Are you buying bitcoins? Read this perfect guide – Geekymint

Are you buying bitcoins? Read this perfect guide

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Bitcoin has become the hottest topic on the Internet. If you have some extra money, you must invest it in bitcoins with closed eyes as it will surely offer you good returns in the long term. Most people don’t have enough knowledge about bitcoins, so they get confused when it comes to buying bitcoins online. So, if you want to purchase bitcoins, there are few simple steps mentioned below that you can follow.

Let’s understand about bitcoin

Before purchasing bitcoins, it is highly crucial to understand them properly. Bitcoin is an amazing cryptocurrency that can be used to make transactions over the Internet. The functions of bitcoins are quite similar to fiat currency, but their features make them completely different. Fiat currencies are under control over government authorities, but bitcoin is a decentralized currency and involved no government authority or financial third party. It is an encrypted digital currency that works on blockchain technology. With zero interference of any government authority, bitcoin enables fast-paced, safe transactions at minimum cost. The decentralized nature of bitcoin is the primary reason which makes it highly popular. It is the perfect combination of an investment and a currency.

How does bitcoin operate? What’s it working?

Being a decentralized cryptocurrency, it is obvious that bitcoin won’t have any central authority. Bitcoin works on a peer-to-peer technology that allows the users to make a direct transaction to any user in any part of the world. Bitcoin is designed with an open-source code which makes it accessible to everyone and allows anyone to make bitcoin transactions. Bitcoin cannot be used without a bitcoin wallet as it is the only way to make bitcoin transactions. Bitcoin wallets are accessed using unique keys, and there are two types of keys used for bitcoin wallets; private key and public key. All these functions and features allow bitcoin to operate smoothly and provide the users with maximum safety, anonymous and privacy.

How to purchase bitcoins?

Now comes the most important topic, which is regarding the purchase of bitcoins. Before you purchase your first bitcoin, you must gather complete information about bitcoin, its features, characteristics, origin, etc. Once you have good knowledge about this cryptocurrency, you can follow the steps mentioned below to purchase bitcoins easily.

Step 1 – Choose a bitcoin exchange

There are several ways to purchase bitcoins, but one of the most popular and secure ways is through an online bitcoin exchange. So, while purchasing bitcoins, the first thing you need to do is choose an online bitcoin exchange. There are numerous exchanges over the Internet, such as cfds-trader.com, but you need to pick the one that offers the best features and is most suitable according to your needs and requirements. Some bitcoin exchanges require you to submit an ID proof along with other details, whereas some of them allow you to purchase bitcoins anonymously. You must check that also and pick that one that offers excellent anonymity.

Step 2 – Link a payment method

After choosing a bitcoin exchange, you need to link a payment method with it.  It is obvious that you will have to pay for the bitcoins that you purchase, but it’s your choice that what payment method you are willing to choose. So, once you have picked an exchange, you can check the payment options offered by it and pick anyone. You can link your bank account with the exchange so that it becomes easier for you to make transactions. You need to also keep the region restrictions and regulations in mind while choosing a payment method.

Step 3 – Place the order and make payment

The last step of the process of purchasing bitcoins is placing an order and making the payment. All you need to do is enter the number of bitcoins and hit the buy button. It will lead you to the payment page, where you can choose your preferred payment method and place the order. Once you make the payment, the bitcoins will be automatically transferred to your wallet. However, the time taken for transferring the bitcoins to the wallet after the purchase is made varies from exchange to exchange. So, you must choose the one the transfers them quickly.

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