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Purchasing Bitcoin (BTC) and other cryptocurrencies is simple and straightforward online. You can buy and sell Bitcoin on various platforms, including crypto brokers and exchanges.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
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The figures shown refer to the past. Past performance is not a reliable indicator of future results.
The figures shown refer to the past. Past performance is not a reliable indicator of future results.
About Bitcoin (BTC)
Bitcoin is the most popular cryptocurrency, both in terms of mainstream awareness as well as buy and sell volume. It is based on an open-source technology and operates with no central authority. This means that nobody owns or controls the network and everyone can take part. Bitcoin was conceived in 2008 by a person or group going by the name Satoshi Nakamoto, whose real identity is still unknown. Bitcoin’s supply is limited to a fixed number of 21,000,000 units.
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3. Deposit
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4. Start buying Bitcoin
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Investing in Bitcoin (BTC) and other cryptocurrencies can be done in a few easy steps. Follow this guide to get started with crypto trading on platforms like Bitpanda and build your digital asset portfolio.
1. Choose the right platform to invest
Start by selecting a suitable trading platform that supports Bitcoin (BTC)
Consider features such as security, data protection, and user-friendliness
With the Bitpanda app from the Play Store or App Store, you can invest securely and conveniently on your mobile device
2. Create an account and get started
Register with an email address and create a strong password
Provide necessary personal details
Review and accept the terms and conditions and privacy policy
Begin the verification process
3. Confirm your identity
Verify your identity to start trading Bitcoin (BTC)
Complete the online verification with a stable internet connection and a valid ID document
4. Deposit funds into your account
Use the Bitpanda website or mobile app to deposit fiat money or other tradable assets into your account
You can deposit via bank transfer, credit card, PayPal or Apple Pay
5. Buy Bitcoin and invest in cryptocurrencies
Once the funds are in your account, you can buy Bitcoin (BTC) and other cryptocurrencies
Simply select Bitcoin for purchase, choose a payment method, and confirm the transaction
Cryptocurrencies like Bitcoin (BTC) are a high-risk investment and you could lose all the money you invest. Take two minutes to learn more.
If you are interested in investing in cryptocurrencies like Bitcoin (BTC), Bitpanda offers a user-friendly and secure platform to get started.
Intuitive platform
Our platform features a user-friendly interface that makes buying Bitcoin (BTC), simple for both beginners and experienced traders. With the Bitpanda app, you can conveniently trade cryptocurrencieson your smartphone.
Bitpanda wallet
Your Bitcoin (BTC) and other cryptocurrencies are securely stored in the wallet of your Bitpanda account. You can transfer your digital assets to an external wallet at any time.
24/7 customer support
If you have any questions or encounter issues while trading Bitcoin (BTC) or other assets, our customer support team is available 24/7 to assist.
Beginner-friendly products
Bitpanda offers products designed to help you start your crypto investment journey easily. With the Bitpanda crypto indices, you can invest in a diversified portfolio of leading cryptocurrencies.
Key information about Bitcoin:
Developed in 2008 by Satoshi Nakamoto as the world’s first cryptocurrency
The maximum number of Bitcoins is limited to 21 million units
Bitcoin (BTC) is the most-traded cryptocurrency
Satoshi Nakamoto developed Bitcoin (BTC) as the very first cryptocurrency in 2007, and ambiguity surrounds the name which could represent an individual or a group of developers.
As a decentralised currency, Bitcoin's price is not influenced by governments or financial institutions. These transactions offer a high level of anonymity as a Bitcoin address is not linked to a specific person, and are traded privately or on exchanges and stored in digital wallets.
Although individual Bitcoins are not technically tokens, they are often referred to in the context of being digital assets based on blockchain technology.
Bitcoin and the blockchain
Bitcoin operates using a system known as the blockchain, a database updated continuously across countless computers worldwide. Those who provide their computers to maintain the blockchain are rewarded with new Bitcoins, a process known as Bitcoin mining.
This ensures the number of existing BTC coins remains limited, and the price does not undergo significant inflation.
Fixed numbers of Bitcoins counteracts inflation
Whereas banks contribute to inflation by printing more state-controlled fiat currencies like euros or US dollars, Bitcoin is limited to 21 million coins. This makes it especially suitable as payment in countries whose currency loses significant value due to high inflation. Whilst investing in Bitcoin can protect your wealth against inflation, like all cryptoassets it is highly volatile and you couls lose all the money you invest. Start here with Bitpanda Crypto Indices
Bitcoin as a means of payment
The use of Bitcoin has been possible since 2009 however unlike fiat currencies, Bitcoins are not a legal tender although some companies offer payment with cryptocurrency.
Mitigating Bitcoin price fluctuations
Cryptocurrency prices often fluctuate resulting in different prices per BTC depending on the current rate. One way to mitigate this effect is through regular investments, a strategy known as the cost-average effect. This involves consistently purchasing Bitcoins over time, which helps smooth out the impact of price fluctuations on your overall portfolio.
Key points to know about Bitcoin:
Satoshi Nakamoto developed Bitcoin in 2007
Bitcoin is a secure, anonymous, and relatively inflation-resistant currency
Since 2009 it has been used as a means of payment or investment
A maximum of 21,000,000 BTC coins or tokens can be generated through mining
Currently, about 19,250,000 BTC coins are in circulation
The last Bitcoin will likely be mined in the year 2140
Halving occurs every four years (next expected in March 2024)
The encryption of the blockchain makes hacking the currency difficult
Bitcoin can be digitally stored in software wallets, web wallets, cold wallets, and hardware wallets
Major investors include Tesla, Microstrategy, and Block.One
The first recorded Bitcoin price was $0.0008 per coin. Over the following years, the price gradually increased to a price of $0.03 per BTC. A notable story recounts an investor who paid 10,000 Bitcoins for two pizzas in 2010, an event that sparked huge interest and led its price to soar, reaching nearly $20,000 in 2017.
