HOW TO BUY BITCOIN
This is how to buy Bitcoin in the easy way.
You might be thinking to invest in Bitcoin for a huge future sell or use it as an exchange on various items or assets,universal process exists,through which you follow for stocking
In a nutshell,lets move directly into those processes.
- You need to download a wallet
Do I really mean the Leather wallet in your pocket? Oh no. This (Bitcoin wallet) is mainly an online place meant for storage of nearly all digital currency,it also stores personal “KEY”-an identifier assigned for every digital currency owner which comprise long strings of alphabets and numbers that keeps your coins safe and secured. Your first step to follow in buying Bitcoin is DOWNLOADING BITCOIN WALLET, then connect your owned credit or debit card to it. Several bitcoin wallets exists which you can choose to download either to your desktop or as an application on your mobile device. The samples of the Wallets that works with the most devices and operating systems are enlisted below:
COINBASE, BITCOIN CORE
- The second process to follow is to REGISTER WITH A BITCOIN EXCHANGE
Bitcoin trades on different varieties of online exchanges all around the world and to start buying and selling,you will have to register with any of them. All you need is your email address,credit card or debit card information.
N.B All of your exchanges option recognize the same Bitcoin trading price. Each exchange just differs based on their catering for a different country or continents and thus corresponds to the exchange rate which tallies with the currency you will use to buy Bitcoin. For example, Korean exchanges sell Bitcoin for Won (korea’d main currency) while U.K based exchanges sell Bitcoins for Pounds.
Here are some unique international Bitcoin exchanges you can register with (these Exchanges trade Bitcoins for most types of currencies existing across the globe)
Bitcoin exchanges that specialize in just a one country exists, you might have it so easy to register with an exchange that additionally supplies you with a Bitcoin wallet, thereby avoiding you from supplying your bank information to two separate services. COINBASE is one of the suitable option,using coinbase as an example, after downloading the coinbase wallet, you can also move to its exchange area to buy bitcoins stock and fill up your wallet
3.The third process is to SELECT A BUY-IN AMOUNT
This is the segment that will enlighten you in making your first crypto-purchase. Once you have selected the exchange where you desire to buy your Bitcoin, click to the exchange’s “BUY” option and select the buy-in amount. You will have to tether your bitcoin wallet to this purchase a “bit” differently (pun intended) depending on the types of exchange you are using to buy your Bitcoin. You have the right to buy any desired amount, buying less than 1 BTC if you want to. Bitcoins exchange sell cryptocurrency down to several decimal, for example If Bitcoin trading is at $7,450 per 1, you can invest or purchase $1 and receive 0.00013Btc and put it in mind that your Bitcoins value increases as general Bitcoin trading price increases and Vice versa.
4.The fourth process is BROWSE A CRYPTO MARKETPLACE
Already having your bitcoin in hand(or rather in wallet),you can do one of two things with your purchase e.g
1.SPEND YOUR BITCOIN IN A MARKETPLACE
So we learn how to buy bitcoin and now let see how you can spend your Bitcoin!
Bitcoin possess its very own e-commerce marketplaces where you can trade Bitcoins for products. Such products or items includes those that you can download to your computer such as Microsoft Office and those that can be shipped easily to your door (e.g Jewelries).
Verification of your Bitcoin individual Blockchain all the market implies to complete the purchase. Examples of Bitcoin marketplaces are BITIFY, GLYDE and even a Reddit community known as BitMarket.
N.B-Your own products too can be sold or purchased in exchange of Bitcoins, making these Marketplaces an easy way to build and enhance Bitcoin investment.
• How to Buy Bitcoin and wait (HODL)
Of course,good investors often makes much money by buying bitcoin in and then leaving it alone for a period of time. Cryptocurrencies trading prices can flunctuate hundred of dollars in a single morning and watching the value peak and dip everyday can drive you nuts.
(Buying and selling) of Bitcoin possess many advantages which our usual banking system couldn’t provide us with till now:
• The topmost advantages of Bitcoin tradings are listed and explained below:
• Enhances Safe and hidden identity: One of the biggest advantage of Bitcoin technology is securities against cyber-theft is the ability to keep oneself under camouflage. With bitcoin technology, you would be able to keep your identity safe and hidden. Since transactions or accounts under bitcoin technology have nothing to do with real world identities, one can only analyse the flow of the transaction. It wouldn’t be possible to find the real world identities of anybody. You would receive or send bitcoins to addresses that are just the chains of 30 characters and no request of images or pictures.
• GATEKEEPERS NOT INVOLVED: In cases of the banking system, there are many gatekeepers who may prevent you from making the transaction. Under bitcoin technology, the responsibilities and actions are taken and made all by yourself. So, no gatekeepers and anybody with the open software can receive or send bitcoins.
• SECURED: Another advantage of bitcoin technology is that It’s almost impossible to hack your account under bitcoin. Bitcoin funds are securely locked under cryptography system. If you’re the owner of a private key, only you can send crypto-currency i.e. bitcoins. Since it is made by using solid cryptography and huge numbers, it’s impossible to hack the address.
• GLOBAL AND SWIFT: One more advantage of bitcoin technology is that it is superfast. Once the transaction is initiated, it is propagated instantly to the global network; and the transaction would be confirmed within couple of minutes. And since it is done with a wide global network, physical location of the owner doesn’t count. You can send bitcoins to your relatives nearby or to a friend abroad using this technology. So these are some of the main advantages of Bitcoin technology.
• Main disadvantages of Buying and selling bitcoin
The single possible disadvantage of bitcoin technology is that every transaction is majorly irreversible. Once the transaction is initiated, it’s done. No-one can reverse this transaction again.
In case of our usual banking system, reverse is the case in times critical transactions. Under bitcoin technology, there’s no iota of safety net. If for example you send your funds to a scammer, the scammer will have the money. and that’s why, it’s important to confirm first whom funds are being sent to. You need to be more responsible in sending funds under transactions of bitcoin.