In this article we will see in a simple and quick way how it is possible to buy Bitcoin to enter the world of cryptocurrencies and try to scrape together some profits.
Bitcoin and cryptocurrencies in general have been on everyone’s lips for some time. In fact, a few years ago the most famous among being, Bitcoin, began to attract the attention of investors who have begun to use it in trade as it happens for raw materials such as gold or oil. This has greatly increased the value of the cryptocurrency you give about $ 600 in initial value has risen to about $ 30,000 today, with various fluctuations over time. Today it is famous all over the world and is a source of great interest for those who want to try to invest in this sector. If you are new to cryptocurrencies, you are in the right place! We will see in this article 4 ways to buy Bitcoin.
Introduction
A cryptocurrency has the same function as a traditional currency, that is to represent a universal method to represent “value” in order to facilitate trade. Instead of trading the new car for 1000 sheep, we take out the checkbook. While traditional currency exchange is managed through physical objects – banknotes and coins – whose possession is sufficient to acquire their value, cryptocurrencies do not have a physical dimension, but all holders and exchanges are stored in large ledgers called blockchains. Basically you have x Bitcoins if it says so in the block-chain. Blockchains are extremely secure cryptographic systems and for this reason Bitcoin was initially appreciated.
But how do you access the block-chain? This is exactly what we will explain shortly. First of all you need to use a wallet. It is a program (downloadable on the PC or accessible via the web) that allows you to buy Bitcoins and access the blockchain. In fact, the first thing a wallet does is to assign the user a Bitcoin address, an anonymous code that identifies the user in the blockchain and allows him to exchange cryptocurrencies, a sort of IBAN. The wallet contains the Bitcoins or better it contains cryptographic keys that keep the cryptocurrencies you own “locked in” preventing others from using them, as if they were in a safety deposit box. So make sure your wallet is kept safe: whoever owns the wallet checks your Bitcoins. After this preliminary operation you can start buying Bitcoin.
5 ways to buy Bitcoin: Mining
Let’s start from this which is the most complex way. The management of the blockchain it requires a lot of computational power to ensure the safety of virtual monetary exchanges. For this reason it is entrusted to volunteers who make their PCs available (at the beginning, today there are mining farms with hundreds of computers at work) to be able to carry out the necessary calculations. For this service you receive a reward in BitCoin, generated from scratch by increasing the maximum quantity available. The reward is very low, but if electricity is cheap and running the computer all day, you can make a profit. Be careful though: the maximum amount of Bitcoin is limited, this means that the rewards are gradually diminished and therefore undermining in a couple of years may be less beneficial. Could. It depends on the market value of the cryptocurrency.
5 Ways to Buy Bitcoin: Specialized Sites
But if you are not passionate about hardware or you simply cannot afford a large initial investment – you need powerful PCs to mine and then the cost of electricity in Italy is a big obstacle – then you can use specialized sites like Kriptomat. Basically these sites, usually under payment of a small fee for each transaction, allow you to buy and sell Bitcoins. How? Just register on the portal, send money in Euros and you will receive the amount in Bitcoin to add to your wallet. Many sites integrate within them the ability to manage their own wallet, making everything very simple and intuitive. A few clicks are enough to buy Bitcoins!
5 ways to buy Bitcoin: ATMs
There are, especially in large cities, ATMs similar in all respects to ATMs they allow you to introduce cash or even your own credit card and to get the Bitcoin equivalent on your wallet in exchange. Simply enter your Bitcoin address at the counter and that’s it.
5 ways to buy Bitcoins: Exchanges between individuals
There are so-called exchanges. They function like classifieds sites and allow individuals to sell and buy Bitcoins directly with each other. In fact it is enough use the wallet codes to confirm the transaction and that’s it. The disadvantage is that it is not always easy to find the offer that suits us and we cannot buy or sell arbitrary quantities of cryptocurrency. But it is very convenient and in general the commissions are lower. Of course, you can also decide to accept Bitcoin payments in this way if you are a merchant.
5 Ways To Buy Bitcoin: Smartphone App
Finally, given that now our smartphones are real life companions and collect all our information (including banking), there is no reason why we cannot use apps to buy Bitcoin. Indeed many sites are also accessible via smartphone apps and there are applications that act as wallets. I’m very comfortable because it will be possible to quickly approve transactions simply by scanning the QR code that contains the wallet address for example.
Warning!
Buying Bitcoin can be a good investment, but like any speculation-based financial stock it is subject to great risks so be very careful how you use your savings. Also with the growing popularity of cryptocurrency are scams have also increased related to it. So be very careful because the blockchain is safe, but the outside is not! That’s all from the web and social section, keep following us!