In November 2021, Bitcoin reached its highest price recorded at $69,045 per coin.
Key milestones and events:
2009: $0.0008 / BTC
2010: $0.03 / BTC
2013: Bitcoin price surpasses $1,000 / BTC for the first time
2017: $19,666 / BTC
2018: BTC price temporarily falls below $3,000 / BTC
2021: all-time high of $69,045 / BTC
2022: BTC price drops below $20,000 / BTC
End of 2022: BTC price rises above $20,000 / BTC
The Bitcoin hype
As media interest in cryptocurrencies grew, the Bitcoin price chart surpassed $1,000 per coin for the first time in 2013. In 2017 Bitcoin surged to a peak of $19,666 amid widespread hype. There were speculations of deliberate price manipulation contributing to this surge. Subsequently, in 2018, demand waned, causing the price of Bitcoin to briefly drop below $3,000 per BTC.
Inflation, regulation and the Bitcoin ban in China
In 2022 governments began planning measures to regulate cryptocurrencies with China banning Bitcoin entirely. Alternative coin supply, some of which saw significant price gains, increased. This combined with the collapse of the FTX crypto platform and the Terra blockchain, created uncertainty and indecision among investors, causing the price of Bitcoin to fall below $20,000 per coin.
However, towards the end of the year, as investors anticipated a decline in the US inflation rate, interest increased and the price of Bitcoin once again surpassed $20,000.
Future price estimations
The price history shows that fluctuations in supply and demand can cause the price per BTC to be highly volatile. Experts and analysts predict significant value increases for Bitcoin in the coming years. These estimates are attributed to declining inflation, improvements in the geopolitical situation, and increased transparency and regulation of crypto firms through new legislation.
Bitcoin currently has the highest market capitalisation among cryptocurrencies, reflecting the value of the coins in circulation in an established fiat currency. This stable position makes Bitcoin the most traded and well-known cryptocurrency.
Inflation and price manipulation
Due to the fixed maximum amount of 21 million Bitcoins and regular halvings, it is unlikely that the number of coins in circulation will increase significantly and cause price inflation.
Sudden changes in the BTC price due to a significant increase in supply are relatively unlikely. However, influential investors like Elon Musk have been able to impact the price of different cryptocurrencies through price-manipulative statements in the past.
Bitcoin in El Salvador
El Salvador has adopted Bitcoin as a legal means of payment alongside the US dollar, where it functions as a decentralised currency free from the influence of states or banks.
This move allows the population to operate independently of international financial systems and protects them from inflation. However, falling Bitcoin prices threaten the country's economic stability.
Due to Bitcoin's volatility, there is little financial predictability in daily life, leading some experts to consider El Salvador's experiment a failure.
Cryptocurrency security
While the blockchain itself is nearly impossible to hack, the security of exchanges and wallets used to store Bitcoin can be vulnerable. In May 2019, hackers stole 7,000 Bitcoins worth $41 million from the crypto exchange Binance.
Attacks like these often lead to a temporary drop in Bitcoin's price as investor demand decreases. Major companies invest in Bitcoin’s development to enhance its security. Key supporters include Blockstream, the blockchain startup Lightning Labs, and the fintech company Spiral (formerly Square Crypto).
Proper wallet storage is crucial for securing your crypto portfolio. Choose strong passwords and do not share them. You can also reduce the risk of fraud by familiarising yourself with common phishing methods and other crypto scams.
FAQs
Frequently asked questions about Bitcoin
We understand that cryptocurrencies can be complex. We are here to answer your questions about Bitcoin (BTC) and provide you with the information you need to make informed investment decisions.
These businesses accept Bitcoin as a payment method:
Microsoft
Mastercard
PayPal
Expedia
WordPress
Twitch
Lieferando
UNICEF
If the price per BTC increases between purchase and sale, a profit is made. Depending on the country and personal tax situation, profits from the sale of Bitcoin must be taxed differently. Calculations from blockpit.io can provide a good indication of potential taxes.
It is worth hiring a knowledgeable tax advisor to avoid misunderstandings and incorrect taxation.
Key advantages include:
Increase in value due to the limited total number of coins
High anonymity
High transparency
Independence from banks and governments
High security through blockchain technology
A major disadvantage of Bitcoin is the irreversibility of transactions. While this provides high security for planned and authorised transactions, transfers resulting from scams and other criminal activities cannot be reversed.
Experts and analysts predict a positive price development for Bitcoin in the coming years. This is partly due to an expected decline in the inflation rate. Additionally, crypto experts base their analyses of BTC value on an anticipated stabilisation of the geopolitical situation. However, these forecasts are speculative and cannot guarantee positive price development as past price trends do not indicate future value developments.
Trading Bitcoin is most commonly done through brokers, crypto exchanges, or derivatives. Investors can either buy coins directly or invest in financial products based on Bitcoin. These financial products include certificates and ETFs that track their value.
If you want to buy Bitcoin, you can invest quickly and easily through Bitpanda.
The maximum number of Bitcoins is capped at 21 million coins, the total amount that can be mined. Currently, around 19,250,000 coins have been mined and are stored in wallets or on the blockchain. As wallets are occasionally lost or deleted the true available amount of Bitcoins is even lower.