Bitcoin, invented in 2008, is a cryptocurrency that allows people to send or receive money over the internet. The origin of Bitcoin is ambiguous. It is believed that a person, or a group of people, with the identity of Satoshi Nakamoto had conceptualised an electronic cash system that would permit payments to be sent directly across the internet from one party to another without going through a financial institution. Here we also let you know where to buy bitcoin.
How can you get Bitcoins?
There are three major ways in which you can acquire Bitcoins:
- Buy Bitcoins: You can buy Bitcoins using ‘real’ currency like Rupee, USDollars, Renminbi, etc. There are several online marketplaces known as “bitcoin exchanges” where you can trade bitcoin using different currencies.
- Receive Bitcoins: You can also receive Bitcoins as modes of payment for goods you purchase and the services you avail of.
- Bitcoin Mining: Bitcoins can be generated by the process of Bitcoin Mining where you use your computer to perform mathematical calculations for the Bitcoin network to validate transactions.
How and where to buy Bitcoins?
Using the Bitcoin.com Wallet
- Open the Bitcoin.com wallet app on your device.
- Press the green ‘Buy’ button to buy Bitcoin Cash (BCH)
- Just follow the instructions on the screen to deposit coins to your preferred wallet
- You will be asked to verify your identity
- Once done, you can proceed to purchase. Your first purchase may be slower as it involves identification and verification. However, your future purchases shall be much faster.
Through a cryptocurrency exchange
- Just visit the cryptocurrency exchange.
- Create your account and validate your identity.
- Follow the on-screen instructions to buy your Bitcoin Cash (BCH) or Bitcoin (BTC).
- You will be able to find your coins in the exchange’s wallet connected to your exchange account.
- Lastly, move your Bitcoin to your personal wallet to keep it more secure.
How to sell your Bitcoins?
- Visit a cryptocurrency exchange like Bitcoin.com Exchange.
- Create an account and validate your identity.
- Follow the on-screen instructions to sell your Bitcoin Cash (BCH) or Bitcoin (BTC).
- If you have sold it for fiat currency, you can cash out the funds directly into your bank account otherwise you can send the coins to your personal wallet.
Where can you check the price of Bitcoin?
There are many websites on the internet where you can get the price of Bitcoins against the desired currency. Keep in mind that many of the sites provide multiple types of data, so there can be a discrepancy in the exchange rates across different websites. The following sites are the most preferred resources for checking cryptocurrency prices as well as data for deeper analysis.
- bitcoinwisdom.io – For a truly old school way to check prices across popular exchanges, and view corresponding charts, bitcoinwisdom.io is a solid choice. The classic site affords users the opportunity to check prices in terms of their preferred trading pairs.
- bitinfocharts.com – It presents price, volume, transaction value, fees, block time, block size, difficulty, hash rate, mining profitability, and even wealth distribution of Bitcoin.
- coinmarketcap.com – This website is renowned for its comprehensive historical data section, which allows analysis of cryptocurrency data for the past five years. It’s also available as a mobile application.
- markets.bitcoin.com – It is a handy resource to get a clean check of prices crypto assets that are doing best in the last 24 hours duration.
- messari.io – Much more than just a place to check prices, Messari specializes in research, news, and analysis, and like bitinfocharts.com, This website provides a huge collection of metrics as well as advanced options for analysis and professional research. Some of the features available only via paid subscription, but the free library is also extensive.
Will bitcoin be relevant in the future?
There is a hot debate going on regarding the future of cryptocurrency. Some economists predict a possibility that cryptocurrency will be floated on the Nasdaq, leading to increased credibility to blockchain and its application as an alternative to conventional currencies. With the advancement of Virtual Reality and Augmented Reality, the concept of cryptocurrency has gained further significance. If we imagine a virtual world run by a virtual economy, a cryptocurrency might be the most convenient means of payment within those virtual networks rather than hard currencies like the US Dollar or Euro. Due to its network-based structure, the banning of the cryptocurrency turns the traders to overseas platforms to continue participating in crypto transactions. Even in China, dealing in cryptocurrencies has now reduced not banned. It is still ambiguous whether an outright ban is an excellent choice as a regulatory measure, particularly in a domain-driven by fast-paced technological innovations. We believe that there should be more debate before the decisions of regulating or banning cryptocurrency are materialised.
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