What is Bitcoin?
Bitcoin is a decentralized digital currency, created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Operating on a peer-to-peer network, it relies on blockchain technology to facilitate secure transactions without the need for intermediaries like banks or governments. Bitcoin transactions are recorded on a public ledger, ensuring transparency and immutability.
With a limited supply capped at 21 million coins, Bitcoin is often viewed as a hedge against inflation and a store of value. Its decentralized nature and cryptographic security have sparked a global movement towards financial sovereignty, attracting both investors seeking diversification and individuals in regions with unstable fiat currencies.
Despite volatility, Bitcoin's adoption continues to grow, reshaping the landscape of finance and challenging traditional notions of money. On March 11 2024, Bitcoin’s market cap ($1.4T) overtook that of silver ($1.3T), making it into the eighth largest asset in the world.
What can you do with Bitcoin?
Bitcoin can be used for various purposes online and in ‘real life’. But with Wirex, you can really unlock its full potential. Whether you’re paying for your coffee with Bitcoin with your Wirex card, making your first trade, or using BTC as collateral to get a credit line in cryptocurrency - our platform offers diverse features and tools for what you want to do.
Spend Bitcoin seamlessly at over 61 million retailors with the Wirex card
Leverage Bitcoin with Multiply to boost profits
Create investment opportunities with BTC pairs on DUO
Earn market leading interest on Bitcoin with X-Accounts
Use BTC as collateral +borrow up to 70% of the value of your collateral with Wirex Credit
How to Buy Bitcoin on Wirex
Launch the Wirex App.
Tap on the "Accounts" tab on your and select Bitcoin (BTC).
Tap on ‘Buy; and choose your payment method. Decide whether you want to buy Bitcoin using a credit/debit card or one of the available fiat-to-crypto onramps.
Specify the Amount: Enter the amount of BTC you wish to purchase in your chosen currency.
Review: Double-check all the provided details, including the amount and chosen payment method. You’ll see any fees here as well.
Complete the Purchase: After confirming your purchase, your new balance will soon appear in your wallet.
Why buy with Wirex?
The Wirex platform offers a range of benefits for users looking to manage their cryptocurrency assets and make transactions conveniently. Here are some key benefits our customers rave about:
Diversification ✅ We offer 150+ traditional and digital assets
Customer Support ✅ Out team is there for your 24/7
Community ✅ We have an incredible community of 6m+ customers over the world
Efficiency ✅O ver $20bn transactions processed with us
Trusted ✅ $30m insurance on digital assets
Safe and secure ✅ Our infrastructure is regularly tested and PCI DSS Level 1 compliant, which is the highest level possible
Cost Effective ✅ Free account, free free foreign exchange, low fees
Convenient ✅ wide range of on-ramp methods and high limits
Alternative Ways to Buy Bitcoin
Although credit/debit cards are widely used, there are alternative methods available for purchasing Bitcoin. Wirex provides additional avenues, such as cryptocurrency-to-cryptocurrency exchanges or local payment options, which offers added flexibility. But take the time to explore these alternatives, to discover the option that best suits your needs and preferences.
Bitcoin ATMs: Bitcoin ATMs are physical machines where you can purchase Bitcoin with cash or credit/debit cards. Locate a Bitcoin ATM near you, follow the instructions, and complete the purchase.
P2P Platforms: P2P platforms like Paxful allow you to buy Bitcoin directly from other individuals. You can choose from various payment methods and negotiate terms with the seller.
OTC Markets: Institutions and high-net-worth individuals often use OTC markets for large purchases of Bitcoin. OTC desks facilitate large trades with minimal market impact.
Gift Card and Vouchers: Some platforms and services allow you to buy Bitcoin using gift cards or vouchers. You can purchase these vouchers from physical stores or online vendors.
Bitcoin Futures and Options: Advanced traders may buy Bitcoin futures or options contracts, allowing them to speculate on Bitcoin's price movements without owning the asset.
Where Should I Store My Bitcoin?
When choosing a cryptocurrency wallet, it's crucial to consider several factors to ensure the safety and security of your hard earned crypto. Safety features, ease of use, backup and recovery options, customer support – are all things you want to consider.
At Wirex, security is paramount. We combine resilient anti-fraud technology with practical measures like Strong Customer Authentication (SCA) and sophisticated device authorisation.
We know that accessibility is also hugely important for our customers which is why we use multisig mobile wallets. Combined with the existing safety assurances of the blockchain, our wallets incorporate a range of security measures to ensure the risk of theft is minimised. A multisig security model requires more than one key (each stored in a different location) to authorise a payment. This gives you the peace of mind that if a hacker were to get hold of one key, it would not provide them with the permissions required to steal funds.
But consider these factors and conduct thorough research, choose a cryptocurrency wallet that meets your security needs and preferences. Remember to prioritize security and exercise caution when storing and managing your cryptocurrency.
Disclaimer
The information contained herein has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for financial, legal, or investment advice. Wirex and any of its respective employees and affiliates do not provide financial, legal, or investment advice.
The value of cryptoassets may fluctuate significantly over a short period of time. The volatile and unprecedented fluctuations in price may result in significant losses over a short period of time. Any Cryptoassets may decrease in value or lose all its value due to various factors including discovery of wrongful conduct, market manipulation, change to the nature or properties of the Cryptoasset, governmental or regulatory activity, legislative changes, suspension or cessation of support for a Cryptoassets or other exchanges or service providers, public opinion, or other factors outside of our control. Technical advancements, as well as broader economic and political factors, may cause the value of Cryptoassets to change significantly over a short period of time.
