is not possible to buy Bitcoin or other cryptocurrencies anonymously on a regulated crypto platform in Europe.

  • Can I buy Bitcoin with iDEAL?

    Yes, at Finst, you can easily buy Bitcoin with iDEAL. We also support popular payment methods like SEPA and Bancontact.

  • Do you have to buy one Bitcoin?

    At Finst, you can start investing in Bitcoin with as little as €1. For many coins, it is not necessary to buy a whole coin.

  • What are the risks of investing in Bitcoin?

    Investing in cryptocurrencies like Bitcoin involves risks of losses. You can lose (part of) your deposit. Before you decide to buy Bitcoin, it is important to understand the risks.

    Volatility: The price of Bitcoin can fluctuate significantly. This means that its value can rise and fall quickly.

    No guaranteed profit: Previous price increases do not guarantee future returns. Therefore, only invest money that you can afford to lose.

    External factors: The price of Bitcoin is influenced by external factors, such as economic conditions and the actions of influential individuals, governments, and institutions. These factors can have a positive or negative impact on the price.

  • How to store Bitcoin?

    You can securely store your Bitcoin in your Finst wallet. Some cryptocurrencies also support external wallets, allowing you to send your crypto to your own wallet if desired. We use state-of-the-art security measures to keep you and your crypto safe.

    We work with Fireblocks, one of the most trusted crypto security infrastructure providers, to safely store your Bitcoin. They make use of Multi-Party Computation (MPC) technology which is an advanced cryptographic technology used to protect your digital assets.

    Additionally, Finst is the first and only Dutch crypto platform that has successfully conducted an extensive Proof of Reserves (PoR) audit. With Finst, your assets are segregated and held on a 1:1 basis, plus reserves.

  • Can I send my Bitcoin to an external wallet?

    Yes, you can send your Bitcoin to an external wallet. With Finst, you can easily send your Bitcoin to a hardware or a software wallet.

  • Can I store Bitcoin on a hardware wallet?

    Yes, you can store Bitcoin (BTC) on hardware wallets such as Ledger or Trezor.

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How does Bitcoin (BTC) work?

Bitcoin is a digital currency that only exists online. You can't touch it or print it like a physical coin or banknote. The unique aspect of Bitcoin is that it doesn't require a central authority, bank, or government. Instead, Bitcoin is managed by a global network of computers, also known as miners.

These miners ensure the network remains secure. They validate transactions, execute them, and store them in a digital ledger (the blockchain).

With the network, you can store Bitcoin in a digital wallet or send them to other digital wallets, without the need for a third party. When sending a transaction, you pay a small fee in Bitcoin to the network for processing it.

How does a Bitcoin transaction work?

Imagine you want to send Bitcoin to a friend. Here’s what happens:

1. You enter the amount and add your friend’s Bitcoin address (like a bank number).

2. You send your Bitcoin.

3. The transaction is sent to the Bitcoin network, where thousands of computers (called 'nodes') check if everything is correct.

4. Once the network approves the transaction, it is added to a digital ledger, the blockchain.

5. Success! You’ve just completed a Bitcoin transaction. It’s that simple.

What makes Bitcoin secure?

The Bitcoin blockchain is considered extremely secure due to how transactions are validated on the network, which is done by thousands of computers (miners) worldwide. This ensures that the network is well protected. In theory, a hacker would need to take over 51% of the computing power, also known as hash rate, to control the network. This is called a 51% attack. In practice, this is almost impossible because the cost of such an attack runs into billions of dollars for hardware and electricity. Moreover, the attacker would have to compete with other miners. If such an attack occurred, other miners could take measures to protect the network.

So far, Bitcoin has never been hacked, making it one of the safest digital currencies in the world.

Some other reasons why Bitcoin is secure:

- Decentralized Network: Since thousands of computers maintain the network, there’s no central point of failure.

- Blockchain: This technology ensures all transactions are permanent and transparent.

