Bitcoin is a peer-to-peer decentralized digital currency that has been around since January 2009. It is created by Satoshi Nakamoto, a person or group of people using a common pseudonym. The identity of the creator of the technology is still a secret.
Bitcoin was created as an alternative to a centralized banking system. It offers significantly lower transaction costs for transactions, combined with much faster and more secure processing.
Bitcoin exists in the form of cryptographically encrypted transaction records stored in the public domain on the blockchain. Unlike sovereign fiat currencies, Bitcoin is created in a process known as mining, stored, traded, and distributed on the blockchain. It is not regulated or controlled by any government or major bank in the world.
Where to buy Bitcoin
The easiest way to get Bitcoin is to buy it and now this can be done in different ways. First of all, BTC is traded on numerous cryptocurrency exchanges, where it is available for purchase with the US dollar and other fiat currencies. The main advantage of cryptocurrency exchanges is the ability to make payments in any of the currently possible ways:
- Bank transaction.
- Using a bank card.
- Using electronic payment systems.
The ability to buy BTC has already been implemented in some payment systems, in particular PayPel. This is not the most convenient route, as fees in payment applications are much higher than on exchanges, with tighter restrictions on the number of transactions. In addition, not every system provides the ability to withdraw digital currency to a personal wallet.
In addition, there are already bitcoin ATMs where digital coins can be bought directly for cash. Such ATMs appear all over the world, but so far there are very few of them.
Another way is very simple and very difficult at the same time: buy Bitcoin from someone who has a certain amount in BTC and would like to sell them. In addition to the fact that such a person still needs to be found, you will have to carefully monitor the cryptocurrency exchange rates in order for the transaction to satisfy both parties.
How to convert BTC to ETH
If you are planning on using your coins as a long-term investment vehicle, it is perfectly reasonable to convert them to another cryptocurrency. For these purposes, most people choose Ethereum.
The popularity of ETH can be explained quite simply: it exists a little less than Bitcoin and has already proven its viability in practice. Ethereum has occupied the second line of all imaginable and unimaginable cryptocurrency ratings for many years.
Converting Bitcoin for Ethereum is possible either on a traditional cryptocurrency exchange or using an instant exchange service.
Due to the popularity and demand for both digital coins, they are available on all cryptocurrency trading platforms, including in the form of a trading pair.
To exchange BTC to ETH on a traditional exchange, you first need to register and complete all subsequent steps to verify your account. These procedures are mandatory on almost all exchanges with rare exceptions.
On the one hand, the need to disclose one’s identity is dictated by the law, and on the other, it contradicts one of the key principles of the crypto world – user anonymity.
From this point of view, it is much preferable to use the services of instant exchange services, for example, LetsExchange.
On the platform, the exchange of BTC to ETH is performed completely anonymously. You do not disclose any personal information, you only need the address of the wallet to enrol the purchased coins. The platform does not charge commissions and there are no restrictions on the amount and number of exchange operations, which makes it compare favourably with traditional services.