What is Bitcoin?

Bitcoin was invented by an unknown person who used the name Satoshi Nakamoto. Bitcoin offers us the opportunity to operate and have currency within a decentralized system, unlike government-issued currencies. 

What is Bitcoin?

  • Bitcoin is not physical, and everyone has access to the public ledger – which means it is completely transparent. Several computer power systems help verify all bitcoin transactions. 
  • Banks and governments don’t support bitcoin, and it isn’t generally accepted for many transactions. However, bitcoin is incredibly popular, and hundreds of other virtual currencies are referred to as Altcoins. 
  • Bitcoin is a collection of computers, known as nodes that run all of the codes and storage. 
  • Bitcoin is a type of cryptocurrency. The balances of bitcoin tokens are all kept using public and private keys. Keys are long strings of numbers and letters that are linked through a mathematical encryption algorithm, which was used to create them. 
  • Bitcoins and other cryptocurrencies are stored in a ‘wallet.’ There are several wallet options, and you can pick the one that makes the most sense for your needs. 
  • Bitcoin is one of the first digital currencies that is used in peer-to-peer tech to facilitate instant payments. Miners are the people who process the transaction of the blockchain; they will need high powered computers to do this. The motivation to be a miner is the potential release of new bitcoin. 
  • Bitcoins can be accepted as payments, they are gaining in popularity, and the option to pay in bitcoin can be added to a website just like a PayPal button. 

 

Are you ready to buy your first bitcoin? With a Blockcard bank account you can make deposits, purchase Bitcoin and load it onto your BlockCard for easy spending, all from your online dashboard.

Back to Resources

The Latest

Unbanked Joins Visa Ready for Fintech Enablement

At Unbanked, we’re passionate about building solutions that connect traditional enterprise and banking systems with blockchain–and we’re deeply committed to building the most robust infrastructure possible in order to transform financial services as we know them today. But to build something life-changing, you need to partner with the best: that’s why we’re so thrilled to… Read Article

Purchase Litecoin with your Bank Account

At Unbanked, we believe financial access and control is a fundamental human right. For years, we’ve empowered crypto users in over 220 countries and territories around the world with the power to buy, sell, and send digital currencies–all without being subject to the transaction, exchange, or deposit fees imposed by those “other guys”. While we’ve… Read Article

5 Best FinTech Stocks to Watch in 2021

Fintech stocks are becoming more popular than ever with investors worldwide. The shift toward a cashless, technology-based society is one of the driving factors of the growth of fintech companies and their rising stock prices. From fleshed-out financial and banking services to tools that help traditional financial institutions streamline their operations, 2021 is a great… Read Article

20 FinTech Startup Companies to Know

The digital age is blazing a path for the fintech niche. It should not be a surprise that investing apps like Robin Hood and Acorns are booming. After all, the tech-savvy millennial generation has come of age. They are making money, and they are investing it. And one thing is for sure─the stuffy suits and… Read Article


6.38%

Crypto Rewards
on Spend

You also have access to:

BANK ACCOUNTS
DEBIT CARDS
BUYING, SELLING, & SPENDING CRYPTO


ARE YOU READY TO GET UNBANKED?


Nah, I enjoy high fees...

x