Buy Bitcoin (BTC)
What is Bitcoin?
Bitcoin is currently the first and most widely used cryptocurrency.
This crypto was created by Satoshi Nakamoto, a pseudonymous person or team who described the technology in a official document over ten years ago. It's an attractive, simple concept: Bitcoin is digital money that enables secure, peer-to-peer transactions on the Internet.
Bitcoin virtual money appeared against the backdrop of a deep economic crisis and a drop in society's confidence in financial institutions.
The term cryptocurrency can be deciphered something like this. Cryptocurrency is a digital asset that is created and controlled by a system based on the method of asymmetric cryptography. The cryptocurrency network is completely decentralized, that is, it does not have a single governing body and is not subject to external regulators. Blockchain technology is used to create a cryptosystem. All information within the network is presented in open form, its immutability is guaranteed by the elements of cryptography.
This digital currency does not look like ordinary bills or coins, by and large it is just a set of numerical values. It cannot be put in a pocket or in a safe deposit box, like paper bills or a gold bar. Nevertheless, Internet assets are ideal coins that are impossible:
With these coins, you can pay anywhere, anytime. They do not wear out and do not tear like paper bills. People use this crypt for a number of reasons.Many appreciate it for its versatility - anyone with an internet connection can send and receive it. It's a bit like cash in that no one can stop you from using it, but its digital presence means it can be transferred around the world. You can buy cryptocurrencies on the exchange or through a CFD broker.
Distinctive features of BTC:
- There is no control. The complete lack of control over the system by anyone. Millions of computers that mine Bitcoins are included in this system. No one has the opportunity to dictate their terms to the owners of cryptocurrency.
- Easy to use. It takes about 5 minutes to create a BTC wallet that is ready for immediate use.
- Irrevocable transactions. After sending Bitcoins to the addressee, it is impossible to return them if the recipient himself does not want to do this.
- Low transfer fee. The peculiarity here is the absence of any intermediaries in the transaction, due to which no commission is charged. A small percentage of the commission may be for transactions with bank accounts.
Where to buy Bitcoin?
Now not only traders and investors want to buy this digital coin. Increasingly, this crypt is becoming a means of mutual settlements between ordinary individuals, for which, in principle, it was originally created. You can buy Bitcoin in different ways
Exchangers work on the principle of well-known currency exchange points: you give funds in the available currency, you receive in the required one. The purchase rate is set by the service.
Exchanges - here you can buy cryptocurrency at your own price. Just create an application and wait for the reaction of buyers. If there are no offers, lower the price. Ultimately, the exchange is more profitable than the exchanger, but it requires registration and verification. The most popular now are:
1. Binance- is the leading platform for digital assets.
2. Okex- this platform provides an effective toolkit for trading digital and fiat currencies. The exchange has become a favorite among professional traders from all over the world.
3. Huobi - founded in 2013 and today is an expert trading platform for professional traders.
Cash can also be turned into digital money, bypassing exchanges and exchangers. To do this, you need to find the owner of this virtual currency. You can do this using forums or groups on social networks, where you can easily find where to buy a coin for cash in the city you need.
You can make a purchase with the help of a broker. For example, you can use a broker with a long history of IQ Option. The company has several licenses from serious market regulators, which makes cooperation with it reliable and safe. IQ Option offers its users convenient CFDs.
The peculiarity of CFD trading is that the trader receives income not from the purchase of any asset, but from fluctuations in its value. When trading on the broker's platform, it is enough to make a small deposit of $10 and you can already make transactions from just $1. At the same time, you will be able to trade various assets. You will also be able to use graphical tools, a $10,000 demo account, leverage and other free features.
On the platform, you can profit not only from the growth, but also from the fall of the coin, this is what distinguishes it from the classical exchange. IQ Option does everything to make cooperation with the trader and investors comfortable. Register now and enjoy all the benefits that will be available to you today!
P2P sites- direct exchanges between participants in the transaction. An excellent option to buy Bitcoin cryptocurrency with a minimum commission or no commission at all.
