Trending and Much Discussed, but What is Bitcoin?

The emergence of the trending digital currency phenomenon in recent years has made many people wonder what Bitcoin is?

Bitcoin is an electronic money or digital currency system cryptocurrency global and is a completely virtual type of money (it has no physical form at all). Bitcoin allows you to be able to make transactions sending and receiving money over the internet.

In addition, Bitcoin owners can use their digital currency as a means of buying and selling products or services.

Although it has no physical form and does not exist in the real world like most money in general, Bitcoin has a very high price in the real world. Based on the searches we did through Morningstar and Coinbase, Tuesday (22/6/21) 1 piece of Bitcoin is now equivalent to Rp.474.069.831,30.

The difference between Bitcoin and national currencies is that it is in limited supply. Unlike a nation's currency which can be continuously issued by a nation's central bank, Bitcoin only has a total supply of 21 million which is controlled by the underlying algorithm.

Bitcoin History

At the beginning of its emergence, Bitcoin was not as famous and popular as it is today. Initially, the public's interest in collecting cryptocurrencies was still very small. But over time, Bitcoin and other cryptocurrencies gained wider exposure in the community.

Bitcoin continues to experience growth, especially after billionaire owner of Tesla Inc electric car, Elon Musk expressed his support for the new currency which was uploaded through his Twitter account. Not long ago, Musk again made an upload on his Twitter account that made the price of Bitcoin soar again.

"Has spoken to bitcoin miners in North America. They are committed to publishing plans for using renewable energy and are asking miners around the world to do the same. Potentially promising." Musk said on his Twitter account, Tuesday (25/5/21)

As a result of his upload, the price of bitcoin had touched the figure of 39.500 US dollars per chip or around Rp. 564,85 million. Microstrategy CEO Michael Saylor continued Musk's tweet by saying he had a meeting with the Tesla CEO which led to the formation of the Bitcoin Mining Council.

The exact date of Bitcoin's emergence is unknown, but a number of sources say Bitcoin was first born from the idea of ​​a study conducted by Satoshi Nakamoto in January 2009. The name Bitcoin is also associated with open source software that Nakamoto designed, and also uses a peer-to-peer network. peer without centralized storage or a single administrator where the United States Department of the Treasury calls bitcoin a decentralized currency.

On August 18, 2008, before Nakamoto made his research public, he registered his Bitcoin domain under the name bitcoin.org. Two months later, Nakamoto began distributing his research on the mailing list of cryptographic activists metzdowd.com. On January 2, 8, the first software or software specifically for Bitcoin was announced on the mailing list of cryptography activists. One day later, Bitcoin block 2009 began to be mined and continued until the price skyrocketed.

In the early 2010s, Bitcoin began to be glimpsed by many people. Many of them started as miners (people who run Bitcoin servers and are tasked with verifying Bitcoin transactions) to get Bitcoin chips.

Not wanting to be left behind, Indonesian people one by one began to become miners to trading. Indodax Indonesia CEO Oscar Darmawan said that at the beginning of Bitcoin entering Indonesia, the price was only Rp. 3 million per chip. Now per chip can reach hundreds of millions of rupiah.

Bitcoin App

For those of you who just want to try Bitcoin investment, we have summarized 4 Bitcoin applications that you can try, of course all of these applications have been registered and supervised by CoFTRA. Check out the explanation here!

1. Indodax

As the first recommendation, Indodax is the first Bitcoin application that you should try. Indodax is the pioneer of Bitcoin wallets in Indonesia with a good security system because it is the largest crypto asset exchange in Indonesia.

See also:How to Register an Indodax Account Through the Application for Bitcoin Trading

In addition, Indodax also has Multi-factor Authentication protection with a combination of verification via email and SMS from Google Authenticator which ensures every transaction is signed and validated by each user. And of course, Indodax already has a permit in accordance with applicable regulations in Indonesia.

When investing in Indodax, there are many crypto assets to choose from such as BTC, ETH, SFI, ADA, COTI, RVN, UNI, and many more. Indodax also guarantees that every transaction of buying and selling crypto assets can be carried out 24/7, even on holidays.

2. Tokocypto

Tokocrypto is the second recommended Bitcoin application that you should also try. Besides being guaranteed because it has been registered with CoFTRA and Kominfo, Tokocrypto has also been supported by Binance, which is the largest cryptocurrency exchange in the world.

Not only that, this application also offers a variety of interesting features, both in the form of trading functions to incentive programs for customers. Some of these features include market stop limits, pairing between crypto assets, a more practical Know-Your-Customer (KYC) process, the cheapest transaction fees, and an easier-to-understand application display.

There are also quite a number of digital currencies available at Tokocrypto, such as BTC, BNB, ETH, XRP, DOT, ZIL, DOGE, and so on. Then the verification process can be done very quickly and an easy balance top up method is available.

3. My Account.com

Starting its commercial operations in 2017, Accountku.com provides a crypto asset trading and investment application for smartphone users with Android and iOS operating systems. This application also offers fast rupiah deposits using Virtual Accounts, OVO, Dana, Linkaja, and so on.

In addition, you can also make a Cryptocurrency and Rupiah Withdraw process in less than 15 minutes and can support more than 120 banks in Indonesia. Accountku.com as well as the Accountku.com application uses Cold Storage technology to maintain the security of all users' accounts.

4. Pintu

Although relatively new in Indonesia, Pintu has succeeded in making many people use this application because of the 100% guaranteed asset security factor. For those of you beginners who want to start investing in crypto assets such as Bitcoin, then this application is one of the recommendations that you can try.

Despite not having too many crypto assets, Pintu trying to continue to increase the number of assets or other currencies. Until now there are 15 crypto assets that you can find in this application. Some of them are BTC, ETH, USDT, BNB, COMP, LINK, SNX, YFI), UNI, MKR, AAVE, SUSHI, GRT, REN, and BAL.

Pintu ALSO displays daily Bitcoin price info with a high degree of accuracy. Not only Bitcoin, but also other crypto assets. Pintu displays the price of crypto assets in Rupiah, this can certainly make it easier for you to monitor Bitcoin prices. For security systems, Pintu  using CURV technology to ensure the safety of all assets crypto di wallet You.

Additional references

• Wikipedia
• Twitter
• Qoala