Bitcoin BTC

Bitcoin (symbol ₿ - BTC) is the first decentralized and anonymous payment network based on blockchain technology. Its blockchain network uses a peer-to-peer protocol that allows the transfer of values without intermediaries.

Bitcoin is also the first autonomous and decentralized digital currency in the world. It was created in 2009. It is also the first cryptocurrency that successfully implemented blockchain technology. That is how Bitcoin revolutionized value transfer systems. It enabled buying, selling, sending, or storing value without a middleman such as a bank or any other payment processors.

The ability to operate without intermediaries is what makes Bitcoin transparent, and what distinguishes it from the “fiat” currencies as we know and use them today.

The entire Bitcoin blockchain is a collection of devices also known as “nods”. Bitcoin nodes are basically computers that run Bitcoin software. All nodes form a network consensus, and they participate in transaction processing and verifying.

The node usually broadcasts a transaction to other nodes on the network. The transactions then end in the “pool” that contains all unconfirmed transactions. These transactions are waiting to be transferred to the block in order to become part of an uninterrupted chain of transactions - the blockchain.

Basically, the entire Bitcoin network can be described as a collection of blocks, and each block has the records of all transactions. Any person can see these transactions in real-time, which makes Bitcoin transparent.

There are 18,729,137 Bitcoins in circulation (at the moment of writing this text). The number of Bitcoins in circulation increases every time a new block is mined. That is approximately every 10 minutes.

The total amount of Bitcoin that can ever exist is 21 million. This means that there are still about 2.1 million Bitcoins left to be mined and put into circulation.

Currently, each newly confirmed block adds 6.25 Bitcoins to circulation. This is currently the amount of the “mining reward”. Every miner who successfully verifies and confirms the block transaction will receive 6.25 Bitcoins.

When Bitcoin was first launched, the mining reward was 50 bitcoins. In 2012, the amount was halved to 25 bitcoins. In 2016, it halved again to 12.5 bitcoins. 

From February 2021, miners receive 6.25 bitcoins for each newly mined block. Such a process of reducing the mining reward is known as "Bitcoin halving" and it happens every 4 years. The last Bitcoin will be mined and put into circulation around 2150.

Bitcoin uses the so-called peer-to-peer technology to operate without a central body or banks. The management of all transactions and the issuance of Bitcoin is carried out with the help of all node computers (which use the Bitcoin network).

This is why Bitcoin has many advantages like:

1. Financial transparency

Bitcoin is fully transparent when it comes to finances in general and money transfers. Users are provided with transparency in such a way that all their information remains private, but stored in the blockchain, where each transaction is available for inspection.

2. Payments without limits

Bitcoin can be sent or received anytime, anywhere and without any restrictions. Since there are no regulatory bodies, no one can ban the use of Bitcoin or restrict its use.

3. Complete control

Bitcoin gives users complete control. Anyone who owns Bitcoin can easily access and use it. Another advantage is that all transactions are stored on the blockchain and the flow of each transaction can be easily checked.

4. Extremely low fees

When they send or receive money, users often have to pay various fees to intermediaries (Banks) in order to complete the transaction. Also, this process can be time consuming and quite expensive for international transactions. Transactions via the Bitcoin network are extremely low compared to traditional currencies, and the transfer of Bitcoin (money/value) is almost instant.

5. Security

The Bitcoin protocol is based on cryptography. From the very beginning it was created with the most modern security standards implemented within the Bitcoin blockchain network.

Bitcoin is decentralized and no one can take control of its network because thousands of computers around the world secure the network and validate and record transactions on the blockchain.

Bitcoin mining is the process of validating transactions and listing them in a public ledger - blockchain.

The Bitcoin mining process requires specialized electronic devices that solve complex cryptographic problems. The most popular are ASIC miners.

How does Bitcoin mining work?

All users of the Bitcoin blockchain network exchange Bitcoins on a daily basis. Information about these transactions and the amount of cryptocurrency that each user has must be kept somewhere.

The Bitcoin network collects all these transactions and puts them into the blockchain. 

The task of every Bitcoin miner is to confirm each transaction and put them in the Ledger - a public record available to everyone).

Once the miners add a new block, which contains all the transactions to the blockchain, they will receive an award in the form of transaction fees.

In order to validate a transaction and import its data to the blockchain, miners have to solve complex cryptographic operations. This concept of crypto mining is known as Proof-of-Work.

Proof-of-Work is a unique concept that prevents Double spending and any other form of manipulation with sending Bitcoin. 

Satoshi Nakamoto is the alias of a person or group of people believed to have developed Bitcoin. One person or group of people behind that alias issued the White paper and worked on software that was launched in 2009. During the Bitcoin development process, Satoshi Nakamoto also developed the world’s first blockchain database.

The concept of "cryptocurrency" was first mentioned by Wei Dai in 1998. He described the idea of a new digital money based on the concept of cryptography.

On the Bitcoin Store platform, you can easily buy Bitcoin and more than 130 cryptocurrencies at the real-time exchange rate with the lowest fees.

First, you need to create and verify your account on the Bitcoin Store cryptocurrency trading platform to get full access.

After successful verification you can make a deposit (in HRK or EUR) to your Bitcoin Store Wallet.

Supported payment methods for deposit are:

Once we receive your payment, funds to purchase cryptocurrencies will be available on your Bitcoin Store Wallet and you can start purchasing cryptocurrencies.

On the Bitcoin Store platform, you can easily sell more than 130 cryptocurrencies from our offer at the current exchange rate.

You can instantly sell cryptocurrencies that are stored on your Bitcoin Store Wallet.

Cryptocurrency stored on personal wallets such as Exodus, TrustWallet, Ledger, Treasury, etc., or on various trading platforms must be transferred to your Bitcoin Store Wallet before selling.

Once the transfer is successful you can sell your cryptocurrency. You can withdraw the funds directly to your bank account or keep them on your Bitcoin Store Wallet and use them for future cryptocurrency purchases.

You can buy and sell cryptocurrencies for cash in Bitcoin Store exchange offices in Zagreb and Split.

Verifying your identity via ID card is not required for all transactions up to HRK 15.000,00

In the exchange office, you can also make a deposit in cash directly to your Bitcoin Store account. The amount you deposit will be visible immediately and ready for your next cryptocurrency purchase.

You can store Bitcoin in your digital wallet. When it comes to cryptocurrencies, digital wallets can be divided into 2 groups - Hot Wallets and Cold Wallets.

Hot wallets include:

Cold Wallets include:

You can also store BTC on your own Bitcoin Store Wallet. The access and storage of cryptocurrency are free for all users who register on the Bitcoin Store Platform.

On Bitcoin Store Wallet you can:

On 2022-10-06 the current Bitcoin price/exchange rate is 20,254.59 EUR.

Bitcoin is legal in most countries in the world. Although Bitcoin is not regulated by a central bank (it is generated via mining), it is recognized as a property. Bitcoin can be purchased, sold, stored by anyone who wants to participate.