Many people have heard of Bitcoin and are interested in buying or selling this virtual currency. Here we will teach you how to sell and buy wherever you are. But first let’s see what a Bitcoin is and how it works.
What is a Bitcoin?
The Bitcoin is a virtual currency independent and decentralized, and that is not controlled by any state financial institution, bank or company. It is an intangible currency, it can also be used as a means of payment just like physical money.
How does it work?
The cryptocurrency performs the same three functions than traditional money: is a unit of account, a store of value and medium of exchange. Its cryptography system is programmed to generate a fixed number of Bitcoins per unit of time through computers called miners. If you want to know more about this topic, I invite you to read the following article that explains What are cryptocurrencies and how does the Bitcoin business work?
Steps to buy and sell Bitcoins
We explain in simple steps how to do it in a simple way and in a way that is easy for you to do it in minutes.
Step 1: Create your Bitcoin wallet
A digital wallet is a storage tool that will help keep the keys of your cryptocurrency safe and will help you make operations with it.
Virtual wallets are essential and the most useful when it comes to handling digital currencies, since there is no other place where you can save or dispose of them.
Opening an account in a virtual wallet is easy. First you register your email, then you will receive a verification link to your email where it will give you the option to continue entering your data and phone number since this will make it more secure, although not all virtual wallets require phone numbers. It is very easy to create a Bitcoin cryptocurrency wallet account.
Then you must specify what kind of cryptocurrency you are going to store, since these wallets work with different types of cryptocurrencies such as Litecoin, Bitcoin Dash and Dash. After verifying your account you can start buying and selling your cryptocurrencies.
Step 2: Sell and Buy Bitcoins
All Bitcoin transactions under any platform work through the blockchain which is basically a highly reliable and decentralized transaction registration system.
We recommend using Bit2me, since it is the one that we will be using as the basis for this tutorial. This has several payment methods such as: bank transfer and credit card. You just have to choose between buying and selling your Bitcoins.
On the other hand, if you do not know Bit2me, it is also possible to buy Bitcoin with Paypal safely and quickly.
What should be done when buying?
To start the purchase you have to go to the buying session, then you must choose the cryptocurrency you want to buy, in this case Bitcoin, then you must choose which option you are going to use to pay, either by credit card or cash.
The next step is to put the amount in your local currency or Bitcoins that you want to buy. Some purses have a minimum amount when buying so you have to take it into account.
In the case of Bit2me, it makes the conversions from your local currency to BTC and vice versa, then you will specify the wallet address to which you want the BTC to be sent.
At the end of the transition, the wallet will give you an invoice or purchase summary showing the cost of commissions for the wallet you are using and the cost of processing the miner network.
What should be done when selling?
It is quite similar when buying, you just have to go to the option to sell, then you put the amount you want to sell. We recommend sending them BTC from a wallet where you can control the total amount of sending and the exact amount of the commission from the miners network.
Avoid sending Bitcoins from an exchange, glambing site, cloud mining or any service that is not specifically a wallet, as it can cause unwanted delays, which will cause the sale to be canceled due to not detecting any transfer to the exact address.
Next we will give you a list of the best virtual wallets to be able to sell or exchange your Bitcoins from your cell phone or computer.
Virtual Wallets for Android and iOS
- Bitcoin wallet
Virtual Wallets for Windows
- Bitcoin Core
- Bitcoin knots