- Private Key: You’re the only one who has access to your Bitcoin, thanks to a secret code (your private key).

Who are the founders of Bitcoin?

Bitcoin was launched in 2009 by Satoshi Nakamoto. This is a pseudonym for a person or group who introduced the first cryptocurrency and blockchain database. To this day, the identity of the developer remains unknown. In 2008, Satoshi Nakamoto published a whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System, describing how digital money could be sent without the involvement of third parties like banks.

The identity of this person or group remains a mystery. Nakamoto calls Bitcoin a cryptocurrency because the word is a combination of 'cryptography' and 'currency,' referring to a secure digital currency.

Speculation about the identity of the founder(s) continues in the crypto space. In the past, there have been searches for clues, but so far, there is insufficient evidence to determine who Nakamoto really is. Some potential candidates include:

Peter Todd

In the HBO documentary Money Electric: The Bitcoin Mystery, Canadian developer Peter Todd is named as a possible Satoshi Nakamoto. However, Todd, a cryptographer who contributed to Bitcoin’s development, denies this identity. According to him, the filmmaker Cullen Hoback used the accusation to generate more attention for the documentary.

Hal Finney

Hal Finney developed a system in 2004 that laid the foundation for how Bitcoin works, five years before Satoshi Nakamoto introduced Bitcoin. Additionally, Finney was the recipient of the first Bitcoin transaction. Though this led to much speculation, Finney denied being Nakamoto until he died in 2014.

Craig Wright

Australian Craig Wright claims to be Satoshi Nakamoto or at least worked with a group on the development of Bitcoin. Though he has repeatedly promised to provide proof for his claim, convincing evidence has yet to be presented.

Why buy Bitcoin?

Bitcoin (BTC) is the oldest and most well-known cryptocurrency in the world. Since its launch in 2009, it has permanently changed the crypto industry. Despite all the developments in the market, Bitcoin remains number one in total market value. This makes buying Bitcoin an attractive option for many people.

Practical Uses of Bitcoin

A major indicator of Bitcoin’s price development is adoption. This refers to the increasing use of the Bitcoin network and Bitcoin as a medium of exchange by institutions, individuals, and governments. Here’s how Bitcoin is currently used by investors and governments.

Bitcoin as Digital Gold

Bitcoin is often called digital gold, and not without reason. Bitcoin is scarce, with a maximum of 21 million BTC that can ever be in circulation. Additionally, Bitcoin is not tied to governments or central banks. For this reason, Bitcoin is seen as a protection against inflation and an attractive store of value. Bitcoin is often compared to gold, which is also scarce and considered a good alternative investment.

The Bitcoin ETF

After years of back-and-forth with regulators, a Bitcoin ETF was approved on January 10, 2024. This approval by the U.S. Securities and Exchange Commission (SEC) gave a positive boost to Bitcoin and the rest of the crypto market. For example, the largest asset manager, BlackRock, now offers a Bitcoin ETF.

An Exchange Traded Fund (ETF) is an investment product that can be traded on an exchange without owning the underlying asset directly. For example, an ETF represents the value of commodities or indexes. The Bitcoin ETF makes it easier for institutional investors, such as investment funds and banks, to invest in Bitcoin. This brings new capital into the crypto market, which could positively impact long-term price development.An Exchange Traded Fund (ETF) is an investment product that can be traded on an exchange without owning the underlying asset directly. An ETF represents the value of commodities or index, for example. The Bitcoin ETF makes it easier for institutional investors, such as investment funds and banks, to invest in Bitcoin. This brings new capital into the crypto market, which could positively impact long-term price development.

After the SEC gave the green light for a Bitcoin ETF, the regulator also approved an Ethereum ETF. It’s expected that in the future, more cryptocurrency ETFs will be approved.

