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What is Bitcoin and what does its rate depend on

Bitcoin is the world's first cryptocurrency. This means that bitcoin has become the first payment alternative to national currencies issued by central banks. It had and continues to have a big impact on the bitcoin rate. Bitcoin has changed over the years. With bitcoin's popularity growing, its rate is rising. Bitcoin has seen three major adjustments so far. There are mainly four factors that influence the bitcoin rate. The first factor shaping the bitcoin rate is demand. It is produced by a community that wants to accumulate as many bitcoins as possible at the lowest possible rate. The answer to demand is the second rate-shaping factor, supply. The lower it is in relation to the demand, the higher the bitcoin rate. Bitcoin is a consensus-based currency. This means that high computing power is required to extract it. Therefore, the third factor shaping the bitcoin rate is the cost of electricity. The fourth factor results directly from the third factor. The bitcoin rate depends on the cost of the computers that mine bitcoin.

What is Bitcoin?

Bitcoin is a cryptocurrency founded in 2008, created by a person or group of people operating under the code name Satoshi Nakamoto. Bitcoin is the first, widely known and used cryptocurrency based on blockchain technology. The idea behind bitcoin creators was to give people power over their money. For more than ten years, the bitcoin rate has grown several hundred thousand times, and its community is growing day by day. Bitcoin is based on a decentralized and distributed blockchain network. In the bitcoin network, all transactions are transparently saved and encrypted. This means that you can check at any time who sent how many bitcoins to whom. Despite the transparency of transactions, the identity of Bitcoin network Users gives them a lot of anonymity.

How much is Bitcoin?

The price of Bitcoin varies over time. Bitcoin has been around for over 10 years and its price has grown thousands of times over that time. Notably, most analysts assume Bitcoin is recovering from a recession that has been in the market for 16 months.

Why Bitcoin is so expensive?

Two factors influence the price of bitcoin: supply and demand. People who want to buy bitcoin decide about the demand. The more there are, the higher the bitcoin price. The supply of bitcoin comes from two sources. First, they are bitcoins that are mined by the mining process. Second, they are bitcoins re-sold by investors who realize their profits

Do you have to buy whole Bitcoin?

Bitcoin, unlike national currencies, is divisible up to eight decimal places. Therefore, nothing prevents you from buying 0.5 BTC or 0.001 BTC. The smallest part of bitcoin, i.e. one 100 millionth part, in honor of its creator is called Satoshi - this is the equivalent of a 'penny' in the case of a zloty or a cent in the case of a dollar.

Bitcoin - more specifically

Bitcoin is the first widely known cryptocurrency based on blockchain technology. Its main advantages include the fact that it is transparent, i.e. anyone can trace all transactions included in it, from the first to the last. Moreover, bitcoin is immutable, which means that all Users use one blockchain, which prevents the conversion of historical transactions or other undesirable activities.

What is Blockchain?

In principle, blockchain is a decentralized and distributed database used mainly for recording transactions carried out with its help. Currently, there are many different blockchains and concepts for their use, but for over 10 years, bitcoin's blockchain has still been the most popular.

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How Bitcoin works?

Bitcoin is a database. Every 10 minutes or so, a new pool of records is added to the database (these are transactions). This 'append' is called a block. Each block is cryptographically encrypted and follows directly from the previous one. This makes it impossible to add artificial bitcoins to the database, as well as allows you to track each operation within the database.

Where do bitcoins come from - what does it mean to mine bitcoin?

Bitcoins are created in the mining process. A predetermined pool of bitcoins is created every 10 minutes. It is received by the Network User who adds a new transaction block. To add a new block of transactions to the bitcoin blockchain, the computing power used to encrypt data in the blockchain is required.

How to secure your Bitcoins?

To secure your bitcoin you need to equip yourself with a so-called cryptocurrency wallet. There are two basic types of wallets. Software wallets are computer programs with which you can store your cryptocurrencies, including bitcoin, on your computer or mobile phone. We also distinguish hardware wallets. These are flash drive-like wallets on which you can store bitcoin and other cryptocurrencies without being permanently connected to your computer. You can read more in the how to start tab.

Is Bitcoin Investment Safe?

Bitcoin, like any other asset, carries a very high investment risk. When you buy bitcoin, you do so at your own risk. We strongly recommend not to invest more than you can afford to lose. Bitcoin has the potential to multiply your savings, but there is also a high risk of losing its value.

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