Buy Bitcoin (BTC)
What is Bitcoin?
Bitcoin is a digital payment system that uses a digital medium of exchange and Peer-to-Peer (P2P) technology to create and manage money transactions.
The idea of creating Bitcoin as an electronic payment system based on mathematical proof was proposed by someone hiding under the pseudonym Satoshi Nakamoto. His identity has not yet been established. Whoever the author of Bitcoin was, he pursued one goal - to create a currency independent of banks and governments, which could be used in electronic transactions with a low commission.
No one physically prints cryptocurrencies, unlike central banks, which can print money indefinitely to cover government debts, which ultimately leads to the depreciation of money. Bitcoin is “created” digitally by a community that anyone can join. Basically, BTC is just a regular computer program. Only it is not located on some separate computer or server, but immediately on millions of computers that directly communicate with each other through this program.
Despite the fact that this crypto is a relatively young currency, in recent years its popularity has reached unrealistic heights. However, many people still do not understand how and why this virtual coin can be used. We will try to briefly answer these questions.
- Speed. When transferring money in the usual way, payments do not always reach the same day. Banks can hold the transfer for up to several days until they are sure that the funds have arrived in the recipient's account. Everything is much simpler here. Transactions can be executed instantly, sometimes up to 10 minutes. In rare cases, when the network is congested, the transaction time can take up to several hours.
- Cheapness. The amount of the commission for the transfer of Bitcoins is minimal, and there are no losses associated with exchange rate differences at all.
- Protection from the government and banks. This digital currency is decentralized. No government controls it and no bank can seize it.
- The inability to reverse transactions. Bitcoin does not allow fraudulent actions, because it does not allow the possibility of “rolling back” a transaction. Once the coins have been sent, they cannot be returned without the consent of the recipient.
- Protection against theft of payment data. Most purchases today are made using plastic cards. In the case of online purchases, users have to enter personal payment information (card number, holder name, card expiration date and CVV code) into online forms, which compromises their privacy. In the case of transferring Bitcoins, you do not need to provide any secret information on the network. As a means of protection, you will be asked to use two crypto keys: public and private. While the public key will be visible to everyone, the private key will be known only to you.
When transferring crypto, you "sign" the transaction by combining the public and private keys and apply a mathematical formula to them. A certificate is created, thus confirming that the transaction originates from you. You will not lose protection until you yourself publish your private key on the network.
Where to buy Bitcoin?
There are many ways to buy Bitcoin, each of which has its own advantages. When making a choice, you should pay attention to the size of commissions, the degree of anonymity (if it is important), available payment methods and other factors. You can buy Bitcoin in the following ways:
Platforms allow you to buy or other digital coins in different ways: through a trading terminal, through a direct purchase from a card, using p2p markets, built-in decentralized exchangers, etc. To work with the functionality, account verification is usually required (in accordance with the requirements of KYC / AML). The most popular at the moment are:
1. Binance - it is the largest cryptocurrency exchange that offers users a simple and user-friendly interface with many features. Binance offers a variety of services suitable for everyone, from a cryptocurrency newbie to a professional trader. It has everything you need for successful trading: a large selection of cryptocurrency pairs, fast transfers, an extensive set of market analysis tools, and more.
2. Okex - one of the most popular and most functional resources today for full-fledged work with digital assets. The site offers an impressive range of coins, including rare ones, interesting options (leverage, hedging, etc.), fast withdrawals and a high level of system protection. All this increases the credibility of the players in the digital market, makes it a stable and reliable resource in the market.
3. Huobi - this company is a digital currency exchange or platform based in China. The exchange offers a wide range of coins to trade across many markets and many users choose to place their funds and trust the company due to their proven track record, their impressive team and their lucrative opportunities beyond regular exchanges.
The purchase can also be made with the help of a broker. You can use a popular broker - this is IQ Option. The company is one of the most popular online brokers that has been operating for several years and has a huge amount of positive feedback from users. This is true, because the number of registered customers on the platform is increasing every day.
IQ Option has CFDs, you can use it to buy shares, crypto, etc. Today, CFD contracts are a profitable way to get a decent income for those who do not have enough funds to enter the market.
In order to start trading, you will need only $10, since this figure is the minimum deposit with this broker and you can already make transactions from as little as $1.
You will also have access to such benefits as a $10,000 practice account, where you can learn platform options, strategies, and try to place bets. In addition, such an introductory account helps the trader feel more confident in trading. If your demo account runs out of virtual credit, you can replenish it, this is done very quickly and this service is absolutely free. Register now and start your trading journey with this online broker!!!
