1 BTC = 1203.51 EUR
1 BTC = 1203.51 EUR

About Bitcoin

Bitcoin is most probably how money would look like if it had been invented today. As a technology, it is believed to be as important as the internet.

It is a decentralised digital currency, created and held electronically. You can exchange bitcoin for different currencies, products, and services, pretty much the same as you can with any paper money.

It has the properties of money (easy to transport, transfer and divide into units) and those of gold (limited and exchangeable).
Transactions can be fractured in smaller sub-units of a bitcoin, such as bits and satoshis.
1 bitcoin = 1 000 000 bits = 100 000 000 satoshis = 1203.51 EUR

Why use Bitcoin?

Transactions are instantaneous and on average take 10 minutes to get confirmed.
Transaction fees are minimal (0.02 EUR) and go to miners , who are making sure transactions are secured and confirmed.
No central authority: no central repository of information, no central management, and no central point of failure.
There will only ever be 21 million bitcoins, we have never experienced anything like it before. Also, this means there is no inflation.
With credit cards we share our private information with the world wide web and make it easy to steal our payment information. If you keep your private key private, bitcoin is a safe place.
It is transparent in terms of everyone seeing from where a transaction came from and where it goes. But who holds a certain bitcoin address is unknown.
You own it
No one can limit your daily spendings, freeze your money, take it away from you or prevent you from sending it to whomever you want.
No chargebacks
Once bitcoins are sent you can’t retrieve them unless the recipient agrees to it. This way credit card scams can’t happen (people making a purchase and then demanding money back).
No more middleman
Transactions are controlled only by miners. There is no one in between you and a recipient.

Where can I buy it?

You can buy it via Cashila, at one of the many Bitcoin exchanges or at the Bitcoin ATM in your area. You can also get someone to send it to your Bitcoin Wallet.
  • Bitcoin Exchange
    Bitcoin exchange allows you to transfer fiat currencies, such as euro and dollar into bitcoin or the other way around. Some platforms also allow the bitcoin to be exchanged with other digital currencies. Here’s the list of exchanges.
  • Bitcoin ATM
    It’s an electronic telecommunications device that allows you to exchange bitcoins and cash on your own. There are two types of Bitcoin ATMs. The basic unit allows you to only buy Bitcoins. With the other version you are able to buy as well as sell bitcoins via the machine. To access the advanced features it is usually necessary to be a member of the ATM manufacturer that operates the machine. Look for an ATM near you.
  • From other people
    Services like Local Bitcoins and Mycelium’s Local Trader support peer-to-peer bitcoin exchange. They are marketplaces for users to buy and sell bitcoins from each other. Both apps help you find traders selling bitcoins near you. You meet up and once you hand over the cash, the trader sends bitcoins to your wallet.

How do I store bitcoins?

Technically you don’t store bitcoins anywhere, you store your private keys. With them you access your bitcoins and sign transactions. Public bitcoin address is where you receive bitcoins and check your balance. Private key is to prove ownership of a bitcoin address, so you can send them to other wallet addresses. Keep in mind, if you lose your private keys, you lose your bitcoins. To prevent this you need to store them safely.
  • Offline wallets
    The safest haven for your bitcoins. This type of wallet gives you full control over them. That also means you are fully responsible for keeping your bitcoins safe. If you own a larger sum of bitcoins, go for a hardware device like Trezor or for cold storage like Mycelium Entropy. It’s a small USB device that generates new QR codes each time you plug it into your printer. You print QR codes and there is your paper wallet. One code is the public address you use to receive bitcoins; the other is the private key which you use to transfer bitcoins stored at that address. Another service to offer cold storage is Armory. These types of wallets are safe from all online threats, such as viruses and hackers.
  • Online wallets
    If you use an online wallet, your private keys are stored on a internet-connected computer controlled by someone else. What is great is that you can access an online wallet from anywhere, regardless of which device you are using. All you need is a password to access the service which controls your bitcoins. Their major disadvantage is the fact that the organisation running the website is in charge of your private keys – which could lead to them taking your bitcoins.

    Examples: Coinbase, Xapo, Circle
  • Mobile wallets
    An app on your smartphone stores the private keys for your bitcoin addresses and enables you to transfer bitcoin directly from your phone. In some cases, you’ll be able to tap the phone against a reader and pay with bitcoins without having to enter any information at all.

    Examples: Mycelium Android wallet, Breadwallet for iOS
  • Exchange service
    Bitcoin exchange is a web service where you can buy, sell, and trade bitcoin. It is possible to leave your bitcoins with an exchange, though we don’t really recommend it. Why? Because this means you’re trusting an exchange to keep the private keys for you. And with this comes a greater chance of you losing them if the exchange gets hacked or is somehow negligent.

What is a blockchain?

Bitcoin runs on a blockchain, which is often described as “a transfer of trust in a trustless world”. It is a distributed, public ledger of all bitcoin transactions that have ever happened. It consists of blocks. Each block stores details of transactions made in a certain time frame. Approximately 6 blocks are created in an hour. They are put one on top of the other chronologically. Every time a miner creates a block, they get a reward in new bitcoins. The blockchain is updated, and everyone on the network is informed about it. Learn more about what miners do here.

The blockchain itself is not technically dependent on bitcoin. It’s a system for value transfer, which rules out the need for a central authority to verify trust. It takes control and power from central entities to the many, enabling safe, quick, cheaper transactions despite the fact that we may not know the entities we are dealing with. It’s a technology with the power to change the world. Here are some ideas how.

Who invented Bitcoin?

A fascinating person (or maybe more of them) going by the name of Satoshi Nakamoto. This anonymous software programmer introduced the written concept in 2008. The main idea was to create a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction costs.

What is Cashila?

Cashila enables you to securely convert your bitcoins into euros and the other way around. Execute payments to bank accounts immediately, or deposit funds for later use.

No bank account needed.
Send money
Make a withdrawal, wire money or send bitcoin to anyone in the world or pay bills via bitcoin.
Receive money
You or anyone else can send euros or bitcoin to your Cashila account.