Bitcoin is a cryptocurrency or a digital currency, which uses the rules of cryptography for regulation and generation of units of currency. Bitcoins are virtual coins designed to be self-contained for their value. Bitcoins don’t require any bank to store or move. Bitcoin is decentralized, it does not require any institution to control it. Bitcoins are mined from computers with internet connection.
How to buy Bitcoin
One can easily buy Bitcoin. Following the below steps can make the process of buying as simple as signing up for any mobile app.
Steps to buy Bitcoin
- First sign up for a Bitcoin Wallet: before you buy Bitcoin, you first need to download a Bitcoin wallet. You can do this by going to a site like Blockchain.info or to mobile app such as Bitcoin Wallet for android smartphones or Blockchain Bitcoin Wallet for iOS phones. Fill the online form on it with basic details. This step does not even take two minutes.
- Use regular money to buy Bitcoin: once you have a Bitcoin wallet, you can use a traditional payment method such as credit card, debit card or bank transfer to Buy bitcoin paypal on a Bitcoin exchange like Coinbase. After that the Bitcoins will be transferred to your wallet. The availability of the above payment method is subject to the area of jurisdiction and exchange chosen.
One thing to be noted here is that, Bitcoin exchange and Bitcoin wallet need not be the same. Bitcoin exchange are kind of like forex exchanges- places where you can trade Bitcoin for a fiat currency and vice versa, whereas Bitcoin exchange offers wallet capabilities to user. It is best to transfer Bitcoins to a secure wallet as they need to be kept safe and secure. Also exchanges do not encourage storing Bitcoins for higher amount or longer period. Always opt for multi-signature facility bitcoin wallet as the security is the top priority. You can find many well established exchanges that claims to be the one stop solution by offering high security standards and reporting, one should do a proper research before selecting one. Read more about the site for more information.
Once you buy Bitcoin, you not only own the value of them but can also use them for trade. Bitcoins are traded from personal wallets. You can use the Bitcoins to purchase goods and services online or you can keep them and wait for its value to go up over years.