This is how the commonly heard term “cryptocurrency” came to be. There are many cryptocurrencies available in the market today. The first cryptocurrency created us Bitcoin, which ushered the widespread success of digital currencies observed in the recent years. It also remains the largest digital currency available in the market.
Bitcoin is purely in the digital or virtual form, which means that it does not exist as the printed paper currency or coins as fiat currency does. It is also not issued by a centralized authority or controlled by the government or by anyone.
Rather, it operates through the technology known as blockchain, which uses a secured public database to store, for instance, the time and amount spent of your online transaction and verifies these transactions through a network of computers. In the words of its creator, Satoshi Nakamoto, Bitcoin is “a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”
How then, does one convert his cash into Bitcoin and start using and investing in the new norm of digital currencies? Converting your cash into Bitcoin is equivalent to buying Bitcoin and the following are steps that may be helpful to you.
Steps to buy some Bitcoin
First, go to Buy Bitcoin Finder site. This site will help you find the sites where you can buy Bitcoin, depending on your location, so you can conveniently buy Bitcoin anywhere you are in the world.
At the site’s homepage, choose your location. The currently available options are: Australia, Cameroon, Canada, Cayman Islands, France, Germany, Hong Kong, India, Ireland, Israel, Lebanon, Malta, New Zealand, Nigeria, Singapore, South Africa, Sweden, Switzerland, United Kingdom, United States, and Vietnam.
Upon selecting your location, you will see the profiles of various sites through which you can buy Bitcoin. Each profile contains the site’s description, overall rating, the pros and cons, payment methods available, rating based on ease of use, privacy, fees, and reputation.
Once you have selected your preferred site, click the “Buy Bitcoin” button. This will lead you to the page of your selected site. These sites will require you to create your own account.
Creating account in these sites are free and very easy to do, you just have to provide the necessary details and verify your account. Now, you will have your own e-wallet which you can start funding in order to buy Bitcoins. Typically, funding your e-wallet can be done using bank transfers, bank wires, debit cards, credit cards, and cash through authorized funding stores and machines.
Truly, turning your cash into Bitcoins is very easy to do during this digital age as every step can be done online. Ultimately, remember that the value of your converted Bitcoins will also depend on the value of the currency of your cash and various transaction fees that apply.