call or text 1-888-70-BITCOIN

What Is Bitcoin?

Bitcoin

Buy Bitcoin at RockItCoin Bitcoin ATMs

As the first cryptocurrency to ever exist, bitcoin is the most popular and commonly accepted digital currency in the world. Many people are drawn to bitcoin because of its transparent platform, increased personal privacy for traders, and the lack of centralized control placed on the currency. ‘Bitcoin’ is abbreviated as BTC and represented by the symbol ₿.

A Brief History

Bitcoin’s creation is attributed to Satoshi Nakamoto, a real or fictional person whose true identity has never been confirmed. Nakamoto is the name associated with the first white paper published about Bitcoin, along with the creation of the initial reference implementation and software that would ultimately be adapted for widespread international use. On January 9, 2009, Nakamoto launched the network and created what is sometimes referred to as the genesis block of bitcoin—the first to be released of 21 million total bitcoin.

How It Works: The Blockchain

All information regarding bitcoin buying and selling activity is recorded in an open ledger called the blockchain. The blockchain is maintained by a global network of computers, operated and maintained by bitcoin miners who are rewarded for their efforts with new bitcoin. With network activities that are both accessible to all and decentralized, bitcoin is highly unique, secure, and virtually impervious to tampering. 

You can buy bitcoin with a bank account online or in person with cash. You can also receive bitcoin through a trade of other cryptocurrency, goods, or services. No matter how you acquire it, the record of the transaction will be published to the blockchain. As part of efforts to maintain user privacy, the sender and receiver’s bitcoin addresses are the only identifying information that will be recorded.

Bitcoin By the Numbers

The original bitcoin code designated that only 21 million bitcoin will ever be created, with the final bitcoin estimated to be mined in the year 2140. With a limit on the total number of bitcoin that can be mined, bitcoin is destined to be an increasingly in-demand resource. Though only 21 million will ever be created, each bitcoin can be divided into smaller units called satoshis. Satoshis are equivalent to 100 millionth of a single bitcoin, or 0.00000001 bitcoin.

Getting Started With Bitcoin

Every user needs to have a digital wallet and bitcoin address in order to make their first purchase. The RockItCoinX wallet is available on both iPhone and Android devices, allowing you to view your account balances, send payments, and receive funds from within the application.

Your bitcoin address is the location where your funds will be received and stored. Bitcoin addresses can be represented by a long series of numbers and letters or as a QR code for scanning at ATMs. You will also use this address if you choose to buy bitcoin with a bank account online.

Where Can I Buy Bitcoin?

Once your bitcoin wallet and address are set up, it’s very easy to add funds to your wallet. Visit any RockItCoin ATM location in person to purchase bitcoin with cash. If you’d prefer to buy your cryptocurrency online, you can buy bitcoin with a bank account on our website.