Services of this kind offer the widest range of payment options, from bank cards to cash. Commissions in exchangers are included in the course. To find the most profitable rate, you can use monitoring. Often exchangers provide an opportunity to take advantage of the discount system for regular customers.
Such platforms allow you to find users whose conditions for exchanging fiat for cryptocurrency and vice versa are the same as those that suit you. If there are none at the moment, you can expand the filtering or create your own ad and wait until you respond to it. The exchange does not manage fiat transfers, the money is sent directly to the user.
Where to store cryptocurrencies?
Cryptocurrency wallets are used to store BTC and other similar assets.
A crypto wallet is a means for storing private and public keys, with the help of which assets are accessed and funds are managed.
At the moment, the most popular and reliable wallets are:
1. Iq Wallet
Since BTC and any other crypto are exclusively virtual assets, which are program code, it cannot be said that a cryptocurrency wallet stores coins. It stores keys and information about transactions, on the basis of which the balance of a particular account is determined.
The principle of operation of a cryptocurrency wallet is based on three terms - private key, public key and address.
- A wallet address is an alphanumeric code that is needed to transfer Bitcoins or other cryptocurrencies to a specific user's wallet. Similar to a wallet or account number in fiat systems.
- A public key is a code on the basis of which an address is generated by cryptographic methods. Based on the public key, an infinite number of addresses can be generated (provided that a wallet with hierarchical determination is used), and each of them remains tied forever and can be used to receive cryptocurrency.
- The private key is, in turn, the code from which the public key is generated. Unlike the first two concepts, a closed (private) key is confidential information, since it can be used to access funds.
So, a cryptocurrency wallet is software that generates public and private keys. Without a wallet, no one can interact with the blockchain network. All other functions of the wallet are auxiliary.
How to buy BTC in UAE?
Perhaps the most popular way to buy is through trading platforms, or crypto exchanges. They come in many forms: some only support cryptocurrencies, and some also support fiat; some require identity verification in order to make transactions; some provide additional options in the form of trading in futures contracts or with leverage. The choice of an exchange or an online broker depends on your personal needs and preferences, and the information on how to buy Bitcoin in the UAE will be approximately the same, and for this you need to follow these steps:
- Top up your account with the currency for which you are going to buy BTC.
- Decide how much BTC you want to receive.
- Make a purchase.
The prospects of BTC today are no longer in doubt - what used to be called a scam and a bubble has shown itself to be a reliable protective asset, even more stable than inflation-prone fiat funds.
You can buy BTC in the UAE today, this procedure will not take much time.
How does Bitcoin work?
The foundation of BTC as an electronic payment system is a transaction tree in the blockchain system, which contains information about the movement of Bitcoins between network participants. The blockchain is made up of blocks, each of which contains information about a certain set of transfers made by the participants. Block creation is the calculation of a set of hashes that correctly display the previous block with its transactions, as well as those transactions that have been committed, but have not yet been recorded. For each block created, a reward is charged, so the creation of blocks is usually called “Bitcoin mining”, that is, the “mining” of electronic currency.
This means that the transaction tree can be read quite simply and quickly, but it requires significant computing power to change it.
How is the price of a token determined?
You probably know that the price of a good reflects the amount of money people are willing to pay for that good. Why are people willing to pay real money for Bitcoins, thereby pushing their price up?
There are several reasons that increase the value of this digital coin:
- Pseudo-anonymity of transactions - despite the fact that each transfer is easy to trace, as a rule there is no way to link them to real people. “Pseudo” - because when buying a crypt on an exchange or in an exchanger, you will most likely need data that identifies you. If the exchange or exchanger is hacked, it will be possible to find out who owns this or that wallet.
- Reliable protection from government and banking control - only Internet access is required to use Bitcoins.
- Very little or no transaction fees - while transactions with a fee are processed faster, transfers without a fee are also necessarily processed.
- Powerful speculative potential - the value of these digital coins is determined in an absolutely market way, without any control.
- High confidence of the participants - the military-technical cooperation is provided with huge computing resources around the world, and also has a reliable mathematical base that is not subject to various attacks.
The decision to buy BTC and replenish your investment portfolio with it has a reasonable grain. Now you know how you can do this using different types of services, choose the method that seems most comfortable and least expensive for you. Do not delay registration, start trading today and you will definitely succeed! Successful sales!