Buy and SellBitcoin

What is Bitcoin?

Bitcoin is a decentralized cryptocurrency that was created in January 2009. Bitcoin follows the plan outlined in its white paper, which was put together by a mysterious individual or group called Satoshi Nakamoto.

It is still unclear who created the technology. In contrast to government-issued currencies, bitcoin operates through a decentralized organization and offers lower transaction fees than traditional online payment mechanisms.

Since Bitcoin relies on cryptography for security, it is considered a cryptocurrency. Essentially, Bitcoin doesn't exist physically; instead, it's a balance sheet in a digital wallet made visible to the public, and all the records are encrypted.

Mining is the process by which bitcoin transactions are verified by a large number of computers and computing power. No bank or government issues or supports Bitcoin, and it is not considered a commodity.

There are now hundreds of cryptocurrencies known as "Altcoins" derived from it. The abbreviation "BTC" stands for bitcoin, which is commonly used for transactions.

Who is Satoshi Nakamoto?

It is not known for sure who created Bitcoin, or at least no one knows for sure. A person or group with the name Satoshi Nakamoto is credited with publishing the Bitcoin Whitepaper in 2008 and developing the original version of Bitcoin's software released in 2009.

Over the years, many people have claimed or rumored to be Satoshi Nakamoto, but to date, his true identity has remained a mystery.

Why is Bitcoin unique?

With hedge funds, family offices, and institutional bankers adding bitcoin to their portfolios, bitcoin is ultimately recognized as a unique asset class. Even though this is a well-known fact for those who have been active in the Bitcoin community since the beginning, BTC differs significantly from traditional assets including real estate, stocks, and gold.

• Bitcoin is decentralized

Bitcoin is the first financial asset to be completely decentralized. As opposed to stocks, currencies and real estate, Bitcoin's network is decentralized, keeping power in the hands of its users. Supply and distribution are instead determined by the network's algorithm.

• Censorship Resistant

Bitcoin can neither be controlled nor censored by any government or corporation due to its decentralization. This is just one of the many unique features of Bitcoin. Seizing private property and wealth has a long history. During the Great Depression of the 1930s, US President Franklin D. Roosevelt signed Executive Order 6102, which prohibited the hoarding of gold coin, gold bullion, or gold certificates within the continental U.S. Under eminent domain laws throughout Europe, Canada, and the United States, governments have the right to take private property for public purposes. Bitcoin's decentralization and digital existence, however, mean that the network cannot be censored. By democratizing asset classes, investors can store wealth and benefit from self-sovereignty. A recent incident demonstrated this when the German police seized a miner's crypto stash but could not access it without the password.

• Hard Capped

A hard cap on the supply of Bitcoin is another critical feature. Satoshi Nakamoto ensured there would never be more than 21 million Bitcoins. It may be the first time a digital object is limited in supply. Several factors contribute to the value of each Bitcoin, including inherent rarity and halving every four years.

• Immutable

The Bitcoin network stores every transaction on a block which is linked to a previous block. Blockchain technology is immutable, meaning no entity will be able to change or erase any information on the network. The Bitcoin network nodes verify transactions through cryptography, and the blockchain (which is essentially a public ledger) records them. The immutability of the network makes it reliable and trustworthy. The lack of transparency, forgery, or corruption that may be present in other asset classes make it unique.

• Network Effects

In the past 12 years, Bitcoin has steadily become a mainstream asset. It is estimated that there are more than 100 million active BTC users worldwide. This is about the same as Japan, where the Japanese yen is the third most widely traded currency in the world. Bitcoin is more valuable due to its popularity and ubiquity. Due to its status as a legitimate store of value and the fact that so many people use it, Bitcoin has a significantly higher liquidity and acceptability than most other traditional assets.

Why is Bitcoin safe?

What makes Bitcoin secure? The blockchain is its backbone. Blockchain technology relies on the use of secure core concepts and cryptography, which makes it superior to other financial solutions.

The Bitcoin network relies on cryptography to validate transactions using hashes signed by a large number of volunteers. Due to this system, Bitcoin transactions are generally irreversible, and data security is high.

Why is Bitcoin valuable?

Bitcoin's use is not propagated by intermediary banks, as it does not have government backing. In the Bitcoin network, consensus-based transactions are approved by a decentralized network of independent nodes.

Governments and other monetary authorities are unable to act as counterparties to risk and compensate lenders if a transaction fails.

What is cryptocurrency exchange and how to buy Bitcoin?

Bitcoin can be bought and sold on an exchange using fiat currencies or other cryptocurrencies. Cryptocurrency exchanges are online platforms that serve as intermediaries between buyers and sellers.

The users of an exchange must register before transferring cryptocurrencies, and they must also undergo several verification steps to verify their identities.

As soon as the verification process is complete, the user will receive an account, which must be funded before coins can be purchased. OMPFinex lets you buy and sell Bitcoin. Registering on the OMPFinex platform requires you to authenticate your identity, deposit money into your account, and then place a buy or sell order.

How to trade Bitcoin on OMPFinex?

You can buy BTC in 2 ways:

1. You can buy Bitcoin on Toman Market by depositing IR Rials
2. You can buy Bitcoin on Tether Market by depositing USDT

Note:

• On Toman Market, the minimum purchase amount for Bitcoin is 100,000 Tomans.
• On the Tether Market, the minimum amount of Bitcoin you can buy is 10 USDT.
• It costs 0.00035 BTC to withdraw money, and the minimum amount you can withdraw is 0.0015 BTC.
• Now that you have purchased Bitcoins, you can transfer them to your wallet.

To convert Bitcoin to IR Rials, go to Toman Market and select the Bitcoin/Rial pair. Set the price and amount accordingly. After the market price reaches your chosen price, your order will be filled and its equivalent in IR Rials will be deposited in your wallet.

There are two ways to buy or sell bitcoins:

limit and market. The biggest difference between these two orders is that market orders are filled instantly.

Why trust OMPFinex?

With OMPFinex, a pioneer in blockchain science, users can store and trade cryptocurrencies in a secure environment, giving them the ability to buy and sell at the lowest price possible. Orders can also be placed using the OMPFinex application.