Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen– meaning, no banks! Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.
A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without a central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.
You just need to download and install the platform in the section “Download” and provide your ID and password of the bank account that you are going to use to buy and sell bitcoins. The password is saved in your own computer and it is never shared with anyone (not even us).
Miner fees need to be paid on every bitcoin transaction; therefore, there are miner fees on every exchange in Coinffeine. Miner fees are assumed by Coinffeine as long as they are not bigger than the fee that the taker needs to pay.