The value of bitcoin depends on demand and supply. In addition, there are some external factors such as social media and viral news and tweets about bitcoin. Bitcoin is becoming valuable and trending, and by increasing the value, new people are excited to buy. Still, they do not know about the bitcoin technology that prevents them from buying bitcoins. So without wasting time, let’s explore the easy and simple steps of buying bitcoins. This article will share the four essential phases of buying bitcoin quickly and straightforwardly.
Bitcoin introduction
As we all know, bitcoin is a separate currency from other currencies that became popular a few years after its launch in 2008 by Satoshi Nakamoto. Bitcoin does not involve any third party in its network. No one can control it, and even the founder of bitcoin Satoshi Nakamoto cannot regulate bitcoin. Bitcoin is an open-source system that means there are a lot of nodes working behind bitcoin that get rewarded for solving the bitcoin transactions. If you want to know more about Auto trading system, then you can check here.
Need a virtual storage place?
Yes, you need a virtual storage place for storing bitcoin, but what is the virtual storage place for bitcoin? The simple answer is that a virtual storage place is the bitcoin wallet in which we reserve the bitcoin. Without a bitcoin wallet, we cannot send and receive bitcoin. There are a lot of bitcoin wallets on the internet, such as offline bitcoin wallets, web bitcoin wallets, mobile bitcoin wallets and exchange, and blockchain bitcoin wallets. If you want to buy bitcoin through a simple method, you should exchange a bitcoin wallet.
Four steps in the bitcoin buying process:-
There are the following four steps of bitcoin buying given below:-
- Choose a wallet and create an account:- Choose an exchange wallet if you want to buy bitcoin through a straightforward method. Exchanges are third parties that provide extra services to the bitcoin users for some additional features or services for some charges. Choose any bitcoin exchange and create your account by filling in your details such as your name, mobile number, or email address and entering a new password. Enter OTP and verify your bitcoin exchange account. Next, complete the KYC by uploading your identity proofs. After approving the KYC, you are ready to buy and sell bitcoins.
- Add bank account with wallet:- The next step after completing the KYC is adding your bank account with your bitcoin exchange wallet. Some exchanges will give your bank adding features. In addition, some exchanges will give another payment adding features such as Google Pay, NEFT, UPI, Mobivik, etc. Adding a bank account or any payment method is mandatory to add fiat currency to your exchange wallet and withdraw money from the exchange wallet to your bank account.
- Add funds to your exchange wallet:- Now, you add your bank account with the exchange wallet, and you can add funds to your bitcoin exchange. Suppose you want to buy bitcoin with fiat currency. In that case, you have to add fiat currency to your exchange wallet through the payment method that you connect with the exchange. Then click on the add funds or deposit money (may be different in different bitcoin exchanges); choose a bank; enter the amount you want to add. And verify the payment by entering the OTP or through third-party services. You can now add funds and withdraw funds from your wallet account.
- Buy bitcoin:- The last and easy step is bitcoin purchasing. Now funds are available in your exchange wallet, and you can easily buy bitcoin by following the further steps. First, search for the bitcoin by entering BTC and clicking on that. Click on the buy button at the bottom and enter the amount of bitcoin you want to purchase. Instead of entering the bitcoin, you can enter the fiat currency that you added, and the exchange will automatically convert bitcoin into fiat currency. Click on place an order, and bitcoins will appear in your exchange wallet. Go to your wallet or profile, and you can see the amount of bitcoin and its value in fiat currency.