Bitcoin (BTC) was established in 2009. It was the first official cryptocurrency, being introduced along with the essential concept of blockchain. Prior to Bitcoin the idea of cryptocurrency did exist, but with the underlying problem of ‘double spending.’ Bitcoin solved the double spending problem with blockchain, offering an ultimate solution to keeping track of digital currency. Hence, those looking to buy Bitcoin can now do so with the power of blockchain security.
How to Buy Bitcoin
If you are looking to buy Bitcoin there are a few required steps. First you will need an account with a broker or exchange service. Choosing which broker or exchange service to use is important, given that they offer vastly different services. Some services are anonymous, and do not require identification. Others that are centralised do require identification, and also follow government imposed financial laws.
In order to buy Bitcoin you will need to link to a payment option to your exchange account. You will also need a safe place to store your Bitcoins, such as an EWallet. Be sure to use a reputable online storage service. When you buy Bitcoin enter a value amount, such as $100. The equivalent amount of Bitcoin will be purchased.
Read up on our crypto guides to find out all you need to know about how to invest in cryptocurrency in a matter of just a few steps.
Payment Options Accepted
If you directly buy Bitcoin you can use a credit card, debit card, Google Pay, Apple Pay, or other popular method. If trading for Bitcoin, platforms offer a secure online cryptocurrency system. The system will facilitate trade, as well as temporarily lock value in order to avoid market volatility.
How to Mine, Spend, Trade and Halve Bitcoin
Mining Bitcoin is done with appropriate hardware, software, and time. The mining process is required for blockchain, with miners actually serving as auditors. But there is also the reward of earning currency in the process. On average a miner may earn a Bitcoin in around 30 days. Note, however, that a halving rule has been written into the system. This means that after around 4 years the reward earned by a miner is halved.
As far as spending Bitcoin is concerned, the options vary. It will depend on where you live, but a few major companies accept Bitcoin. Microsoft, Home Depot and Starbucks are amongst the biggest. Though a middleman app may be required for payments. You can buy Bitcoin, trade Bitcoin for other cryptos, or trade it for traditional spending currency.
Cryptocurrency is only being more widely accept as time moves on. If you buy Bitcoin now, you can be part of the currency revolution.
As one of the biggest, most well-known crypto coins, Bitcoin is more widely accepted than most and has a strong legacy that attests to its investment potential. As a cryptocurrency pioneer that has survived market fluctuations and stringent security checks, Bitcoin has stood up well and remains an appealing digital asset for traders.
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