Where to store cryptocurrency?
Coins can be stored in wallets such as:
1. Iq Wallet
2. Coinpayments wallet
3. Trezor wallet
How to buy BTC in South Africa?
Without a doubt, your news feed is full of messages about BTC, its price movement and prospects. Naturally, when you hear about something so often and insistently, it's no surprise that it ends up getting your attention. Indeed, BTC is one of the most popular and promising investment opportunities these days. The main question is "Where to start?". The answer is obvious - you need to understand how to acquire such coins.
You can buy Bitcoin in South Africa today and you do not need to have any specific skills for this.
Below is the information on how to buy BTC in South Africa step by step:
- Choose a reliable brokerage platform or exchange.
- Go through the registration process.
- Top up your account using one of the available methods.
- Decide how much BTC you want to receive.
- Make a deal.
Summing up, we can say that buy BTC means that you have chosen one of the safest and most profitable investment options in the world. Therefore, if you are looking for how to protect your funds from inflation or improve your overall financial health, be sure to consider this option.
How does Bitcoin work?
Many people are still wary of digital money, believing that all this is available only to professionals, and for beginners this is a difficult topic. In fact, the algorithm of this virtual coin can be understood even without special knowledge. Digital money is not associated with any banks, states or other bodies. Nothing affects the network. Satoshi Nakamoto ran an electronic payment system without centralized control. The network is maintained by the participants themselves, and new coins appear due to many interconnected computers operating around the world. During the mining process, users mine new blocks and receive rewards in the form of digital coins for this. It is worth noting that there are special registries in which strict records are kept: how many coins someone has and to whom / where / to whom they were transferred. All this data is combined into blocks, units of information recording in the network and form a chain of blocks or blockchain.
Blockchain is a way to record and store digital information so that it cannot be deleted, faked or changed without drawing attention to itself.
If you replace or remove at least one block, then the entire chain will collapse.
Blockchain as an eternal digital distributed ledger of economic transactions that can be programmed to record not only financial transactions, but almost everything of value.
All blocks are in strict sequence and are interconnected by a cryptographic inscription, which is generated as a result of complex mathematical algorithms. Each change in the network is accompanied by a cryptographic inscription. Operations within the network provide hundreds of thousands of computers around the world and they are called “nodes” or “nodes”. A node is a separate computer that stores the full version of the blockchain. When a new block appears on the network, all nodes (computers) update their blockchain. Thus, blockchain technology allows you to refuse the services of intermediaries and allows you to make cheaper and faster transactions.
The process of mining this coin occurs only in digital form, and anyone can create or start mining. Mining occurs through the use of computer computing power in the distribution network.
Mining is a process that is the activity of keeping the network running by closing and creating blocks in the Blockchain using computing power.
The miner uses the power of iron to perform special calculations to find a digital signature (hash) that will close the block. The miner who "finds" the digital signature receives a reward in the form of 1 unit of cryptocurrency. Mining keeps the network running and guarantees its protection from duplicate transactions.
How is the price of a token determined?
A very popular question worth answering. As with any asset, the price of a virtual currency is influenced by several important factors.
- Demand creates supply and increases the price of an asset if there is a shortage in the market. Demand can be increased by secondary, but no less important factors. One of them is staking. Players in the crypto market often invest for the long term and do not plan to say goodbye to the asset in the coming years. That is why they buy cryptocurrency and use staking in order to receive additional income in coins. Mining also has a huge impact on the pricing of many Proof-of-Work digital coins. Indeed, for the most profitable mining of the same Bitcoin, industrial capacities have long been needed. The cost of electricity and depreciation of equipment that becomes obsolete every day are included in the price.
- The price rises when everyone around starts buying the virtual coin. The excitement can be fueled by the media, famous personalities or analysts.
- As soon as crypto becomes really useful, more people need it. And its price, of course, is growing.
So, now you know how to buy Bitcoin and what to consider when buying. Register on the exchange or platform and try trading, you will definitely succeed! Have a good sale!