Today, we’ve prepared a guide for beginners. If you still aren’t sure how to move on from reading articles to actually buying Bitcoin, these tips are for you.
Usually, our articles are meant to deepen your knowledge about digital assets and provide you with latest cryptocurrency news. Today, our goal is to educate those of you who still find the whole virtual money world a little bit confusing. If you are still asking yourself how to buy Bitcoin and can’t seem to find qualified and comprehensible information online, you are in the right place. Read the article below to finally understand how Bitcoin works!
A little bit of history
So, how to buy Bitcoin? Let’s start from the very beginning. Bitcoin, as you may already know, is the first ever cryptocurrency to gain worldwide popularity. It was the reason for the whole cryptocurrency world’s development over the past 10 years.
Bitcoin was announced by Satoshi Nakamoto in 2008. Since then, it has been working as an alternative mean of payment, something else than the centralized banking system we all know.
Bitcoin and blockchain
How Bitcoin works? Well, imagine a traditional money transfer that you send through a banking platform. You don’t actually see the money, it’s just a string of numbers on your computer screen. Virtual assets are similar in some aspects. They exist only as numbers in the Internet cloud. They are stored and distributed through a database system that is called blockchain. But the difference is: cryptocurrency transactions don’t go through any centralized unit, like a bank or other institution. Which means that cryptocurrencies are decentralized.
Why buy Bitcoin?
The privacy aspect of cryptocurrencies and Bitcoin are one of the main reasons why people want to start using them. So, now is finally the time to answer the big question: how to buy Bitcoin and other cryptos? Don’t worry, it’s not that hard. First, you should find yourself a good cryptocurrency wallet. Then, there are a few ways to buy cryptocurrency and to buy Bitcoin. We will shortly present you all of them so you can choose the best option for yourself.
This is probably the best way to buy Bitcoin. All you have to do is choose a cryptocurrency exchange, register and submit some traditional money to start with. At the beginning, you should choose an exchange that supports fiat (USD, EUR etc.) to crypto trading. Thanks to that, you can exchange your ordinary money into cryptocurrency. You will see exactly how much money you are spending, how much Bitcoin is worth and it will be the easier start. Later you can obviously trade crypto for crypto. Don’t worry, you will get used to calculating and hunting for the best exchange rates.
The next easy way to buy Bitcoin with credit card is a gateway. What is a cryptocurrency gateway, you may ask? Well, it’s basically a portal that enables everyone to purchase Bitcoin and other cryptocurrencies (like Litecoin, Dogecoin, Ripple etc.) online. A good example of cryptocurrency gateway is Paycoiner. Imagine this as buying a product on the Internet. All you do is transfer a certain amount of money and you receive an adequate amount of cryptocurrency into your wallet. And that’s all.
This way to buy Bitcoin may be a little confusing, as we just said cryptocurrency only exist online. But cryptocurrency ATMs work in a little bit different way than “normal” ones. Well then, how do cryptocurrency ATMs work? Are Bitcoin ATMs safe? Let us explain. An ATM machine of this sort can be placed anywhere but they are usually found in shopping malls and places that accept crypto. They allow people to buy a cryptocurrency of choice with a credit or debit card.
While using an ATM machine, you can input your wallet address where the bitcoins will be transferred once you’ve finalised your payment. You can also choose to send your only just bought crypto into a public key on blockchain. Only you will be able to access it later. There are different types of cryptocurrency ATMs, some can also be connected to a certain exchange. Usually, after completing the transaction, you receive a paper receipt, which confirms your purchase.
Just start trading!
We hope we answered all your questions about how Bitcoin works, how to buy Bitcoin, how to start trading and where to buy cryptocurrency of your choice. This guide was dedicated to people who are at the very beginning of their crypto journey. We understand that the start might be hard and the crypto world for sure seems confusing at first. But we can assure you that once you buy your first Bitcoin, you will not want to stop trading, because it really is great fun and a way to earn some extra money!
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