Within in the past year, there have been a lot of news reports about bitcoin. In fact, bitcoin is one of the hottest investment tools on the market.
If you aren’t familiar with this relatively new type of currency, you aren’t alone. The average person doesn’t understand how this cryptocurrency works. Let’s take a look at a few bitcoin facts including how to purchase them.
In 2009, bitcoin was developed by Satoshi Nakamoto as a peer-to-peer currency network. Within the past decade, bitcoin trading has grown exponentially. Here are a few interesting facts about bitcoin:
- The highest trade amount for a bitcoin was $17,900.
- Government officials don’t regulate the bitcoin economy.
- There are a finite number of bitcoin in circulation.
- Bitcoin receiver and sender details are protected by privacy.
- The first bitcoin transaction was used to purchase pizza.
- Bitcoin transfers can’t be reversed.
- As the result of a raid, the FBI owns one of the largest bitcoin wallets.
- The bitcoin economy is volatile.
Depending on your tolerance for risk, bitcoin can be a profitable addition to your financial portfolio. If you want to make a few bitcoin transactions, continue reading to find out how to get started.
How to Buy Bitcoins
At first glance, bitcoin seems to be a covert type of currency. After all, you can’t see it or touch it with your hands. That’s the reason it’s called virtual currency.
As you develop a better understanding of the concept, you will see that purchasing bitcoin is similar to purchasing stocks. It’s an investment.
Are you ready to make your first bitcoin transaction? Here are the steps that you need to take.
1. Download a bitcoin wallet app.
There are plenty of wallet apps available at Apple’s App Store or Google Play. Popular bitcoin wallets include Mycelium, Electrum, and Coinbase. Let’s look at how to purchase bitcoin using the Coinbase app.
After you download this app, you will be required to set up an account. Enter the following information.
- Telephone Number
- Email Address
The purpose of the Coinbase app is to provide you with a secure way to store your bitcoin. Coinbase is also referred to as a bitcoin wallet.
2. Link your bitcoin account to a bank account.
It might be a good idea to open a checking account that is designated for your bitcoin transactions. By taking this action, you can avoid the risks associated with linking the app to your primary bank account.
For security reasons, Coinbase requires you to provide information to verify that the bank account belongs to you. This is just one of the many precautions they take to keep your money safe.
3. Trade bitcoins.
Once your account has been established and your bank account has been verified, you are free to buy and sell bitcoin. As you are completing your trades, the app makes it easy for you to view the current bitcoin exchange rate.
Bitcoin is trading at expensive rates. One of the ways to finance your transactions is by getting ORL title loans. Purchasing bitcoin can be a fun way to increase your net worth.