What is Bitcoin?
Bitcoin is a type of cryptocurrency used for purchasing or selling goods or services. It was launched in 2008 by two engineers Satoshi Nakamoto and Martti Malmi.
The major purpose behind this is to digitize the money. Just by the thought of going paperless, Bitcoin became popular as soon as it entered the market.
The major advantage of using this currency is it is entirely digital. Unlike the dollars, Euros, or other paper currencies, this one is designed by a strict algorithm.
The other aspect of this cryptocurrency is it does not require any Central authority for its monitoring. This means you do not need banks or any other authoritative places to keep your Bitcoin.
Further, the buying and selling of Bitcoin follow a transparency policy. Which means all of your information will be kept encrypted by a key. You can perform the transaction of this cryptocurrency by using wallets. Yes, you can easily send or receive money from your partner without even revealing your identity.
The wallet offers every user a unique identification code. While transferring the users can only see this code and identify the partner accordingly. This makes Bitcoin money transfer highly personal and safe from any fraud.
So now when you know what Bitcoin is, the next thing to know is how to purchase the same.
How to Purchase?
There are lots of advantages of using this cryptocurrency but to use it, you first have to purchase the same. Purchasing Bitcoin is as easy as you order a product and make an online payment. To make the purchase one can use credit cards, debit cards, hard cash or even other digital currency.
So to purchase Bitcoin you can take the help of Bitcoin exchange or you can even purchase it from other people through the marketplace.
Here we will see how you can purchase bitcoin step by step and make your buying process easier.
Setting Up The Wallet
Doesn’t matter from where you are purchasing Bitcoin the first thing you have to do is set up your wallet. A wallet is software that is somewhat similar to an online store, where you will store your Bitcoin.
The wallet application is available for smartphones, desktops and laptops. So that the user can conveniently store the cryptocurrency.
There are several wallet software available in the online store. Always try to choose the best one. Do not forget that the wallet is a must to perform all the transactions related to Bitcoin. Hence while choosing the wallet your major concern should be the security of your Bitcoin.
Also, you have to keep your password and wallet ID safe, if you want your transaction to be secure.
After selecting the most appropriate wallet the next thing you have to do is to get yourself enlisted. The registration process may involve filling up the form and submitting a few required documents.
After finishing the registration process your wallet will generate a unique identification code. Now your wallet is all set for the Bitcoin purchase.
Once you have performed all the wallet-related procedures the next thing to do is make a purchase. For purchase, you can use the Bitcoin exchange. The primaryobjective of a bitcoin exchange is to buy and sell cryptocurrency for you.
Same as the wallet you should be very cautious while picking up an exchange. There are hundreds of cryptocurrency exchanges available and it is always advisable to go with the highest rated one. Do not forget to have a check on the security matters of the exchange as well while choosing it.
Once you have made the selection the next thing to do is get yourself enrolled with the Bitcoin exchange. For the registration, your Bitcoin exchange may ask you to submit your KYC (Know Your Clients) documents, photos and other IDs. Other than Bitcoins one can use the exchange for the purchase of many different types of cryptocurrencies however, Bitcoin is the most common one.
From the exchange, you can obtain Bitcoins by using your credit card, debit card or even online transaction. For every purchase you make the exchange deducts some fees for the services. The transaction can take a few minutes in some cases and may even take some days to process the purchase, the situation varies from exchange to exchange.
Once your purchase is successful, you will receive the Bitcoins directly in your Bitcoin wallet.
You can even buy your Bitcoins offline. Various companies allow users to purchase Bitcoin in exchange for cash. You just have to visit such a local exchange, fill up the registration form and you can easily convert your cash into Bitcoin.
At the exchange you just have to pay the cash and the Bitcoin will directly land in your wallet. If not the exchange you can also visit Bitcoin ATMs.
These are the type of ATMs that allows you to exchange your cash with Bitcoin. You just have to scan the QR code of your wallet, feed in the cash, and the machine sends the Bitcoin directly to your wallet.
During purchasing, investing, or trading in Bitcoin never forget that you should always deal with the amount you can afford to lose. Bitcoin is digital money whose price can go higher or lower anytime.
So if there is a possibility of you making a profit, there is also a possibility of going into loss. Furthermore, security is something you should never compromise when it comes to the Bitcoin purchase.
Always go with a reliable wallet and exchange for your Bitcoin-related requirements. Those who are willing to trade in Bitcoin can download the trading application of Bitcoin Evolution.
The major advantage of this software is you can use it on your desktop, laptop, or smartphone. The spreading platform is highly secure to operate and technically advanced to make effortless trade.
You can visit the website of Bitcoin evolution and download the software.