Bitcoin is one of the most exciting atmosphere and activity in the Fin-tech industry right now, even so it is also least understood . With cryptocurrency which is again in news now, well, now it has a good time than ever to search through in to the weeds and acquire knowledge of how to invest. Remember this before you buy your first Bitcoin you need to know everything about it and decide accordingly. It shows that digital currency could be valued of thousands of dollars. Above all, in contrast to physical currency, like rare metals or printed paper (money) Bitcoin is just lines of code, now here we have to know what makes Bitcoin so valuable and why you should Buy bitcoins?
What is Bitcoin with cryptocurrency?
Bitcoin is a digital currency; it is type of Crypto Exchange presuming paper currency like US dollars, Indian Rupees, etc. Well many of them are confused that Bitcoin and cryptocurrency are same but Bitcoin is a digital currency that make use of cryptocurrency a digital medium of exchange and coequal technology to generate and direct monetary transactions as against to central jurisdiction . The publicly available Bitcoin peer to peer network generates the bitcoins and looks after all the Bitcoin transactions. Bitcoin is the first cryptocurrency which operates on a technology known as Blockchain . This Block chain referred as allocated, separated, public ledger.
Procedure to buy Bitcoin:
There are few steps which will teach you how to buy Bitcoin
- Select a good Bitcoin wallet:
You have to use Digital wallets that store Bitcoin which you can spend them or exchange for another currency. Coinbase is the best recommended exchange to use the wallet which could be your best bet to start with. Other mobile wallets such as mycelium &Exodus
- Select the right Bitcoin trader:
Choosing the bitcoin trader is something where you will have many exchanges with varying performances. Some would be reliable and other are wholly restricted than others. The mostly recommended is Coinbase exchange where you can check out the competition using exchange comparison site.
Coinbase is a platform where you can buy and sell Bitcoin, if you would like to purchase a Bitcoin you can use the services such as local Bitcoin or Bitquick . You will be offered with many payment options and you buy Bitcoin directly from a seller without the exchange middle man. Even though still you want to trade in person make sure to meet in safe place.
- Choose your payment method:
There are many payment methods, Bitcoin ATMs are also available but those can be found in few cities only. Coinbase is another payment solution where it permits bank account, credit and debit card transfers for payment either of those should be linked to our account.
- Purchase some coins and store them in your wallet:
The coins which you have purchased will be stored in wallet of coinbase , then you need to transfer this funds to Bitcoin wallet. There will be small fee to do so. Transactions are recorded in blockchain . Usually it takes a one or two hours to complete the transaction in busy trading hours which is common.
- Get ready to use it.
Be cautious and keep on noticing whether you want to sell Bitcoin or use your bitcoin to purchase something because the value of Bitcoin fluctuates so it is your duty to plan out your end game as soon as possible in order to avoid the risk of losing it.