What Is Bitcoin And How To Purchase

The first question when purchasing something is always the mode of payment. One has to be sure that the mode of payment he wishes to make the transaction on is acceptable. Many businesses have ventured into the Bitcoin mode of payment. Cases of computers being sold for bitcoins, flights even recreational spots that accept bitcoins has raised the simple question; how does one own bitcoins?

Bitcoins can be obtained through receiving them as payment (for those with Bitcoin wallets) or bought from Bitcoin sellers. It is thus necessary that an individual equip oneself with all the necessary knowledge about Bitcoin and how their transactions are made before venturing into the community. This is to ensure no or fewer mistakes are made when making transactions. The anonymous nature of the bitcoins holder makes holdings and transaction sensitive. Holders are represented by addresses and peer-to-peer technology makes it impossible to follow up on wrong transactions as no third parties are involved.

STEPS OF BUYING BITCOINS
Bitcoins can be obtained in two simple steps:

1. Own a wallet
   One similarity between cryptocurrency and other currency is that they all need a mode of storage. Being virtual doesn’t mean they don’t exist. A Bitcoin wallet is needed to store the individual bitcoins. These wallets can be downloaded from Apple stores for apple users, Google Play for Android users. However they might have a geographical limitation when it comes to accessibility and if you are always on the move, one is advised to have an online wallet.

Bitcoin miners who have installed the Bitcoin Core Software on their computers have additional wallet on their desktop making accessibility a click away, both online and offline, provided by the bitcoin.org

1. Buy bitcoins
   One then had to identify the local Bitcoin markets where sellers are selling bitcoins locally whereby exchange is done for other currency such as cash, bank transfers and other acceptable modes of payments between the two parties. When the transactions are made to the buyers account one is good to go.
   
   In fact, improvements have been made that, the invention of Bitcoin ATMs where one can simply walk to a physical location, present the relevant identification cards; insert the amount of money needed to buy a certain number of bitcoins and walks away with the bitcoins, easy, huh?

However, due to the ‘no involvement of third parties’ peer-to-peer policy, in countries like the USA, citizens are forced to undergo a verification process before allowing one to make his or her first transaction. These are done through Know Your Customer (KYC) and Anti-Money Laundering (AML) laws which are placed to secure citizens against frauds

Once an individual has bought bitcoins, he is ready to make transactions. Persons are advised to invest the bitcoins to earn more or even work for more bitcoins to increase their worth. Lending can be a business venture that earns interest and sometimes just banking them. If you are a lucky jack, then gambling it is. Yes, there are casinos accepting Bitcoins.