How can I buy Bitcoin?
So you've learned the basics of Bitcoin, you're excited about its potential and you want to buy it. But how?
One easy option for buying Bitcoins is through a cryptocurrency exchange platform. As the name suggests, these allow you to buy and sell cryptocurrencies using fiat money or other digital currencies.
To buy Bitcoins on an exchange platform, you will need to open an account on the platform. In addition, you may need to go through know-your-customer (KYC) and anti-money laundering (AML) procedures. These are basic background checks to let the crypto exchange know that you are who you say you are. Generally, it involves sending your official ID and proof of address.
If you plan to buy a significant amount of Bitcoin, it is best to move your funds to an offline wallet or hardware that does not belong to the exchange platforms.
How to store your Bitcoin?
Just like with your bank account or physical wallet, you need a place to store your Bitcoin after you buy it. It is stored in digital wallets, a type of software that connects to the Bitcoin network. Just as bank cards have account numbers, digital wallets have a unique address that is shared with others when you make transactions.
In addition, there are different types of wallets to store your Bitcoins, each offering its own advantages and disadvantages.
There are basically two main categories: Hot or active wallets: these wallets are connected to the Internet and are usually available online or on your smartphone.
Cold Wallets: these types of wallets are not accessible via the Internet. It may involve physical devices (such as a USB stick), where Bitcoin and other cryptocurrencies are stored securely offline.
How to sell Bitcoin?
Similar to buying Bitcoin, there are several options when it comes to selling them.
You can buy Bitcoin directly from cryptocurrency exchange platforms, Bitcoin ATMs, P2P marketplaces or traditional brokers. Likewise, you can also sell the cryptocurrency through any of these channels, with the exception of some Bitcoin ATMs.
You can sell your Bitcoin, on the exchange platform or broker where it was purchased, by placing a sell order. As the name suggests, a sell order is an instruction to a broker (cryptocurrency exchange platform) to sell an asset at a given price.
Bitcoin can also be exchanged or swapped for other cryptocurrencies or stable coins, such as Ether or Tether (respectively). This is useful if you want to profit from your Bitcoin investment or prevent the value of your portfolio from decreasing.
#BinanceTournament #Bitcoin #Payments #Education #APfinanciero
