Bitcoin is a cryto-currency, it enables exchange of value in the digital realm through the use of cryptography to achieve global consensus on the state of periodically updated transaction ledger called a blockchain.
In other words, bitcoin is a form of digital money that can be transferred globally, and has a policy that arguably cannot be altered.
So in this article, I will tell you some things to know about bitcoin and how you can sell bitcoin. So just keep reading on.
Features Of Bitcoin.
Here are some basic features of bitcoin.
- Decentralization: No body can control your bitcoin network.
- Distributed: All bitcoin transactions are recorded on a ledger known as the blockchain.
- Peer- To- Peer: Payment effectively go directly from one person to another.
- No Permissions: Anyone can use bitcoin, bitcoin was not created for a specific class of people.
Key Points To Consider When Buying A Bitcoin.
Here are three key points you should consider when buying a bitcoin.
- Platform Used: You can buy a bitcoin face to face, you can exchange cash for bitcoin with someone.
- Platforms Used For Buying Bitcoin: digital wallet providers, OTC desks, payment apps example, PayPal, etc.
- Payment Method: Payment methods range from payment apps (Apple Pay, PayPal, etc), from credit card to bank transfer, face to face with cash, etc.
- Where Your Bitcoin Goes: The options for where your bitcoin goes after you buy it are:
- Your Bitcoin Wallet.
- Someone else’s Bitcoin Wallet.
What Are The Prices Of Bitcoin.
The prices of buying a bitcoin depends on the payment method and platform. If you are buying directly from a friend with cash, you only need to consider the network fee from the person’s digital wallet to yours.
If you are paying with bank transfer or credit card, you will need to consider the charge for using the payment method.
How To Buy A Bitcoin.
Here are the ways you can buy a bitcoin.
Buying Bitcoin With The Bitcoin Wallet.
- Open the bitcoin wallet app on your device.
- Select BTC (Bitcoin) and tap buy.
- Follow the on- screen prompts to choose your preferred wallet for depositing.
- If its your first purchase, you may be asked to verify your identity.
- One that is complete, your purchase will proceed.
Buying Bitcoin The Bitcoin Website.
You can buy bitcoin from the bitcoin website using your credit card or other payment methods.
- Visit the buy bitcoin page
- Select Bitcoin (BTC).
- Choose the currency you want to pay with and enter the amount.
- Click buy.
- Enter your wallet address. Here, you decide where the bitcoin goes to.
- Complete the process by providing your payment details.
Buying Bitcoin From A Centralized Cryptocurrency Exchange.
- Visit a cryptocurrency exchange website.
- Create an account.
- follow the instructions to buy bitcoin.
- Your bitcoin will appear in your exchange account.
- If you would like to take control of your bitcoin, send it from the exchange to your bitcoin wallet.
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