How to Buy Bitcoin?
Bitcoin is the first cryptocurrency that has enabled carrying out financial transactions without any intermediary such as a bank, financial institution etc. It is an advancement in technology that is likely to replace the traditional usage of paper money, plastic money etc. This virtual money has been able to popularize itself, thereby increasing its future potential.
Find A Bitcoin Wallet– Firstly you need to find a Bitcoin Wallet App which allows you to transact in bitcoin. There are various Bitcoin Wallets Applications available for Android as well as IOS on Application stores. To proceed further, you must download the Bitcoin app.
Signing up– After downloading the app, sign up by entering the required details such as your name, mobile number, Email Id etc. Click on Register button and your account gets registered.
Verification– After successful registration on the app, you must verify yourself by submitting your Bank account details, PAN Card details, others if necessary. Once verified, you can access the app to start transacting.
Address Generation– You will be provided with an address and a QR code which will act as your virtual identity. Your transactions remain anonymous in this manner.
Deposit an amount– Once verified, you must deposit some amount in your Bitcoin wallet in order to purchase bitcoins. You can deposit money into your wallet through your credit card, bank account etc.
Purchase Bitcoins– You can buy bitcoins either through your credit card, a bank account, with cash, or amount available in your Bitcoin wallet depending upon the terms and conditions of the Bitcoin Wallet App.
Using Bitcoin for transaction purposes– Now your Bitcoin address has been created and you have acquired Bitcoins, so you can use these purchased bitcoins to send and receive payments directly to a buyer/seller or company/firm who accepts bitcoin, without the need of an intermediary such as a bank or credit card company etc.
Need of senders/receivers addresses/ QR code- The company/firm you are transacting with will share with you their Bitcoin address/QR Code to which you can send your Bitcoin payment. You direct the payment to that address thereby completing the transaction.
Send/ Receive Bitcoins- One can make multiple transactions after depositing an amount in their Bitcoin wallet and having purchased bitcoins. They can send bitcoins to make payments or receive bitcoins as receipts.
Storage- There is a complete record of all transactions on the bitcoin network and everyone can view it. All Bitcoin transactions are included in a shared public transaction log known as the “Blockchain”.
Withdrawal- The user can withdraw bitcoins by clicking on the withdrawal button on the app and en-cashing the amount.
Bitcoin is a digital currency that allows you to carry out financial transactions online without the need of an intermediary such as a bank, credit card etc. It is easy, convenient, super fast, safe and secure. Thus more and more people are transacting daily in bitcoins. This article briefs you on how to buy bitcoins through a Bitcoin Wallet App.