Where & how to buy Bitcoin (BTC) in Sierra Leone

What is Bitcoin? Understanding the digital gold

In 2008, a paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" by Satoshi Nakamoto was published. The paper introduced the basic concept of Bitcoin as a decentralized peer-to-peer digital currency. The following year, Nakamoto mined the first block and received 50 bitcoins as a block reward. Bitcoin officially launched in 2009, offering users the ability to send and receive digital money without any intermediaries like financial institutions.

Unlike fiat currencies such as the USD, Bitcoin is not controlled by any centralized institution, such as a bank or government. No government issues Bitcoin, and no banks or institutions manage accounts or verify transactions. Instead, Bitcoin's financial system is powered by thousands of computers distributed globally. Transactions are verified by network nodes using cryptography and recorded in a public, distributed ledger called the blockchain. Anyone can participate in the Bitcoin ecosystem.

How does Bitcoin work? The tech that powers it

Bitcoin operates on a decentralized system powered by mathematics and cryptography. The details of each transaction are public and accessible to anyone. In a Bitcoin transaction, when Sender A sends Bitcoin to Receiver B, the transaction details—such as the sender, receiver, and amount of coins—are recorded in a database called the "blockchain ".

A blockchain is essentially a chain of blocks that stores all transaction information. Each block contains the hash of the previous block, which acts as a unique fingerprint. This mechanism prevents anyone from altering the data, ensuring transparency and security. There is no centralized bank or institution to process transfers. Instead, those who record transaction details and store them in the blockchain are rewarded with Bitcoins.

The Bitcoin blockchain uses a mechanism called the "Proof-of-work " to secure the blockchain, trace transactions, and provide proof that all transactions recorded on the blockchain are valid.

Let’s say Alice wants to send Bitcoin to her friend Bob. For this transfer to occur, several conditions must be met. First, Alice’s solvency must be verified to ensure she has enough Bitcoin to complete the transaction. Then, Alice's transaction of sending Bitcoins to Bob must be recorded in the blockchain, a digital ledger accessible to all participants in the Bitcoin network. When Alice sends Bob, for example, 1 BTC, "miners" — people with varying computing power located around the world—compete to solve a complex mathematical problem. The first miner to solve it earns the right to add the transaction to the blockchain. As a reward for their efforts, the miner who adds the transaction to the blockchain receives newly created BTC, distributed automatically by the network’s algorithm.

How many Bitcoins are there? Bitcoin supply explained

Fixed supply limit: Only 21 million bitcoins will ever exist.

Current circulation: As of December 2024, over 19.7 million bitcoins have been mined.

Halving events: Roughly every four years, the reward for mining new blocks is halved, slowing the creation of new bitcoins.

Impact on Value: Bitcoin's inherent scarcity can affect its market value, typically leading to price appreciation over time.

Bitcoin price history and value: A comprehensive overview

Bitcoin was worth nothing when the pseudonymous Satoshi Nakamoto published the Bitcoin whitepaper, and its value barely rose above zero in the next five years. Did you know there is a Bitcoin Pizza Day celebrated every May 22? It marks the first time Bitcoin was used in a commercial transaction—when a man in Florida agreed to pay for two pizzas with 10,000 BTC in 2010.

It took Bitcoin three more years to climb to the $1000 mark, which also led to the installation of the first Bitcoin ATM in Vancouver. However, the rally didn’t last long. At that time, many had predicted the fall of Bitcoin and referred to it as a scam, only to be stupefied by the 2017 upsurge. Bitcoin’s price exceeded $20,000, representing a 20x return in less than 12 months, and its market capitalization surpassed $1 billion. This milestone captured mainstream media attention, encouraging more retail investors to trade and hold BTC.

On December 5, 2024, Bitcoin hit a record high of $104,000, and forecasts suggest it could rise even further in the future.

Is now a good time to invest in Bitcoin?

It’s not too late to invest in Bitcoin due to its long-term growth potential, with experts predicting it could soon exceed $110,000. Bitcoin also serves as a hedge against inflation with its fixed supply, ensuring wealth preservation. Its secure, decentralized nature provides users full control over their assets, while increased accessibility through platforms like Bitget makes investing easier. Additionally, Bitcoin can diversify your investment portfolio, reducing overall risk.

How to buy Bitcoin on Bitget

Interested in purchasing Bitcoin? Follow these simple steps:

1. Create an account on Bitget .

1. Verify your identity.

1. Deposit funds.

1. Start trading: Search for BTC/USDT and begin trading.

Is Bitcoin the future of money?

It’s too early to rule out the possibility that Bitcoin could evolve into a new store of value. What we understand is that Bitcoin is at a similar early stage as other established stores of value, and given its present market capitalization, there’s still much to watch before its price stabilizes.

Currently, Bitcoin meets the four essential criteria of being (1) scarce, (2) a medium of exchange, (3) a unit of account, and (4) a store of value. This has led many to refer to it as "digital gold".