Bitrade

1 BTC: 10774.55

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What is Bitcoin?
Bitcoin is an innovative payment network and a new kind of money.

Fast peer-to-peer
transactions
Worldwide
payments
Low
processing fees

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.

How Bitcoins work?
Understanding the nitty-gritty of Bitcoin functionality!

A bitcoin is a digital currency that can not be printed or minted. It is easy to assume bitcoins as gold coins with an alphanumerical 'B' printed on them. In fact, all those stock images are representational and bitcoins does not exist in a physical form. So how does this invisible digital currency hold value and how does it work?

Since bitcoin is a digital currency, moving them from one place to another requires computing power. This is done by users called 'miners' who break complex puzzles and allow their computer to be used by the system to verify transactions. For every contribution, they are rewarded with new Bitcoins.

How are bitcoins transacted?
Consider you are purchasing a bag of chips at a store. Here, you are making the payment through your debit card. In this transaction, you have your debit card, the bank that verifies the transaction and the money being transferred. Bitcoins are not much different. Each bitcoin user's wallet consists of his or her coins and data related to it which is connected to the Bitcoin system. When a user wants to make a payment or transfer money, he sends a request to another user. The other user has to agree to receive the payment. When both parties agree, the peer-to-peer Bitcoin system verifies the transaction. Thus, there is no centralised bank or authority to control the transaction.

Like real world currency, the use of bitcoins is increasing rapidly with more and more merchants, vendors and users using it to bypass taxes and earning returns.

Bitcoins can be used to carry out real transactions. First, you must buy bitcoins through either your credit card, bank account or cash. Your bitcoins are transferred to your digital wallet. This can then be used to transfer or receive money without an OTP or a bank interference. When a middleman is excluded, the associated fees is decreased.

Bitcoins are self-contained. They hold value like gold nuggets in your pocket whose value fluctuate over time.

Are there any fees involved?
Yes. In spite of banks being excluded as middlemen, a small fees must be paid to the network of miners, the servers who support the miners and the online exchanges that convert your rupees to bitcoins. But transactions are much cheaper than banking or digital transactions. If you are a new user, you can simply start by downloading a bitcoin wallet on your smartphone or computer. To make a transfer, you can create a unique address and share it with the receiver. Multiple addresses can be generated whenever you make a transaction. These addresses can be used only once much like an OTP.

The entire bitcoin network relies on a public ledger called blockchain. Every user's transaction data and balance is stored in the blockchain. So, whenever a transaction of bitcoin is made, the record is maintained and updated regularly. Each bitcoin wallet keeps a secret seed, also called as private key, which is used to sign transactions. This key verifies that it has come from the owner of the wallet.

An exciting fact
Today, there are more than 2 million dollars worth of bitcoins in the world. Bitcoins will stop being created when the count reaches 21 million. It is estimated that by 2140, no more new bitcoins will be created. Half of the limit of bitcoin creation has already been reached.

Our Security
Our addresses require at upto 5 signatures for every withdrawal: one of ours, and upto 4 of yours. Simply put: we do not have access to your coins. This section tells you how we approach our systems' and users' safety, and provides guidelines for you to follow.

Distributed Trust: Customize your security
Our Distributed Trust (dTrust) framework helps you establish custom signature configurations for your addresses. This feature exponentially enhances your system's security compared to the single-signature addresses in general use today. dTrust lets you add up to 4 keys next to the key we keep, and allows you to set your own signature requirement. You can then keep your keys on different machines, USB-sticks, print them to paper, assign to friends and family, run an escrow service, etc. In a high-security automated environment, you’d send your keys across the globe and store your secrets on different continents. Moreover, you can use your dTrust addresses without using Block.io.

Basic multi-signature: Keep your coins safe
To withdraw from our basic (default) addresses, 2 keys are needed. Multiple signatures have a number of security benefits over single-signature (regular) addresses. One key is held by you, to make sure you always sign off on every transaction. The second key is held by Block.io, which enables us to provide extra security to you through API access restrictions and two-factor authentication. With our double spend protection (through Green Address functionality) the second key also enables everyone that receives coins from a Block.io Green Address to spend them without having to wait for a large number of confirmations.

How we secure your data
Strong Encryption Standards
We encrypt all user secrets linked to your wallets through a 256-bit AES cipher and 25,000 PBKDF2 hash rounds. This makes cracking a single Secret PIN extremely resource intensive: requiring over 1 million days on state of the art computers today!

Zero Knowledge of your Secrets
We are unaware of your Secret PIN, and cannot recover these even if we tried. Your Secret PIN is never sent over the network.

We minimize use of Secrets
We use Multi-signature wallets built on top of Hierarchical Deterministic wallets (HD wallets), as outlined by the BIP0032 standard, to generate new addresses for your account without ever needing access to old or new addresses' private keys.

Security Best Practices
Our website and API libraries use the up-to-date security standards such as BIP0062, and RFC6979.

About Us
We managed to show our best side and consolidated all the results. We are young and energetic professionals who are always eager to achieve goals. Our trust management principle is using your investment to trade with Altcoins. The average monthly income is from 30% to 50%, half of which (15-25%) is accrued to investors. Cryptocurrency market allows one to get more profit, but our strategy is intended primarily for the safety of funds.

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