Bitcoin: The Details About it, How to Buy on Various Exchange Platforms, and How to Swap BTC for USD
The number one ranking Cryptocurrency in the market today is Bitcoin and it has out-passed all other cryptocurrencies. Cryptocurrency is fast gaining recognition and acceptance all over the world today as its number of users keep increasing. Even though it still faces certain resistance from some governments in the world, few governmental bodies and top-rated institutions are now considering the adoption and use of Cryptocurrencies in their sectors. The leading Crypto now in the market in terms of everything is Bitcoin- we are sure you know that. Do you know what exactly bitcoin is? This article is loaded with the necessary details you need to know about Bitcoin, just read on.
1. What is Bitcoin?
Bitcoin was created by an unknown person or team, currently known as Satoshi Nakamoto and it is a type of cryptocurrency. You can call Bitcoin a kind of digital money as it makes online transactions safe and quite easy to carry out. Bitcoin is a decentralised form of payment that allows any type of person to send any amount to any part of the world easily, without having to involve a bank, government, or institution, and with very limited charges. Bitcoin works on a certain blockchain, independent of any company. A very distinct feature of this asset is that anybody can own it. Another feature of bitcoin is that it has limited supplies, there will only ever be 21 million bitcoin and once it is exhausted, that is all. Bitcoin cannot possibly be inflated and it cannot be manipulated, also, even if you cannot afford to own a whole bitcoin at a time, you can always buy a little part of it that you can afford at a time. Like a dollar is divided into cents, bitcoin is divided into satoshi. This allows holders the option of buying just the portion they can afford and that is in the form of satoshi. Satoshi presently represents a hundred million bitcoin and apart from the fact that satoshi makes it quite affordable for people to buy, it also makes bitcoin transaction and blockchain tracking very easy. Satoshi is named after the said founder of Bitcoin in the person of Satoshi Nakamoto.
There are various ways of owning a bitcoin, you can buy it directly with your money, or you can sell goods to people and ask them to pay you with bitcoin, and you can also mine them directly yourself through your computer. Mining bitcoin happens in a way whereby people solve certain problems in the bitcoin technology through their system, and they get rewarded with freshly minted bitcoin. Bitcoin works as a computer file and it is stored in a digital wallet application on a computer or a smartphone. This digital wallet serves as storage for bitcoin as also as a place from which bitcoin can be sent to another person, and as a place to receive bitcoin. All transactions involving bitcoin are recorded on the blockchain, which is a public list, and this makes it quite easy to track the history of transactions involving bitcoin. People adopt the use of bitcoin for so many reasons, starting from the fact that it is highly decentralized and not controlled by any governmental body, bank, or institution, to the fact that it is fast and quite easy to use, and also to the fact that so many high personality individuals have promoted this asset. One thing that you have to be careful of when storing Bitcoin in your wallet is never to share your private keys with any third party as this can give scammers access to your wallet and they can easily steal away all your assets.
2. How to Buy Bitcoin
The steps involved in buying Bitcoin is quite easy just like buying any other crypto asset. Follow these steps to buy the Bitcoin:
2.1 Go Through Various Trading Platforms and Compare
You cannot just join any crypto trading platform without making your necessary findings if you are not on any crypto exchange platform before. There are so many crypto trading platforms today and each of these platforms has its unique policy, charges, and bonuses. Each platform has various crypto listed on them. To be on track, check through the various exchange platforms available, look for the one that terms and policy best suits you and then choose it.
2.2 Sign Up and Fund your Account
After deciding on what platform to use, the next thing to do is to open an account with them. Most platforms would need some personal details from you while signing up. Details like your email, your phone number, your full name, and sometimes your home address. After you have done this, go ahead to put some funds in your crypto account. This would require some of your bank details and so that is one of the reasons that you should be sure of the exchange platform you are using to be safe from scammers.
2.3 Use the Search Box
After funding your crypto account, the next thing to do is search for the Crypto you are buying, which in this case is Bitcoin (which has its symbol as BTC). To do this, type in BTC in the search box and you would see it pop up. After it pops up, click on it.
2.4 Input the Amount and Order Type of Your Choice
Once you have the BTC on your screen, specify the quantity of the BTC or Satoshi that you intend to buy, making sure that you do not do any mistakes. There is also a part where you might have to choose what order type you want, there is the market order and the limit order. The market order allows you to get the stock immediately after you buy it while the limit order delays the order and only sends it when it gets to the price you want. Choose any of these orders as it best suits you.
2.5 Double Check for Errors
This is very important! After you have input all entries, ensure you read through again from the beginning to the end to be sure that you have not typed in anything wrongly. Wrong entries are not reversible most time.
After you have gone through all your entries and you are very sure that there are no errors, initiate the buying process by clicking on the buy button, and you are done.
2.7 Withdraw the BTC to Your Wallet
After you have bought your Bitcoin, it is quite safer to withdraw it from that exchange platform to your personal BTC wallet.
A Bitcoin Wallet is simply a software application that allows you to safely store and control your bitcoin. The Bitcoin wallet uses a public key, which is likened to your email address and is public to everyone, and also a private key which is likened to your password and should never be shared or known by any other person except you. Making your private key public can give scammers access to your account, allowing them to effortlessly steal away your bitcoin- which you can usually do nothing about.
3. How to Swap BTC with USD
Swapping your Bitcoin into USD is quite as simple as buying the BTC itself. Once you have BTC in your wallet, the next thing is to look for a trusted cryptocurrency exchange platform and then connect your wallet to the platform. Once you have done this, look for the swap option on the exchange platform, input BTC to USD, and then input the amount of BTC you would love to swap into USD. Check through your entries one last time to be sure that you have not made any mistakes. After this, you initiate the Swap process and then what you get is the values of the swapped BTC in USD. It is very easy to do.
4. Trusted Platforms to Trade and Buy Bitcoin
Bitcoin is the first and the leading cryptocurrency in the market today and there are lots of crypto exchanges that you can buy it from. Some of the top platforms are:
The deposit methods available on the platform include Credit/Debit Card, Wire Transfer, PayPal, Cryptocurrency, and Bank Transfer. There are 69 cryptocurrencies available on the site and over 20 fiat currencies that include USD, DKK, CAD, JPY, GBP, and others.
The deposit methods available on the platform include Credit/Debit Card, Wire Transfers, PayPal, Cryptocurrency, and SEPA. There are up to 250 cryptocurrencies available on the site and over 50 fiat currencies that include USD, JPY, GBP, and others.
The only deposit method that is available on the platform include is Bank Transfer(ACH). There are 41 cryptocurrencies available on the site and fiat currencies include USD, HKD, CAD, SDG, GBP, AUD, and EUR.