Bitcoin is the first decentralized digital currency ever created, and was launched in 2009 by an anonymous person/group referred to as Satoshi Nakamoto. It acts as a peer-to-peer electronic payment system in which transactions can directly be made from one party to another without the need of an intermediary (i.e. banks and governments). These transactions are verified by a global open network of computers (miners) that constantly solve mathematical algorithms to maintain the integrity of the network.
Bitcoin users are offered anonymity since the cryptocurrency is not controlled by a central authority. However, since transactions are recorded on a public distributed ledger called a blockchain, Bitcoin users may be identified through their unique “wallet address” (only if this information is available to the public).
- Limited supply (only 21,000,000 will be created).
- Backed by mathematical algorithms (fiat currencies are backed by public policies).
- Transactions cannot be reversed (immutable).
- Enables microtransactions.
Where/How to buy:
Bitcoin can be purchased with Canadian Dollars and/or other supported cryptocurrencies on our exchange. Refer to the Getting Started section to learn about buying and selling cryptocurrencies on the NDAX platform.
Bitcoin can be stored on our exchange and on several wallets, including the Ledger Nano S, Trezor, KeepKey, BreadWallet, Bitcoin Wallet, and Exodus.