BTCExchange.PH - What is Bitcoin?

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Bitcoin Price: PHP 204,130.80 24h. Change: PHP -15,463.10 (-7.04%)
What is Bitcoin? Order Book Security Limits and Policies Security Announcements

What is Bitcoin?

Bitcoin is a fully digital currency and an innovative payment network. The system is peer-to-peer; users can transact directly without needing an intermediary. Transaction are recorded on a distributed ledger and settlement system. This system is called the Blockchain. The unit of account transferred on the Bitcoin network is also called bitcoin(BTC).

Who owns and who controls Bitcoin?

Just as no one owns the E-mail technology, no single entity owns or controls Bitcoin. There are no official representatives or franchises of Bitcoin. Bitcoin is not a company or an organization. Bitcoin is an open system and anyone can participate without limits.

Who sets the price of Bitcoin?

Bitcoin's price is determined on various independent exchanges through the relationship between demand and supply. Bitcoin exchanges such as ours match the buyers and sellers. The trades that take place between the users of the exchanges are published as price and market information by the exchanges. Different Bitcoin exchanges are not connected to each other or to a central exchange. The price of Bitcoin is determined separately on each Bitcoin exchange.

Should I invest in Bitcoin?

Bitcoin prices are usually more volatile in comparison to common investment vehicles. Volatility brings as much risk to investing in Bitcoin as it brings opportunities. We recommend our users to be cautious while investing in Bitcoin.

Is Bitcoin safe?

The core technology of Bitcoin is open source and has been studied by thousands of security and cryptography experts around the world. Although there have been security incidents in the past related to the core technology of Bitcoin, these have been quickly fixed. However, it is important to note that Bitcoin is still an evolving technology.

Users must be cautious when using a third party to trade, transfer or invest in Bitcoin. There have been many incidents of hacking, theft, and fraud by service providers in the Bitcoin space. Our advice to users is to be careful when trusting third parties with their funds.

When using your own wallet software instead of a third party, you are responsible to keep your information such as passwords or keys secure. It is important to note that Bitcoin transactions are irreversible.

Can I trust BTCExchange?

BTCExchange was established in June 2014 as the first full fledged Bitcoin exchange in the Philipines. Our partner and infrastructure provider, BTCTrader is also the infrastructure provider of the first and the leading Bitcoin exchanges in Turkey and Greece.

Your BTCExchange account is protected with cutting edge security practices in par with international standards. To read more about your account's security please see the Security Page.