How To Buy Bitcoin – Bitcoin is an alternative online currency system, which functions as a digital currency. Bitcoin is used as an investment as well as a method of payment of goods and services, and is heralded as a financial system that does not require the involvement of any third party.
However, despite its growing popularity, many businesses still do not accept Bitcoin. The benefits as an investment are still highly questionable in addition to the potential risks. Before continuing to buy Bitcoin, it is important to understand this new system along with its many advantages and disadvantages
Understand the basics of Bitcoin.
Bitcoin is a completely virtual currency that allows customers to exchange currencies for free, without the use of third parties (such as banks, credit card companies, or other financial institutions). Bitcoin is not regulated or controlled by central bank authorities such as the Federal Reserve and all Bitcoin transactions are carried out on the online market, so users anonymous and virtually untraceable.
Learn about Bitcoin mining.
To understand Bitcoin, it is also important to understand bitcoin mining, which is the process by which Bitcoin was created. The concept of mining itself is quite complex, but the basic idea is that every time a Bitcoin transaction occurs between two people, it is digitally recorded by a computer in a transaction record that explains all the details of the transaction (such as time, and who owns so many Bitcoins).
Get used to legal issues surrounding Bitcoin.
Recently, The U.S. Federal agency responsible for combating money laundering, announced new guidelines for virtual currencies. The updated guidelines will govern the Bitcoin exchange, but leave everything else in the Bitcoin economy, at least until recently.
Bitcoin fact sheet
What do we get when we buy Bitcoin? Of course, it’s not a physical coin, it’s a virtual coin. The number is limited, only 21 million.
We can buy the amount of Bitcoin according to preferences. It could be 1 Bitcoin, 10 Bitcoin, or just a fraction.
Bitcoin can only be purchased when we already have a virtual storage container or a wallet that is not linked with a name or phone number.
A number of well-known Bitcoin virtual wallets include: Blockchain.com, Exodus, Electrum, and Mycelium.
On the other hand, there is also a hardware wallet that is not connected to the internet. That type of wallet reportedly has an extra layer of protection from hackers.
Can you buy half a Bitcoin, a quarter of Bitcoin or even a tenth of Bitcoin?
The simple answer to all those questions is… Yes! You don’t have to spend your entire life savings to buy the full Bitcoin.
You have the option to buy half a Bitcoin or even less than half. Each bitcoin unit is called Satoshi. Bitcoin can be broken down into 100,000,000 pieces.
Imagine that one Bitcoin looks like this: 1.00000000
Half of Bitcoin looks like this: 0.50000000
A quarter of Bitcoin looks like this: 0.25000000
A tenth of Bitcoin looks like this: 0.10000000
You can buy Bitcoin for how much (or little) you like. In fact, Coinbase even lets you buy Bitcoin for $1. Now that you know the amount, let’s start by explaining how to buy Bitcoin.
Quick tip: Satoshi comes from the name “Satoshi Nakamoto”, which is the unknown creator of Bitcoin.
How To Get Bitcoins For Free
How To Buy Bitcoin
Choose the Right Exchange Platform
An exchange platform is a platform where users can purchase Bitcoin or other crypto assets, according to the current market price.
There are many platform exchanges available, both at home and abroad. Each platform exchange has its own advantages and disadvantages, ranging from trading fees and withdrawal fees charged, available crypto assets, existing trading features, and the ease of operating them.
- Create an account on the Bitcoin trading exchange;
- Select the payment method available on the Platform;
Note: in large exchanges, we need to input information such as bank / debit / credit card account details, as well as ID cards;
- The exchange will verify your data;
- Buy Bitcoin;
- Make payment;
- Transfer Bitcoin to your own virtual wallet;
- Monitor Bitcoin price fluctuations.
Thank you very much for reading How To Buy Bitcoin, hopefully useful.
Last Updated on December 5, 2020 by Blog Marketing Tool Team
Founder of Blogmarketingtool.com. I am Full time blogger, internet marketer, SEO specialist, web development. I love blogging to share my business and marketing experience.