Bitcoin is the first cryptocurrency ever created. It is a form of digital money that is highly fraud-resistant and used in a decentralized financial system. When looking at Bitcoin as money, it can be defined as a digital currency operating in a distributed economic system. The unit of Bitcoin is BTC. Let’s see how to get Bitcoins.
One of the easiest ways to get Bitcoins is through cryptocurrency trading platforms. Today, almost all of the platforms comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) principles. In line with these principles, users must declare their identity information when registering on cryptocurrency trading platforms. Some of the platforms allow users to make Bitcoin transactions by not exceeding certain limits without revealing their identity information to their users. Buying Bitcoin through cryptocurrency trading platforms is an extremely easy process. You can easily sign up to the system, transfer Dollars, and receive Bitcoin through banks and payment institutions.
How to Use Bitcoin?
A virtual wallet must be created to buy or use Bitcoin. Thanks to the addresses of these wallets, you can exchange and shop crypto money. Bitcoin transfer transaction is signed and sent with asymmetric encryption. Each of the transactions is announced on the network and joins the blockchain, the chain. In this way, it is prevented from using the same Bitcoin more than once.
How Does Bitcoin Work?
You buy Bitcoin first, either through some sites on the internet or from Bitcoin ATMs, most of which are located in the United States, with your dollar, euro, Turkish lira, or any other currency you have. Just as you store and store real money in a wallet, you also store your Bitcoins in a virtual wallet. This Virtual Wallet provides a high degree of security with an advanced encryption system. The most important thing for the user here is to create and protect his password and take maximum care to prevent his money from being stolen from his virtual wallet. After this stage, you can go to the country you want to pay or accept payments with your Bitcoins without any SWIFT code, government, tax, or inquiry. While money flows from country to country are normally controlled by states, there is no such mechanism for Bitcoin at this stage.
Advantages and Disadvantages of Bitcoin
Let’s take a look at the advantages and disadvantages of Bitcoin. Like any other currency, it has its pros and cons.
You alone are responsible for your digital currency. So nobody can control your money. It is also possible to send money to any country at any time. You can send your money whenever and wherever you want.
Because it is an abstract currency, it does not cause as much expense as a real money system. The money issued by central banks in real currency creates costs for the states due to expenditures such as storage. Even in the United States, this storage transport and so on. More than $ 60 billion is spent annually on such situations. It’s quite a lot.
It is quite easy to store Bitcoin and keep it safe. It is possible to store thousands of pounds of money in an application on your phone or using hardware wallets. Hardware wallets are devices that generally resemble a USB.
As is known, the value of the currencies can change according to the policies of the states. Because these currencies are tied to a state, but Bitcoin is not tied to any state or entity. Therefore, this currency is not affected by government policies.
It is not a completely anonymous currency. By not being completely anonymous, the transactions you make with Bitcoin are located in the Bitcoin network so that everyone can see it. As you can understand, users’ operations are visible to everyone, but their identities are hidden. For example, many famous names have been hacked on Twitter in recent months. The addresses of some Bitcoin wallets were shared from these accounts, and Bitcoin transfers were requested.
The money transferred to these accounts was visible to everyone. In other words, it becomes clear how much money goes to the addresses. So let’s see how you can get rid of this situation. To protect your privacy, you have the option to use a different address for each transfer.
Although the number of people using Bitcoin today seems to be high, not many people are aware of this currency. Therefore, it is not possible to use Bitcoin in all areas.
FAQs on Bitcoin
Yes. The number of businesses and people using Bitcoin is increasing.
Bitcoin payments are easier than credit or debit card payments and can be paid without a merchant account. Payments can be sent by entering the payment amount and recipient address in the wallet software on your smartphone or computer.
It is not right to expect to be rich in any currency. is important to be careful when using anything that is too good to be true or that goes against basic economic rules.
Yes, it is as virtual as the credit cards and online banking networks people use every day. As Bitcoin can be used online, it can be spent in real stores like any other currency.
As far as it is known, Bitcoin has not been found illegal by many governments. But some governments (such as Argentina and Russia) severely restrict or ban all forms of foreign currency.
Conclusion of Bitcoin
The bitcoin market is generally on the rise. If you have a large amount of savings, it may be advantageous for you to deposit it in Bitcoin. In this article, we have explained how to get Bitcoins. It seems that the best way to do it by cryptocurrency trading platforms. Yet, getting Bitcoin has its pros and cons, which we also mentioned in our article.
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