There are many ways bitcoin can be used, but all methods basically follow the same procedure. There are three steps to follow when using Bitcoin: Bitcoin acquisition, wallet management, and bitcoin payment for goods and services. So let’s take a closer look at each step below.
In addition to bitcoin mining, bitcoin can be obtained simply through purchase. Purchases can be made through online exchange or over-the-counter (OTC).
Over-the-counter transactions refer to transactions with another individual, mainly brokers who manage negotiations. This is the preferred method for those who want to purchase a large amount of Bitcoin. The reason (for example, if you buy millions of dollars worth of bitcoin) is that the exchange does not have the liquidity to enable such a huge transaction.
Over-the-counter transactions refer to transactions with another individual, mainly brokers who manage negotiations. This is the preferred method for those who want to purchase a large amount of Bitcoin. The reason (for example, if you buy millions of dollars worth of bitcoin) is that the exchange does not have the liquidity to enable such a huge transaction.
For ordinary bitcoin users, bitcoin exchanges such as Coinbase, is the safest and easiest way to get Bitcoin. To avoid foreign exchange fees, it is best to purchase bitcoin from an exchange located in your country, which is usually connected to a local bank.
It is very easy to use the exchange. If you enter the exchange’s website and complete the membership registration process, you can purchase Bitcoin immediately.
Important note is that most exchanges require personal information such as name, email, and phone number. In addition, when purchasing bitcoin through a credit card or bank transfer, such personal information is naturally recorded.
If you decide to use the exchange, the trader may lose anonymity in the process of purchasing and selling Bitcoin.
