Hi this is Dr.Zak. Today i am goin to write about the process of how to buy Bitcoins for the educational purpose for many people because many people don't know this process. I am writing this on the basis of my educational reach.
Most people of us buy Bitcoin via, exchanges, such as Coinbase. Exchanges allow you to buy, sell and hold cryptocurrency, and setting up an account which is similar to opening a brokerage account for which you will need to verify your identity and provide some kind of funding source, such as a bank account or debit card.
Major exchanges include,
. Coinbase
.Kraken
. Gemini.
You can also buy Bitcoin at a broker like,
. Robinhood.
Regardless of where you buy your Bitcoin, you’ll need a digital wallet in which to store it. This might be what is called a hot wallet or a cold wallet. A hot wallet (also called an online wallet) is stored by an exchange or a provider in the cloud. Providers of online wallets include,
. Exodus
. Electrum
. Mycelium.
A cold wallet (or mobile wallet) is an offline device used to store Bitcoin and is not connected to the Internet. Some mobile wallet options include
. Trezor
. Ledger.
A few important notes about buying Bitcoin which i draw from my personal research about all this are,
. While Bitcoin is expensive, you can buy fractional Bitcoin from some vendors.
. You’ll also need to look out for fees, which are generally small percentages of your crypto transaction amount but can really add up on small-dollar purchases.
. Finally, be aware that Bitcoin purchases are not instantaneous like many other equity purchases seemingly are. Because Bitcoin transactions must be verified by miners, it may take you at least 10-20 minutes to see your Bitcoin purchase in your account.
“The reason why it’s worth money is simply because we, as people, decided it has value same as gold,” said by Anton Mozgovoy, who is a co-founder & CEO of digital financial service company Holyhead.
Since its public launch in 2009, Bitcoin has risen dramatically in value. Although it once sold for under $150 per coin, as of March 1, 2021, one Bitcoin now sells for almost $50,000. Because its supply is limited to 21 million coins, many expect its price to only keep rising as time goes on, especially as more large, institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation.
As we all knows that crypto market is very volatile and we all have experienced it when a crypto currency Tycon Bitcoin has reached to 50 k dollars
These were some lights on the process of buying a bitcoin and things to keep in mind while buying bitcoin.
