What is bitcoin and how to buy it? Learn more about this new thing.
Do you know what bitcoin is? Is it just wasting of time or revolutionary software? Don't know how to buy them? Find out all the possible ways from the article.
What is bitcoin
It's payment system and digital asset, which has been invented by Satoshi Nakamoto. The invention was registered in 2008, and in 2009, the software became open-source. With the help of it, different users may carry transactions without any intermediaries. In simple words, it is electronic currency. Bitcoins are not printed.
We may say it is similar to any other currency, like, for example, dollar, which might be traded digitally. Nevertheless, the key difference is that bitcoin is decentralized. Its network isn't controlled by anyone. The users create such currency. According to the rules, only 21 million bitcoins might be created by miners. It means their number is not unlimited. Nevertheless, they might be divided into smaller parts. The smallest divisible amount is one hundred millionth of a bitcoin. It is called Satoshi.
Any currency must be based upon something. If dollar is, for instance, based on gold, bitcoins – on mathematics. Thus, they are produced by means of special formula, which is available for everyone on the Internet.
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Main features are:
- easy setting up,
- with low fees.
How to buy bitcoins instantly
There're plenty of ways to receive bitcoins. Common ones include the following:
- credit card,
- physical trading,
- via MoneyGram or IDEAL,
- direct online seller,
- money orders,
- personal checks,
- gift cards.
It is also possible to use bank transfer, however, it will take more time. As you see, there are many methods to buy bitcoins. We will observe the most popular and convenient ones.
How to buy bitcoins online
You can carry your transactions online (or partly online) using methods listed above. You can create a profile on one of resources, such as Localbitcoins. Here you can select and set up your own conditions. Choose an appropriate way of purchasing and take benefits from the website.
How to buy bitcoins with cash
It's probably the safest method. Personal meeting is necessary to give the cash. You can follow stepwise instructions to understand the procedure:
- Go to website, which is specially created for such people (Localbitcoins).
- Find an appropriate offer (you can set your own filter, selecting the country, currency, amount, etc.).
- Place your order. When you have found a seller, click on Buy. After this, you will see details. You can find out some data about seller as well.
- Type the amount and when you're ready, click Send Trade Request. Then, you will see the details of how to complete the transaction.
- Pay with cash. Bring cash to local branch of seller's bank. Take deposit form and fill it in with seller's bank account number, date, and the seller's name (if available). Then go to the window and give cash and deposit slip.
- Take a receipt.
- Send message to the seller with your order number and an image of your deposit receipt.
- Get your bitcoins.
There's nothing to worry about, as there is a special security systems. Both seller and buyer are protected.
How to buy bitcoins with credit card
Here you may pay with either PayPal or Credit card. Various resources might be used. We will observe the one called VirWox. Follow the steps:
- Go to the VirWox website and create account.
- Select Deposit on the side bar.
- Then choose the method – your card or PayPal (do not forget about the day limit, which gets larger with every successful transaction).
- Fill in the data from your card carefully.
- Click Place Sell Order or USD/SLL on sidebar and write the amount you are planning to convert.
- Click Next.
- Confirm your order.
- Click BTC/SLL to convert into bitcoins.
- Enter number of bitcoins you desire to purchase.
- After the confirmation, you can transfer bitcoins to wallet.
- Click Withdraw and type the appropriate amount. Click Request Withdraw.
Remember that if you follow the procedure first time, it might take up to 2 days to send money to your wallet. But then, transactions will be instant.
There're many resources, where it is possible to receive bitcoins. As for Nigeria, the best one is considered eTradeXchange. It is a leading exchanger for our country. All the transactions are safe, efficient, and accurate.
To become capable of exchanging money there, you will require to create an account.
Bitcoins are new currency. Many people like it, because nobody controls is. Besides, there're lots of ways to buy it. That’s why everyone can choose the most appropriate one. Nevertheless, be careful with your money, because once the transaction made, it cannot be repudiated.