Bitcoin is a popular cryptocurrency that can be bought and traded on various platforms, including eToro, a social trading and investment platform that allows users to invest in a wide range of assets, including cryptocurrencies like Bitcoin.
History of Bicoin
Bitcoin is a decentralized digital currency that was established in 2008 by an unknown individual or group using the alias Satoshi Nakamoto. Bitcoin was designed to be transmitted electronically in a secure, verifiable, and tamper-proof manner, independent of government or financial institution control.
In October 2008, a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” was published. The paper described the technical aspects of Bitcoin and how the decentralized currency would function. In January 2009, Satoshi Nakamoto mined the first Bitcoin block, dubbed the “Genesis Block,” launching the Bitcoin network.
Initially, Bitcoin was primarily utilized by tech enthusiasts and libertarians who were attracted to its decentralized nature and absence of government oversight. The first Bitcoin transaction took place on January 12, 2009, when Nakamoto sent 10 Bitcoins to Hal Finney, a developer.
In terms of its popularity and value, Bitcoin has experienced numerous fluctuations over the years. In 2011, it rose to prominence when used to facilitate transactions on the Silk Road marketplace on the dark web. In November of 2013, its value reached an all-time high of over $1,100 per Bitcoin.
However, Bitcoin’s value has also experienced significant declines, such as the 2018 collapse that saw its value fall from nearly $20,000 to less than $4,000 in a matter of months.
Despite the volatility of its value, Bitcoin’s acceptability and adoption have continued to grow. Currently, it is extensively used as payment for products and services purchased and sold on cryptocurrency exchanges.
History of eToro
eToro is a social trading and investment platform founded by Yoni Assia, Ronen Assia, and David Ring in 2007. The company was founded to revolutionize global commerce by making it accessible to anyone anywhere and reducing reliance on traditional financial institutions.
eToro introduced its visual FX trading platform in September 2007, enabling users to trade currencies in a straightforward and user-friendly manner. The platform rapidly acquired popularity and attracted many users, prompting the company to expand its offerings to include stocks, commodities, and cryptocurrencies.
eToro has continued to develop and innovate over the years, introducing new features such as its social trading platform, which enables users to replicate and follow the trades of successful traders. The company launched its OpenBook platform in 2010, allowing users to interact with other traders and exchange trading strategies.
eToro was among the first online trading platforms to offer Bitcoin trading in 2013. Since then, the company has added support for prominent cryptocurrencies such as Ethereum, Litecoin, and Ripple to its cryptocurrency offerings.
eToro is currently one of the world’s leading social trading and investment platforms, with over 20 million registered users in over 100 countries. Several financial authorities regulate the corporation, including the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC).
Buying Bitcoin using eToro
Here’s a step-by-step guide on how to buy Bitcoin on eToro:
- First, you’ll need to create an account on eToro. Go to the eToro website and click on the “Join Now” button to create an account. You’ll need to provide some basic personal information and verify your email address.
- Once you’ve created an account, you’ll need to deposit funds into your eToro account. Click on the “Deposit Funds” button on the main dashboard and choose your preferred payment method. You can deposit funds using a credit/debit card, bank transfer, or e-wallet.
- After you’ve deposited funds, you can search for Bitcoin in the eToro trading platform. Click on the “Trade Markets” button on the left-hand side of the screen and then select “Crypto” from the drop-down menu.
- Find Bitcoin in the list of available cryptocurrencies and click on the “Buy” button next to it.
- You’ll be taken to a screen where you can enter the amount of Bitcoin you want to buy. You can either enter the amount in Bitcoin or in your local currency. Keep in mind that there is a minimum trade size of $25 on eToro.
- After you’ve entered the amount, you’ll need to confirm the trade. Review the details of the trade and click on the “Open Trade” button to confirm.
- Congratulations, you’ve just bought Bitcoin on eToro! You can monitor your investment in the eToro trading platform and sell it at any time.
It’s important to note that eToro charges a spread fee for each trade, which is the difference between the buy and sell price of the asset.
Additionally, eToro charges a withdrawal fee if you want to withdraw your funds from the platform. Review the fees and terms of service before making any trades on eToro.
In conclusion, buying Bitcoin on eToro is a straightforward process that involves creating an account, depositing funds, and searching for Bitcoin in the trading platform.
Once you’ve found Bitcoin, you can enter the amount you want to buy and confirm the trade. It’s important to note that eToro charges a spread fee for each trade and a withdrawal fee if you want to withdraw your funds from the platform.
For more detailed information on how to buy Bitcoin on eToro, you can check out the eToro website.