Bitcoin is considered the most used cryptocurrency throughout the entire globe. The popularity of bitcoin was not this much when it was launched in its early days. Its success story starts right from the beginning of the year 2009, when the idea came into execution and the programmer named Satoshi Nakamoto, cast his ideas in the form of a digital currency. Though the actual identity of the programmer is still unknown and no one knows who is the real person behind this technology. He postulated the terms bitcoin, decentralization, and blockchain in a white paper released in the same year. For a better trading experience, use a trusted trading platform like Bitcoin Trader.
The following year 2010 marked the beginning of a golden decade for entire crypto and decentralized currencies. In this article, we will discuss the exchange process involved in the case of this cryptocurrency. So, let us start the journey and clear our doubts about the exchange process involved.
What is Bitcoin?
The beginning of 2010 marked the golden era for bitcoin and its derivatives. After its official launch, the next project was its advertisement and the need to increase the awareness of the entity. In the beginning, everything seemed stuck and not that promising, because people who were very much equipped with the facts and figures related to traditional fiat currency, responded coldly to it. Very few people showed interest in bitcoin and as a result, its price remained well below average. Pizza day in the history of bitcoin is one of the remarkable days as it marked the first transaction exchange between the digital and physical world. Then after, bitcoin never looked back, and neither its prices showed a decline. At present, bitcoin is the most used and circulated cryptocurrency in the world and is constantly holding the position right since its launch!
Role of exchanges
Every currency for its exchange needs some platform where the users can come and mingle with each other’s interests. This makes them understand the requirement and similarly, the course of demand and supply is decided. At present, there are many exchanges available and the prominent ones provide a diverse range of facilities for their users. Ranging from buying to minting in fiat currency, many exchanges have the facilities showcased. For the exchange of bitcoin, the user should have an account on the exchange platform. The exchange provides the facility of a digital wallet that stores currencies in digital format. This wallet is securely kept with the help of passwords in the form of crypto keys and as a result, the currencies are securely kept in the vault.
Steps to buy and sell at the exchange
Any application related to the trade of bitcoin has this basic facility available rightfully on the platform. The basic requirement for either sending or receiving or both is the digital wallet. Though different wallets have different steps involved generally these can be summed up as
- Logging in to the wallet.
- Finding the send or receive icon for the operation involved.
- Selecting the main option of send or receive bitcoin.
Send bitcoin- You need to enter the public address of the recipient to whom bitcoin needs to be sent. After selecting the amount you should double-check the address and amount to send from the confirmation window appearing in the next step. Tapping sends marks that the operation is completed and specified coins get credited into the recipient’s wallet.
Receive bitcoin- As discussed above, you need to provide your wallet address to the sender and he will follow the same procedure as discussed in the end portion of the article. After he presses the send option from his account, the exact number of bitcoins will get credited into his wallet.