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What Is Bitcoin,
and How Does It Work?

Bitcoin was developed in 2008 by a person, or entity, who went by the alias "Satoshi Nakamoto." It was released in 2009 as open-source software, which means that anyone can join the community, and contribute to its progress.

This cryptocurrency is the first, and most popular to be successfully circulated, and it is still the most widely used. It also serves as a sort of anchor for other cryptocurrencies that have emerged in the interim, colloquially known as "altcoins".

Storage of transactions on a blockchain lends credibility to the digital currency and has made it successful. Blockchain technology ensures that nobody can use the same currency unit multiple times.

BitIQ is a cryptocurrency financial service provider that can help you with all your Bitcoin investment, and trading needs. Sign up for an account with us today to enter the world of Bitcoin.

What Is the
Purpose of Bitcoin?

Bitcoin, as described in the original Bitcoin whitepaper, is the world's first digital cash system to operate allowing direct payments online from one party to another without having to go through a third-party financial institution.

The cryptocurrency strayed from this initial concept in some ways due to scaling issues caused by limits on the number of transactions that the Bitcoin network can handle. Bitcoin is currently used primarily as a store of value.

Bitcoin’s Rise to Fame

Before Bitcoin came into existence in 2009, there were several attempts to create a digital currency. What made Bitcoin so successful was the use of blockchain technology in its peer-to-peer network.

From its humble beginnings in 2008 to its price peak in 2017, Bitcoin has taken investors, and the rest of the world on a wild ride. In just over a decade, it has risen, fallen, recovered, and then risen again.

This decentralized asset is fungible, secure, liquid, and available for exchange in limited quantities. Prices have risen quickly because of the high demand, and near-constant supply, which has attracted new investors.

Some argue that Bitcoin's turbulent journey paved the way for other cryptocurrencies to be used in financial, and investment transactions.

Why You Should
Invest in Bitcoin

Investing is not a quick way to get rich. Long-term wealth is created through investment rather than short-term revenue. Investing occurs when someone purchases Bitcoin in the hope that its value should increase over time.

When someone decides to invest in Bitcoin, they do not intend to use, or spend it right away. By purchasing, and holding Bitcoin assets for an extended period, investors hope to profit gradually. 

Serious investors do not pay close attention to marketing trends, or current events daily, the way traders do.

There are two main reasons why you should invest in Bitcoin. The first reason is that those who invest in Bitcoin early tend to benefit the most from their investments. Those who buy a cryptocurrency ahead of the trend pay lower prices and earn more profits when they sell.

Another reason to invest in Bitcoin is that it does have the potential to become a mainstream form of payment one day and could be worth a lot more in the future. 

An important thing to remember is that because cryptocurrencies are so volatile, there is a risk you may run a loss with your Bitcoin investment, whether you invest long-term, or short-term.

BitIQ’s advisors can help you with Bitcoin investment. Sign up today, and we call you back!

What Is Bitcoin Trading,
and How Does It Work?

Trading is a convenient way to make money short-term, whereas investing is a more gradual, focused approach that is usually done on a short-, or medium-term basis.

Traders keep an eye on current events, news headlines, and market data throughout the day for signs that the price of Bitcoin may change. Due to the volatility of cryptocurrency trading markets, traders face greater risks than cryptocurrency investors.

The primary objective of Bitcoin trading is to purchase Bitcoin when it is inexpensive and sell it when its value rises. Simply put, buying Bitcoin at a low cost means exchanging a small amount of normal currency for a substantial quantity of Bitcoin.

BitIQ Offers You
Two Ways to Trade Bitcoin

Crypto Brokers

A broker is a financial intermediary for those looking to buy a product, or service, acting as a go-between for a cryptocurrency buyer, and seller. If you choose this method of trading, keep in mind that cryptocurrency brokers do charge a fee for their services.

Trading through a crypto broker is the best option for a beginner because trading on an exchange can be difficult, and you could lose money if you do not know what you are doing.

Crypto brokers are also perfect if you would like to buy a small amount of Bitcoin, as buying, and selling occur at the broker's set prices, which is often advantageous. Brokers may also offer their customers the service of holding cryptocurrencies in addition to facilitating trades.

When selecting a crypto broker, ensure that the broker's credentials show a high level of expertise. Your broker should use up-to-date security measures and adhere to existing global regulatory guidelines for financial service providers.

You should also ensure that your crypto broker interface is available 24/7 via desktop, and mobile apps.

When you choose to trade with BitIQ's professional crypto brokers, you can be confident that you are going to get the best service possible.

Trading on a Cryptocurrency Exchange

If you want to trade cryptocurrencies directly with other buyers, and sellers, you should consider using a cryptocurrency exchange.

A cryptocurrency exchange, as opposed to a crypto broker, offers a digital platform where sellers, and buyers can exchange cryptocurrencies for other virtual, or traditional currencies, rather than a broker, based on current market prices.

As a result, the exchange of cryptocurrencies occurs directly among buyers, and sellers, with the platform provided by the exchange operator, which in this case, is BitIQ.

