Following Bitcoin sometimes feels like a rollercoaster ride. Since the Bitcoin craze started several years back, the value of the coin has seen so many ups and downs that it is hard to keep track. This might deter you from purchasing coins for yourself, but it shouldn’t.
Even though the value goes up and down enough to make you dizzy, it always goes back up, meaning there is no reason not to make an investment. Before you invest though, it is important to get some answers on things like the best purchasing methods, where to make your purchase, and if it is possible to buy Bitcoin with credit card. We are here to answer all of your Bitcoin-related questions.
First of all, what is cryptocurrency?
This might be a no-brainer to some, but there are still people out there that have no idea what cryptocurrencies even are. To put things simply, cryptocurrencies are a form of money that works entirely through digital means.
You can’t actually hold a Bitcoin in your hand like you can a quarter, but instead it can only be used via the internet. There are several types of cryptocurrencies, but Bitcoin is by far the most popular. Every year more currencies join the crypto roster, but Bitcoin still remains the most lucrative.
How do crypto transactions work?
In order for a transaction involving cryptocurrencies to work, something called “cryptography” is used. Cryptography is the process of making online transactions as secure as possible. Many people fear the idea of exchanging personal data for transactions, but cryptography is what makes it completely safe and risk-free.
What methods of payment can be used to purchase coins?
There have been a few answers to this question over the years, but now in 2019 the answer is simple. You can pretty much use any payment method for purchasing Bitcoin, including the use of a credit or debit card. However, using a credit card for a Bitcoin purchase won’t be as simple as making a purchase on the Amazon, Target, or Walmart online websites.
To make the transaction possible, you have to go through something called an exchange platform. There are tons of exchange platforms to choose from, including CoinBase, CoinFlip, and Coinmama. It is up to you to decide which one to choose since they each have their own set of pros and cons.
Once you’ve decided on an exchange platform, you’ll be required to make an account and go through a verification process. This could take anywhere from a few hours to several days depending on the platform you choose. Verification typically just requires you to upload an image of your ID or passport, but every platform is different.
After you have been verified, the rest comes easy. You just input your payment details as you normally would, choose the amount of cryptocurrency you would like to purchase, and voila, it will be added to your account. Easy, right?
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