Investment options come in streams. However, the real challenge lies in choosing the right one for investment. Be it a stock, bond, cryptocurrency or any other commodity, the utmost care and prior research should be carried out before buying them.
Bitcoin is trending as the most profitable investment option in the last few years. The characteristics of Bitcoin and its performance in the last decade lures investors and traders to pile up them. Bitcoin trading assures a promising future to its investors. The effort never goes in vain and Bitcoins never lets you down. That’s why so many people also took up Bitcoin trading, in hopes of gaining from the new-formed industry.
Buying Bitcoin seems simple like buying a gadget or gold. When you dwell deeper into it, you will understand that it is a bit tricky. Many times, investors come closer to getting their Bitcoin, but being confused and worried about the whole process, eventually, they give up.
They wait for a few more months or years, and by the time they intend to buy, the price would have surged up.
Enough of waiting! The right time has come. Here comes the detailed guide about what the Bitcoins actually are and how to buy them safely without getting cheated. Let us learn here what the fuss is all about.
What is Bitcoin?
In this cryptocurrency age, Bitcoin doesn’t need an introduction. Unfortunately, still many people have false interpretations and beliefs about the digital currency, Bitcoin. It is time to straighten them out. Bitcoin can be highly regarded as the future of the world economy.
It is a new digital global currency more like Indian rupees, dollars, and euros. In the future, rather than paying $2 or €1, it could be 5 Bitcoin (BTC), 1 BTC, and so on, depending on the value of the Bitcoin.
Do you know that Bitcoin is more than just a currency? For instance, say you spend $40 dollars from a debit card or a credit card in a restaurant. The transaction is processed through the card machine, your bank and the shopkeeper’s bank.
Each step involves verification. Bitcoins remove the friction involved in the process of verification making the transaction fast and secure. Instead, you can send the right number of Bitcoins (equivalent to the $40) directly to the restaurant from your mobile phone. The whole thing is instantaneous and it effectively cuts down the middlemen cost.
The backbone blockchain technology does no error while carrying out local and International transactions.
A proper regulatory body is still not there to overlook and verify transactions. People in the Bitcoin community carry out mining to earn coins or their PCs to complete the whole transaction.
How to Buy a Bitcoin?
In spite of receiving significant popularity and attention in the investment and financial world, many people still don’t know how to buy a Bitcoin securely. There are plenty of websites and other potential methods through which you can buy your Bitcoin.
The truth is that it is as simple as signing up for a mobile application, provided, you follow the steps right. And you don’t even need knowledge or experience with blockchain. Are you interested in getting a slice of Bitcoin pie? You need to have the following things prior to making a purchase.
- Bitcoin Address: It is similar to that of the bank account number. Bitcoin Address is a unique string of numbers which allows you to send and receive Bitcoins. It is known as ‘public key’ in the cryptocurrency world.
- Bitcoin wallet: Same as your bank account. The online digital wallet is the place where you can securely save your Bitcoins.
- Bitcoin exchange: When we are visiting another country, we usually change our national currency into their home currency through money exchanges. Bitcoin exchange is one such place where you can convert traditional cash into Bitcoins. You can use any currency to buy them.
- Payment method: You can use a credit or a debit card to buy Bitcoins.
- Identity Verification: It is always safe to have a photo ID proof of you which may be a driving license or a passport.
Now, arises the question, where to buy a Bitcoin? Listed below are the places where you can pick up the Bitcoins today!
The One-Stop Solution: Crypto Exchanges
Big cryptocurrency exchanges support a variety of cryptocurrencies including Bitcoins, Ethereum and Litecoin. Their intuitive websites and user-friendly mobile applications let you send and receive Bitcoins without any fuss.
- Account Creation: The first step is to create a crypto exchange account. You need to fill out an online form with fundamental details. It won’t cost you more than two minutes.
- Email Verification: A couple of minutes after signing up, you will receive an email with the verification link. Once you click the link, your Email ID is confirmed and you will be redirected to your exchange account page.
- Additional Authentication: You can secure your account with various methods including mobile confirmation. Link up your mobile phone to your account in order to ensure safety and security. Once the two-factor authentication is set up, no one can access your account, unless they know your password and have your mobile with them.
- Identity Verification: You will have to upload your photo identity proof or you can choose to do live verification. Live verification is prompt as it takes only a few minutes.
- Adding Payment: You can use conventional payment methods like a credit card, debit card or bank transfers to buy Bitcoin from Bitcoin exchanges. The availability of the different payment methods completely depends on the jurisdiction and the exchange, you have opted for. Once done, Bitcoins will be added to your wallet. In this page itself, you can see buy and send tabs. Sending and receiving can be performed in your wallet. You can send your digital currency to anyone by entering their BTC address and BTC amount. You can check your wallet every time after a transaction.
It is important to remember that the Bitcoin exchange and Bitcoin wallet are two different things. A Bitcoin Exchange is more like a foreign exchange where you can exchange your fiat currency for Bitcoins.
In order to keep your Bitcoins safe for a long period of time, you need to store it in the wallet. Opt for the digital wallet with a multi-signature facility. Umpteen number of exchanges are there, still, due diligence should be performed while choosing the right one.
More about Bitcoin Wallet:
It is a common thing to say that Bitcoins are stored in a wallet. Technically speaking, the statement is incorrect. Bitcoins are virtual currencies and they are not stored anywhere.
The Bitcoin balances are actually maintained by public and private keys. They are nothing but a string of numbers and letters linked through the mathematical encryption and algorithm.
The public key is more like an IBAN, which is visible to everyone. Simply, people can send Bitcoins to this public key of yours. Whereas the private key is similar to that of the ATM pin number, which is unique to individuals.
The private key should be kept secret. It is used to authorize the Bitcoin transactions. Thus, it is actually the private key that is kept safe in the Bitcoin Wallet.
That is why some people encrypt the wallet with a strong password. Some opt for cold storage, which means storing things offline to keep themselves away from theft.
It is totally up to you to use the bitcoin in stores, for services, buy gift cards, simply saving it for the future or even trading them with a bitcoin trading platform like the Bitcoin Code. The number of places where you can use bitcoins is growing day by day. You can also instantly send virtual money to anyone in the world.
The rapidly increasing acceptance of bitcoin has helped the digital currency leave its footprint across the globe. So, What are you waiting for? Have you bought the bitcoins yet?
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