Bitcoin as legal tender

The idea behind Bitcoin emerged following the global banking crisis of 2008, which severely damaged trust in traditional financial institutions. The solution? Satoshi Nakamoto designed Bitcoin to change the financial system via peer-to-peer transactions. His goal was to create a decentralized and independent payment system, free from banks or governments. In the years that followed, others saw Bitcoin not only as an alternative store of value but also as a potential legal tender. This idea took concrete form in 2021 when the Central American country El Salvador, under President Nayib Bukele, introduced Bitcoin as legal tender.

Argentina is also taking steps toward broader adoption of Bitcoin as an alternative to the peso. The economic crisis in the South American country has led to hyperinflation, prompting more people to seek alternative ways to store value. The newly elected president, Javier Milei, is known for his support of cryptocurrencies. While Bitcoin is not yet legal tender in Argentina, it is expected that Milei's policies will lead to the easing of regulations regarding the use of Bitcoin and other cryptocurrencies for payments.

Bitcoin is the market leader in the crypto space

Bitcoin (BTC) plays a crucial role in the crypto market. When Bitcoin rises, many other cryptocurrencies tend to rise as well. If this happens over a long period, we call this a bull market. Conversely, when other cryptocurrencies decline for an extended period, we refer to this as a bear market. Whether the market is in a bull or bear market depends on various factors. One key factor is the Bitcoin halving. Fun fact: The terms bull and bear market come from how these animals attack. A bull strikes upward with its horns, symbolizing a rising market, while a bear swipes downward with its claws, reflecting a declining market.

Bitcoin’s market sentiment also influences trading pairs. For example, if Bitcoin is priced at 10 Ethereum, both coins must change in value to maintain balance. This makes Bitcoin not only the market leader but also an important indicator for other digital currencies.

Does Bitcoin have its own blockchain?

Yes, Bitcoin uses its own blockchain to process and store transactions in a decentralized manner. You can send Bitcoins through the Bitcoin blockchain to other Bitcoin wallet addresses. Yes, Bitcoin uses its own blockchain to process and store transactions in a decentralized manner. You can send Bitcoins through the Bitcoin blockchain to another Bitcoin wallet addresses.

How do they create new Bitcoin?

New Bitcoins are introduced into circulation every day through a process called 'mining'. Thanks to mining, new blocks are added to the blockchain by computers solving complex mathematical puzzles. When a block is added, new Bitcoins are awarded to the miners as a reward for solving the puzzle.

A maximum of 21 million Bitcoins can be created, making them scarce and valuable. This is coded into Bitcoin's protocol, essentially an immutable contract. As a result, no additional Bitcoins will ever be minted.

The History of Bitcoin

Bitcoin (BTC) was introduced in 2009 with the Genesis Block, the very first block on the blockchain. Since then, a new block has been mined every 10 minutes. In its early years, miners received 50 Bitcoins per block, but this reward has halved over time due to the so-called ‘halvings.’

Bitcoin's value started small but grew steadily:

- 2011: Bitcoin was worth $1 for the first time.

- 2013: Bitcoin broke the $1,000 mark.

- 2017: It reached a record of $20,000.

- 2021: The price surged to $65,000, with a market capitalization of $1 trillion.

- 2024: Bitcoin crossed the $100,000 mark for the first time.

Bitcoin (BTC) has now become an undeniable part of the financial world, with governments worldwide working on regulations that will make Bitcoin usage safer and more accessible.

With only 21 million coins ever to be issued, Bitcoin remains a unique digital asset, often referred to as ‘digital gold.’

What consensus algorithm does Bitcoin use?

Bitcoin uses the proof-of-work algorithm. This algorithm relies on mining, which involves using computer power to add new blocks to the Bitcoin blockchain. The computer that solves a difficult cryptographic puzzle first gets to add the new block to the blockchain. As a reward, the operator of the computer receives a mining reward, paid out in Bitcoins. The mining reward is halved approximately every four years, a process known as the Bitcoin halving.

