Financial Knowledge and Responsibility

« Back to Home

Buying Bitcoin: Why And How-To

Posted on

You must have come across the term 'Bitcoin' on several online platforms by now. Bitcoin has often featured as the topic of the day on numerous investment programs and enjoyed stratospheric success to the point of creating several top millionaires. With all the hype surrounding this crypto, you must be asking yourself what it is and how you could buy it. This article will provide you with the information you need to get started.

What is Bitcoin?

Bitcoin (BTC) is a virtual currency created in 2009 by a developer that popularly goes by the pseudonym of Satoshi Nakamoto. This cryptocurrency relies on powerful computers or "miners" to run codes and verify transactions. They also record balances on a public ledger that, for transparency reasons, anybody can access.

Why Should You Buy Bitcoin?

One of the main reasons to buy bitcoin is the level of transparency you get. This crypto's blockchain does not stop you from viewing supply or transaction details. And, it's also decentralized, so no government or any other power can compromise its neutrality. Besides, as a virtual currency, BTC is one of the most flexible and convenient modes of payment. People nowadays use it to purchase goods and services online without dealing with issues associated with hard cash, including closed banks and curfews.

Lastly, you can buy during a dip and sell after an upswing if you are an investor. That way, you get to enjoy significant returns. Plus, experts expect the price of Bitcoin to continue rising significantly. In fact, according to a recent forecast report on Forbes magazine, this crypto's price may reach $700,000 within a decade.

Bitcoin Buying Process

To purchase Bitcoin, first, you need to pick a suitable crypto exchange platform. That is where you will set up an account and exchange your dollars for Bitcoin. There are a plethora of options out there. Ensure you pick a safe and reputable platform with user-friendly features. When choosing a fitting exchange platform, check whether it has a built-in digital wallet. You will need one to store your coins. If your platform doesn't have it, find a separate secure and versatile wallet.

Note that you will need to buy BTC using alternative currencies. Therefore, you have to fund your account first. Once you have enough funds, you can now purchase Bitcoin. Most platforms have simplified the entire buying process to hitting one button. After completing the transaction successfully, you will own your money's worth of Bitcoin. You can now let it sit in your integrated digital wallet or move it to a safer offline hardware wallet.

For more information about buying Bitcoin, contact a local company, like Netcoins.