So far, you think that you can understand the outline of basic knowledge of Bitcoin if you read it. One big premise is that when you buy, use only the amount that you can afford to lose. Keep in mind that the price fluctuations of Bitcoin are incredibly volatile, and there is a good chance of a sudden rise or a sudden fall.
The most common way to get Bitcoin is to access Bitcoin sales/exchanges on the Internet. There you can get it by buying and selling Bitcoin. There are various ways to purchase Bitcoin. You accept cash, credit, and debit cards. Also, depending on the exchange, you can purchase with other virtual currencies. Starting this year, purchases with credit/debit cards tend to be restricted.
Create a wallet for virtual currency
As the first step in purchasing virtual currency, let’s create a virtual currency wallet that stores Bitcoin. This is absolutely necessary for Bitcoin transactions. A virtual currency wallet is an online wallet; some are automatically created when you register an account on the virtual currency exchange. Still, you can also create it on a site other than the exchange site, desktop wallet, or mobile. There are wallets in terminals and wallets made offline, such as hardware devices and paper wallets.
Each type of wallet listed above has different services available, and you need to find out which type of wallet is best for you. The most important part of managing Bitcoin is to keep your keys and passwords secure. Please be aware that if you lose them, you may not be able to retrieve the stored Bitcoins. Click at click-moneysystem.com for detail.
Open an account on the exchange.
The virtual currency exchange will buy and sell Bitcoin on your behalf. There are many Bitcoin exchanges all over the world, and they have various cash exchange capabilities and security. New exchanges are launched one after another, and at the same time, other transactions are closed. Just like a wallet, be sure to carefully check which exchange is right for you before purchasing Bitcoin. If you calculate from the trading volume of Bitcoin, it can be said that the major Bitcoin exchanges at present are BitFlyer in foreign countries and Bitfinex in the United States. Other exchanges with large trading volumes include Zaif, Coinbase, Bitstamp, Poloniex, Kraken, etc. For example, the exchange that has the best reputation for word-of-mouth information is the most suitable. Since the situation is as of the writing of this text, please understand that it may change in the future.
Crackdowns on CryptoCompare KYC Know Your Client and measures against money laundering illegal use of funds/washing of funds, many exchanges now require the submission of identity verification documents when opening accounts. It is necessary to submit a photo of the ID card and a copy of the address documents.
The method of opening an account and the transaction procedure vary depending on the exchange. And since the detailed procedure etc. up to the purchase of Bitcoin are written firmly on the site, please see that. Regarding exchanges in other countries, you have opened a coin choice.
After depositing on the exchange, the exchange will buy Bitcoin for you. Then, the purchased coins will be automatically transferred to the wallet of your account. This process may take minutes or hours, depending on the network conditions. If you find it bothersome, you recommend a wallet that can be used offline.
Bitcoin storage method/wallet
Before you buy Bitcoin, you must have a place to store it. The place where you store your bitcoins is called a wallet. Bitcoin is stored online instead of directly in your wallet or piggy bank and is managed by the password you set public password is also possible. When it comes to quality, it feels like you have Bitcoin there, and it’s functional and intuitive to work with.
Bitcoin users have multiple wallets and use multiple passwords to manage their assets. Wallets are available not only in computers and mobile devices, but also devices that can be handled offline and a single piece of printing paper. Now let’s look at each wallet.