Proof-of-work is considered a very secure consensus algorithm, especially because thousands of computers worldwide try to solve the puzzles every day. This decentralizes the network, though it also leads to very high energy consumption. As a result, alternative consensus algorithms like proof-of-stake and proof-of-history have been introduced.

Different types of Bitcoin

Bitcoin (BTC) is now an integral part of the cryptocurrency world, but there are several types of Bitcoin and Bitcoin-related tokens that you might encounter. While they all in some way relate to the original Bitcoin network, each has its own characteristics and use cases. Here, we’ll explain the main types of Bitcoin and how they differ from one another.

Bitcoin (BTC)

Bitcoin (BTC) is the first and original cryptocurrency, launched in 2009 by the anonymous Satoshi Nakamoto. This is the coin referred to when people mention Bitcoin. It's the first and official Bitcoin.

Bitcoin’s features include decentralization and limited supply. The Bitcoin network will only ever have 21 million coins in circulation, and this number will never change.

Bitcoin Cash (BCH)

Bitcoin Cash (BCH) was created in 2017 because of a 'hard fork' from Bitcoin. This split occurred because of disagreements about how the Bitcoin network should scale. Bitcoin Cash features larger blocks than Bitcoin, meaning it can process more transactions per second. This makes it a popular choice for daily payments, while Bitcoin is more commonly used as a long-term investment.

Features of Bitcoin Cash include faster transactions and lower costs. The larger blocks allow for more transactions per second, which increases speed. Additionally, transaction fees tend to be lower than with Bitcoin.

Bitcoin SV (BSV)

Bitcoin SV (Satoshi Vision) is another offshoot of Bitcoin Cash, created in 2018. Bitcoin SV’s goal is to restore the original vision of Bitcoin as conceived by Satoshi Nakamoto. Bitcoin SV has even larger block sizes than Bitcoin Cash, allowing it to process thousands of transactions per second. This makes it ideal for scalable payment solutions.

Bitcoin SV's features include large blocks, which provide enormous scalability, and it is ideal for peer-to-peer payments and commercial use. Transaction fees are also notably low.

Wrapped Bitcoin (WBTC)

Wrapped Bitcoin (WBTC) is a token representing Bitcoin on the Ethereum blockchain. It is not a standalone cryptocurrency but a way to use Bitcoin within the Ethereum network, especially for decentralized finance (DeFi) applications. Each WBTC token is fully backed by 1 BTC, meaning you always have the value of 1 Bitcoin, but within the Ethereum ecosystem.

The key feature of Wrapped Bitcoin is the bridge between Bitcoin and Ethereum, allowing you to use Bitcoin on a different network. It is integrated into DeFi applications, such as lending, borrowing, and trading. Additionally, each WBTC is 1:1 backed by a real Bitcoin in reserve.

Bitcoin Gold (BTG)

Bitcoin Gold (BTG) emerged in 2017 as another offshoot of Bitcoin. The goal of Bitcoin Gold was to make mining more accessible to people with graphics cards (GPUs), rather than requiring the specialized hardware needed for Bitcoin mining. Bitcoin Gold focuses on decentralization and aims to make mining accessible to a wider audience.

Bitcoin Gold’s features include the ability to mine with regular graphics cards (GPU mining), making mining accessible to everyone. It focuses on decentralization and attempts to make Bitcoin mining available to a broader group. However, most investors will likely just buy Bitcoin.

Bitcoin Lightning Network

The Bitcoin Lightning Network is not a cryptocurrency but a technology that operates on top of the Bitcoin blockchain. It’s designed to improve the speed and cost of Bitcoin transactions. Through the Lightning Network, small payments can occur almost instantly and at much lower costs than regular Bitcoin transactions.

Features of the Lightning Network include the ability to make fast payments with instant transaction processing. Transaction costs via the Lightning Network are typically much lower than regular Bitcoin transactions. It’s also ideal for micropayments.

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