How to buy Bitcoin?
Now that you know the importance and how does Bitcoin works, let’s jump into discussing how you could get Bitcoins.
There are a few methods and ways that help you to buy Bitcoins. One of the most common and general ways of buying Bitcoin online is by using a cryptocurrency exchange. This could be done by buying Bitcoin against the traditional cash like dollars using payment cards. You could also buy Bitcoin using other cryptocurrencies, but we won’t go through that in this article.
Bitcoin Digital Wallet
One of the first things you require before using Bitcoin is a Bitcoin wallet. This could be in the form of an online wallet, desktop wallet, or even a mobile application. Each kind of wallet has its own pros and cons, and you could choose one based on your needs.
A wallet has two major components, i.e. public and private keys. The public key, as the name suggests, could be made available to the public. A private Key, on the other hand, is like a password and must be kept secure at every time.
Buy Bitcoin via Online Exchanges
One of the most general ways of buying Bitcoin online is using online bitcoin exchanges. These exchanges are basically web applications that allow buying and selling of Bitcoin and other cryptocurrencies. The price of the currencies is updated frequently, and users could make trade decisions as per their choice.
There are hundreds of online exchanges to choose from. Make sure you use a reputable and trusted one. One of the well-known exchanges having a huge user base includes Changelly and Binance. Exchanges that are not reputable could prove to be risky.
In the beginning, there was not much restriction on using online exchanges. Overtime strict security measures are being taken, including geo-restriction bans and proper identification before you start using an exchange. This is done to avoid issues of money laundering and tampering of user data.
To buy cryptocurrencies on these exchanges, the exchanges accept payment via Bank Transfer, using a credit card or PayPal. There is usually a transaction fee associated with the purchases made. Each exchange has different ways and procedures of operating. Once a transaction is made using an exchange, the actual transfer could take any time from seconds to hours depending on the exchange.
Exchanging Cash via Bitcoin ATM
Yes Bitcoin ATM is a thing. Companies are now installing Bitcoin ATMs that allow the buying of Bitcoins in exchange for cash and vice versa. You could use a mobile application to scan QR codes for identification purposes and get the desired amount of Bitcoin in your account.
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