Bitcoin Dealing and Your Options
A cryptocurrency is a virtual currency that operates independently from banks and governments. It can be traded and traded, like any physical currency or fiat currency. There are a large number of cryptocurrencies available, each with its own unique characteristics and applications. However, those with a large market capitalization remain in the minority, at least for now. These are for example Bitcoin, Bitcoin cash, Ethereum, Litecoin, ripple and dash. Ask the Bitcoin Dealers and they will tell you.
What is cryptocurrency mining?
Mining is the process by which recent cryptocurrency transactions are verified, following which new units are put into circulation.
Verification of transactions
Miners or computers responsible for mining process pending transactions ensuring that the sender has sufficient funds to complete the transaction. The transaction details are compared with the transaction history stored on the blockchain. When the sender uses his private key, he gives his authorization to make the transfer of funds.
In case of purchase
The first thing to know before making a Bitcoin purchase is that you will be embarking on a new financial experience that will not be without difficulties! In addition to understanding the technical operation of Bitcoin and its blockchain, it should also be borne in mind that thousands of companies offer individuals various solutions to buy cryptocurrency, and it is not easy to navigate this jungle. Here you will find about the different methods you have available to make your first Bitcoin purchase.
Bitcoin is an alternative monetary system that grants complete freedom to its users, but which, on the other hand, gives them full responsibility for the custody of their assets. So focus on services that allow you to own your bitcoins. Beforehand, you therefore need a secure Bitcoin wallet, of which you have the private keys, in order to receive your first bitcoins on one of its addresses.
Buying Bitcoin through a distance selling site
One advantage of distance selling sites is that they are the fastest way to get cryptocurrency. By using a distance selling site, you will be able to obtain your bitcoins in a few minutes after having paid in the most traditional way, for example by bank card. The distance selling sites themselves make the purchases of bitcoins on exchange platforms, and ensure the delivery to the address that you specify.
It should be noted that you will have to go through identity verification procedures indeed; the law requires all intermediaries selling crypto assets to identify their customers KYC for Know Your Customer. Each of the Bitcoin addresses that you will then use will be linked to your identity. In order to prove the latter, it will therefore be necessary to be in possession of a valid identity document. Some services will ask you for additional proof, such as a photo of yourself holding the coin in your hand. However, this solution has a drawback: the commissions charged by these services are generally high compared to the costs of a cryptocurrency exchange platform.
Overall, expert recommends avoiding payment by credit card. The commissions are very high up to 10%. Bank transfer is the most economical solution but will require a slightly longer validation process around three days in all if you count the validation of your identity. It is also possible that your bank is blocking the transfer. It will then be necessary to claim to sign a waiver stating that you are aware of the risks involved for this investment.