The Blockchain Diary

Dive into a treasure house of technology informations about Blockchain, Bitcoin, Altcoins, Cryptocurrency and lot's more.

How To Buy Bitcoin ?


by The Blockchain Diary on 2019-02-14


How To Buy Bitcoin ?

Bitcoin refers to both a cryptocurrency and a blockchain protocol that allows for transparent and secure transactions. Bitcoin is the most valued cryptocurrency in the world, far ahead of the ether and ripple. Its characteristics seduce more and more professionals, investment funds as financial institutions. This technology makes it possible to store and transmit information transparently, securely and without a central control body. Bitcoin, like many other cryptocurrencies, is released through mining. The "miners", people all over the world, perform mathematical calculations with their hardware for the bitcoin network to confirm transactions and increase their security. In exchange, they receive bitcoins. They can then be converted into fiat currency or exchanged for other crypto-currencies on exchange platforms.

The issue of bitcoins is limited to 21 million units, as provided in the original code. This amount is expected to be reached in 2140. In early 2018, the number of bitcoins issued has passed the 17 million mark, or 80% of the total. Because of the growing difficulty of calculations, bitcoin is created at a decreasing rate: 12.5 bitcoins every ten minutes today (against 50 bitcoins in 2009). Note that the smallest bitcoin division is satoshi. 1 satoshi = 0.00000001 bitcoin.


Must read: What is Bitcoin Wallet? How does a Bitcoin Wallet work?


How to Buy Bitcoins?

Before buying bitcoins, it's important to keep in mind that, as with any risky asset, you should not invest more than you can afford to lose. There is no bitcoin account per se as there are bank accounts. To get bitcoins, you have to open an account on a cryptocurrency trading platform (there are around 100 today in the world). In general, It is possible to buy them by card or by bank transfer.

To get bitcoins you can choose to mine them, that is generate them with computers and specialized equipment. Although today is an activity that is not profitable, except for large mining farms.


The Transaction Platform

The other option is to buy them in exchange or buy directly to people who sell on their own. In case of opting for this last alternative, extreme precautions should be taken to avoid being the victim of a scam. The most well-known place for this type of operations is Local Bitcoins, a digital buying and selling platform that operates in 248 countries.

In the case of choosing to operate through an exchange, one must analyze the reputation and evaluate whether at some point it was hacked or had an incident that may have affected its security.

There are different options and can be found on the Buy Bitcoin Worldwide(https://www.buybitcoinworldwide.com/), where the results are filtered by country and the payment method you want to use. Some of the most internationally recognized exchange houses are the following:


How Much Dees It Cost to Buy Bitcoins?

The values ​change according to the exchange house that is used. In Argentina you can consult Coinmonitor, where the values ​​of all the exchange houses are included. Some may apply an extra fee or special charges depending on the payment method used.



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Tags: CRYPTOCURRENCY | BITCOIN | BITCOIN-WALLET

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The Blockchain Diary
The Blockchain Diary
Dive into a treasure house of technology informations about Blockchain, Bitcoin, Altcoins, Cryptocurrency and lot's more.