Exchanges are more appropriate for experienced, or more advanced Bitcoin investors, and traders who would like to profit from price volatility through speculation, in the hope of making gains while avoiding losses.

This is because it involves sound knowledge, and people often spend a great deal of time, and money learning how to become cryptocurrency traders.

What a Trading App Can Do for You

The truth is that the crypto market never sleeps. There are always opportunities to buy and sell cryptocurrencies. No one wants to get up out of bed on a cold winter’s night to turn on their desktop computer to make a quick trade or analyze the markets.

This is where BitIQ’s mobile trading app comes in handy.

What is the most noticeable difference between the public of today, and that of the previous century? People of the 21st century tend to use their smartphones for almost everything. According to statistics, nine out of ten people have a mobile phone on them at any given time.

With that in mind, it would truly be a shame if trading did not take place on a mobile application that provides the same level of convenience as other service providers. Therefore, BitIQ has provided a mobile app to its patrons to ensure that they can trade conveniently whenever they want.

The Future Looks Bright
for Bitcoin

Some analysts claim that Bitcoin can one day become a widely used, conventional method of payment all over the world.

However, for that to happen, several changes, including advancements in Bitcoin's processing power, are required.  Bitcoin's blockchain can currently only manage a total of 180 000 transactions a day, which is far too little to allow it to handle transactions by people around the world.

If it is indeed to become a standard form of payment, the cryptocurrency must also become more stable, and a lot less volatile. Numerous banks around the world have started to offer Bitcoin investment products, while government institutions begin to recognize cryptocurrency as a form of payment.

Bitcoin has gotten such a big response from major investors like Richard Branson, and Elon Musk because it holds such promise as an alternative to traditional money transfers by lowering fees, and allowing transactions to happen faster, which many believe should drive it to become a standardized mode of payment to use around the world.

Overall, Bitcoin's future appears bright, with the digital currency's value expected to rise progressively over the next decade.

Why Invest,
or Trade with Us?

BitIQ offers you the chance to invest in, and trade, this precious commodity. Here are all the reasons why you should use us for all your Bitcoin needs.

Trade Bitcoin at any time of the day, or night. Our trading platform is available to traders 24 hours a day, seven days a week, so you can trade whenever you want.

The mobile trading app lets you trade on the go. We have designed our mobile trading app with you in mind, so you can trade wherever you are.

Get the brokerage support you need. BitIQ lets beginners trade Bitcoin with the help of our expert crypto brokers.

BitIQ is a crypto trading platform you can trust. Our platform adheres to industry standards, and we never distribute information about our users.

Many different cryptocurrencies to trade. You can trade a wide variety of cryptocurrencies on our exchange platform.

Sign up for an account for free. We do not charge you a fee to sign up with us.

We call you back. When you register for an account with BitIQ, we call you back to arrange for brokerage services, or to help to get you started trading on our exchange platform.

With so many reasons to join BitIQ’s growing community, you should sign up to get started trading, and investing in Bitcoin right now.

Frequently Asked Questions

Can I still profit from Bitcoin trading when the market goes down?

Bitcoin is an unpredictable, highly volatile asset, with changes capable of driving prices to extremes. The market can experience excessive highs one moment, and then rapidly move to extreme lows the next. At the end of the day, however, whether prices are rising, or falling, investors must file their taxes.

This cryptocurrency, fortunately for investors, is subject to capital gains tax. When prices are falling, this presents a once-in-a-lifetime opportunity to claim tax deductions. If you incur a loss because of your Bitcoin investment, you may include the details in your tax return to reduce your overall tax liability.

A Bitcoin loss must be realized to be considered "valid." This means you must liquidate your crypto assets. Only when you sell Bitcoin at a lower price than when you bought it can you incur a loss. If prices fall, but you choose not to sell, you have an unrealized loss that is not tax-deductible.

Am I obligated to use a crypto broker to trade Bitcoin?

While the use of a crypto broker is not essential, beginners, and those who are not well-versed with cryptocurrency trading should make use of one to prevent making a loss on your trades.

What is a digital wallet?

To use cryptocurrencies such as Bitcoin, you must have a wallet. A wallet does not hold the actual number of virtual currencies that a person owns, but it does store private keys, allowing users to get to their holdings easily. It is not a real wallet and exists only online.

Do not picture the insides of a crypto wallet as like the physical wallet in which you retain your cash. Consider it rather as a safety deposit box, or vault instead. To access, and withdraw your virtual assets, you must have a designated key, also known as a digital password.

Losing the keys to your crypto wallet is a serious issue because you no longer have access to your cryptocurrency storage facility. Someone else can have access if your keys are stolen.

Assume that this safety deposit is hypothetically accessible to anyone who knows is aware of its location, i.e., the public address, and associated key, or private key. Knowing this location is not an issue because the funds are securely stored in a blockchain.

You should avoid losing the keys to your virtual wallet at all costs. If you misplace your keys, you are unable to access your wallet.