What is Bitcoin
At now, there are several digital currencies in the online market. Still, Bitcoin is the first digital currency in the world that is not backed by any tangible commodity like gold, diamond, or silver. In the initial stage, bitcoin does not get attention, but currently, it has gained remarkable value and become the world’s most expensive digital currency.
Bitcoin digital currency is the pioneer of all digital currencies. It is designed in 2008 by some professional mathematicians but they launched it in 2009. This digital currency is also known as virtual gold. The big advantage of bitcoin digital currency is that, is not a centralized currency. This currency is not managed by a single organization or government. Its decentralized system makes him so popular in the world.
Bitcoin is also called the cryptocurrency and is backed by the blockchain. Blockchain is the chain of computers in the different areas of the world, that have to take care of and manage all the bitcoin cryptocurrency’s functions. Blockchain is the master art of decentralization and is also referred to as a public ledger. All the transactions relating to sending and receiving bitcoins in the world are recorded and saved in the blockchain system.
Cryptocurrency act like a paper currency. The bitcoin price fluctuates according to demand and supply just like in the real-time market. Some major companies like dish network, Microsoft, Expedia, Shopify, and Newegg also accept digital currency like bitcoins. Amazon is not accepting bitcoins directly but bitpay helps you to buy amazon gift cards.
How to Buy a Bitcoin
There is hype in the market that purchasing bitcoin is a very hard and risky process but in actuality, it is not. Sometimes it is very easy to open an account with the crypto exchange website for the trading of bitcoins irrespective of the opening of an account in a traditional bank.
How to buy and which type of payment is used is a harsh problem to discuss, but KuCoin provides the best solution to help purchase bitcoins. KuCoin provides a bonus to new users up to $500/- dollar. KuCoin has the facility to complete the transaction of buyer and seller after charging the nominal fee for the process. They offer multiple methods of payment that are easy and convenient for the user for buying and selling. KuCoin also accepts the master debit and credit card for the buying and selling of cryptocurrency, but they prefer to use PayPal instead of the other payment method.
A few things are necessary to learn before buying a bitcoin. Like wallets, Qr codes, and crypto exchanges. etc
What are Wallets
First of all, for the trading of digital currency, you have to register with the crypto exchange offering a wallet. In some scenarios, you have to avail the facility of wallets of more than one. Wallets are third-party software installed on your computer for receiving and sending digital currency. You can also store the digital currency in them with a private key which is protected by encrypted passwords. Exodus crypto, electrum, and coinkite crypto are the perfect examples of wallets. These are web-based wallets that work on desktop computers. Despite that, there are multiple efficient mobile wallets. The extraordinary benefit of a mobile wallet is the scanning of QR codes. On shopping, you need just to scan the QR code from the mobile wallet and pay the cryptocurrency in return for that. QR codes make life easy and riskless.
Registered with the Crypto Exchange
After creating the wallet as discussed earlier you have to register with the Crypto Exchange to complete the rest of the work. You have to keep an eye on the BTC price and ask the crypto exchange to buy. They charge a nominal fee for making arrangements for your transactions. Some of the fee is going to miners to process your transaction speedily. Miners create updated blocks of your information and secure them from hackers. In this return, they charge a nominal fee to run their system for you.
You can easily purchase bitcoin with PayPal and a credit card on any crypto exchange.