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How to buy bitcoins

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.
bitcoins

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.

What is bitcoin

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.

How to buy bitcoins

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.

READ ALSO: How to open a PayPal account in Nigeria

Main features are:

  •  buy bitcoinsanonymous,
  • non-repudiable,
  • easy setting up,
  • decentralized,
  • transparent,
  • fast,
  • with low fees.

How to buy bitcoins instantly

There're plenty of ways to receive bitcoins. Common ones include the following:

  • credit card,
  • How to buy bitcoins instantlyPayPal,
  • cash,
  • exchanges,
  • 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 online

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.
    How to buy bitcoins with cash

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.
    How to buy bitcoins with credit card

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.

Online exchangers

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.

Online exchangers bitcoins

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.

Avatar
Expert
6 comments

You can order bitcoin online with various payment methods or exchange other ecurrency for bitcoin at Online Code Only. Located in Turkey and have associates in Nigerian where you can easily buy from or buy directly online at onlinecodeonly.com.

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Visit : http://www.onlinecodeonly.com/

Avatar
Newbie
Answered 9 months ago.

About Bitcoin I read a lot. As is known, per 1 Bitcoin can receive about 200 dollars or more. This is according to the exchange rate. Tempting, is not it? But how to make them? The answer is simple, you need to collect them. There are many sites on the cryptocurrency collection. After accumulating the required amount, Satoshi displayed on the Bitcoin address. I tried to make a way, but unfortunately it did not work. 1 Bitcoin is very difficult to collect, and you need to spend a lot of time. Who are interested try to earn it.

Avatar
Student
Answered 11 months ago.

Before directly proceeding to the description of the process we would like to highlight some nuances. First, you need to understand that almost all purchases of bitcoins are carried out online, and therefore cash is not applicable here. That is of course your money at some stage may be in cash, but then you will have to translate it into some kind of electronic counterpart. Second to buy bitcoin you need a bitcoin address. This address you can get in your wallet or on the exchange in your account, or the address of merchant if you are going to send bitcoins directly to him. The address is an alpha numeric string that looks like this: 1MetaBANKUZ794Lg2YEcp8mYSZQLk5KBam. Try not to mix, otherwise sent the money back will be impossible.

Avatar
Student
Answered 11 months ago.

Many heard about Bitсoin. But not ignorant what it is. Friends say that you can make good money. This currency is currency. For me this is a complex information. I do not understand why buy the currency. Especially for beginners it is very difficult to grasp. And most people do not like to experiment with their own money. I try to shop in a comfortable way for me. Rozrahovuyus cash or card. To buy the currency should probably also for the service or pay receipt. And lose his own money, though not much. Now a lot of scams, especially on the Internet. People who do not understand this easily fall for scams.

Avatar
Student
Answered 11 months ago.

This is a very good invention. The main thing that you can perform any operations without poserednykiv.Odnoyu advantage of Bitcoin is that it is not controlled by any network. This kind of electronic money, but they can not withdraw unlike other e-currencies. This is a good way of settlements between partners.Buy Bitcoins can be cash, online bank transfer. The article describes in detail all the possible ways to get Bitcoins. It is convenient and very easy. Choose the way that suits you best .

Avatar
Student
Answered 11 months ago.

Bitcoins seem to be the prefered currency, as it is more secure than the dollar and pound, due to there being less bit coins in circulation.

Many people are also buying and selling LocalBitcoins: http://localbitcoins-1.yolasite.com

Avatar
Newbie
Answered 11 months ago.
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