How to Buy Bitcoin
Bitcoin is the first cryptocurrency that came in existence. In this post we will know all the details related to What is Bitcoin, Advantages of Bitocoin, How to buy Bitcoin, How bitcoin can be mined, etc. So let’s start this one by one to know about this future of digital currency.
Table of Contents
What is Bitcoin ?
- Bitcoin is a cryptocurrency or a decentralized digital currency that is not controlled by any central bank or single administrator.
- It is a peer-to-peer electronic cash system which can be used at variety of places nowadays.
- Bitcoin cryptocurrency was created with a vision to provide an alternative currency which is free of any single entity’s control but otherwise be just used as the traditional currency.
- It was conceived by a person named Satoshi Nakamoto whose real identity is unknown.
- Bitcoin is based on blockchain technology, through which goods or services can be purchased. Bitcoins can be traded among others and Bitcoin is the first cryptocurrency ever invented.Before we proceed about how to buy bitcoin, let’s also explore the advantages of bitcoin.
Advantages of Bitcoin
- There is no problem of blocking in Bitcoin account i.e. Bitcoin account can not be blocked.
- Bitcoin can be exchanged i.e. it can be sold or bought.
- Bitcoin transaction fees is quiet low.
- The first bitcoin was used by Laszlo Honecz. Laszlo Honecz made the first real world purchase when he used Bitcoin to buy a pizza on 22nd May 2010.And hence May 22 is also celebrated as Bitcoin Pizza Day.
- 10,000 bitcoins were paid by Laszlo Honecz for a slice of pizza.
- The value of 10,000 bitcoins at the time of purchasing the pizza was approximately $41 and in Indian rupees was approximately Rs.2664. The Current Price of those 10,000 bitcoins is 3.8billion dollars.
- Identity of the person sending the bitcoin and the person receiving the bitcoin remains anonymous and cannot be traced at the time of the transaction. Only thing which can be traced is Bitcoin Key Address.
- Not more than 21 million bitcoins can be created because the total number of bitcoins has already been fixed. Means after 21 million Bitcoins are mined, new Bitcoins cannot be mined afterwards.
- The White Paper for Bitcoin was released by Satoshi Nakamoto on October 31, 2008 and so it is not possible to ban Bitcoin.
- The price of bitcoin is volatile and it can rise and fall at any time. One day it can be of 10,000 dollar value and the very next day it can fall to 1500 dollar value. So you can see it is very volatile.
How to buy bitcoin
- You can use Coin Switch Kuber App to buy bitcoin. For that you have to install the app and follow the steps given below.
- Open Coin Switch Kuber App and now enter your mobile number.
- An OTP will be sent on your mobile number. Enter it and click on the Next button.
- You will have to set a PIN for your account, after setting the PIN, you will have to confirm it by entering it again.
- Now your account is created.
How to do KYC in Coin Switch Kuber App?
- Click on option
- Now click on User Verification
- Next you have to follow three steps and after that your KYC will be completed.
- Click on Basic Verification and enter your basic details.
- Click on the option of PAN Card Verification and enter your PAN details
- Click on Identity Card Verification and enter your details.
How to buy bitcoin in Coin Switch Kuber App
- You have to visit the home screen of the app and there you have to click on the option called Deposit.
- Now you have to choose the option for the deposit according to you and also enter the amount for the deposit as per your convenience.
- When the money will be deposited in your account then you have to click on the market option.
- Here you have to select Bitcoin and click the button Buy.
- Enter the amount of Bitcoin you want to buy as per your requirement.
- Now click the Buy button.
- Bitcoins will be credited to your account.
What is Bitcoin Mining
Bitcoin mining is a method through which new Bitcoins can be created. High level computing power is used and transactions are processed with the help of Bitcoin.
Computing power is used to complete the transaction process, in this case the power of your computer is used to complete the transaction and the person who does the mining work is called miner.
How Bitcoin mining is done
A Computer system is required to do Bitcoin mining and the speed of mining depends on the specification of your computer system, that is, it depends on the hardware of your computer, the software being used in the computer for Bitcoin mining.
Recently Intel announced that it has created a chipset called as Blockchain accelarator which is dedicated towards cryptocurrency (like Bitcoin) mining and is very efficient and power saver.