Nowadays, when you want to make a purchase over the Internet, your payment is first paid to a bank or credit card company. Exorbitant commission and transaction fees are deducted and sent to the seller after receiving bank approval. While the ledger of your payments is kept by the bank, you may have to wait days or even weeks when you object to an incorrect transaction. Satoshi Nakamoto, known as the founder of Bitcoin in 2008, came up with the idea of a secure, fast and low-commission digital currency that can be sent directly from person to person without the need for banks or any intermediaries, and then Bitcoin was born in 2009.
Bitcoin, is the first decentralized digital currency of any kind, invented to facilitate money transfers on the Internet. Sending and receiving Bitcoin is quite simple. In addition, the Bitcoin system is secure, it cannot be deceived, hacked and turned off. Due to the fact that Bitcoin does not have a centre, your Bitcoin account cannot be frozen by banks or governments.
Bitcoin is valid in all countries of the world, there are no limits on withdrawals and transfers of money, and you can buy anything you want with Bitcoin. So how can you get Bitcoin? We will talk about how you can buy Bitcoin and what you need to know before buying Bitcoin.
What To Know Before Buying Bitcoin
There are many digital currency exchanges in the world. You can buy Bitcoin through these exchanges and transfer it to the digital wallets that you control yourself. For this you need an online wallet. In the Bitcoin system, an online wallet is available for almost any operating system, including IOS, Android, Mac and Windows. After installing the wallet that suits you on your mobile phone or computer, you will have a public key and a private key. The Public Key is the address of your wallet on the blockchain. You can think of it as your “nickname” on the Bitcoin network. Generally, the bitcoin address expression is used instead of the public key expression. Once you have created your Bitcoin address, you can access it from any device via your private key. The private key is actually a secret key so that you can access your wallet. You should take care not to lose this secret key and keep it secret. Because a person who knows your private key actually owns your Bitcoins. Now that we have set up our wallets, we can buy Bitcoin.
How to Buy Bitcoin?
There are many different crypto money exchanges to be able to buy Bitcoin. You can think of these exchanges as e-commerce sites that sell Bitcoin. We will examine the Bitcoin purchase process step by step.
Select A Cryptocurrency Exchange
Crypto we can say that money exchanges are a platform where users who want to buy or sell any cryptocurrency meet. We have said that there are many different crypto-money exchanges nowadays. We can extend the list by saying the most common ones: Binance, Coinbase, FTX, Kraken, KuCoin etc. The simplicity of the user interface is important for a user who is just entering the cryptocurrency market. Choose a cryptocurrency exchange and let’s start the purchase process.
Decide On a Payment Option
The pay method of each cryptocurrency exchange may differ. However, in most cryptocurrency exchanges, you can pay by connecting your bank account, or using payment transactions such as bank transfer, debit or credit card. However, before transferring money to your account, you need to authenticate. Depending on the exchange platform you are using, the required documents differ in the authentication process. During the identity verification process, you may be asked to submit a photo of your driver’s license, passport, or ID. You may even be asked for a selfie to verify the information you send.
Place Your Order
After the authentication process has taken place and you are sure that there is money in your account, you are ready to buy Bitcoin. There are generally 3 different types of orders when making purchases on crypto currency exchanges; market orders, stop orders, and limit orders. By clicking on one of the Buy, Trade, or New Order buttons on the cryptocurrency exchange, you can also make your purchase using orders if you want.
It is very important to have a safe storage place for your purchased cryptocurrencies. When you buy cryptocurrency, your money is stored on the exchange platform you use. But remember that the private key of the address you use on the exchange belongs to that exchange.
Now you can send any amount of money to any person or country in the world, at any time, without depending on any institution or person.