Back in the day, gold and paper bills were traded to pay for services, but as the barter system’s inconsistency started rising, fiat money was introduced, which is our every paper cash. The paper cash or notes and coins came with a promise of the government through the regulatory banks. Converting from paper cash into digital money happened relatively smoothly and easily.
Cryptocurrency & Bitcoin: A Summary
Cryptocurrency is a digital asset where many computer servers are interconnected to each other and facilitate the transaction of money. The databases use strong cryptography and provide a transparent system to track all the transactions, create coins, and verify ownership. Cryptocurrency; is regulated by a decentralized authority, making it extremely transparent compared to banking transactions and it doesn’t have a physical format.
In 2009, the first cryptocurrency called ‘Bitcoin’ was released by Satoshi Nakamoto’s name, and the real identity remains a secret to date. Bitcoin is the most recognized cryptocurrency at the moment, and within just a decade, the expansion of Bitcoin or the internet of money has been remarkable in its way. Bitcoin transactions are processed by an extensive network of computers running special software, so all your transactions get recorded in an online ledger that is accessible 24/7.
Since Bitcoin is unregulated and comes from a decentralized authority, it allows you to have complete control over your money, remove the middleman, and no government can freeze or confiscate your money. You can buy Bitcoin and pay using digital cash for flights, bookings, or anything if your target payment gateway accepts Bitcoin.
Fun fact; In 2010, a guy in Florida bought two pizzas using 10,000 bitcoins, and the current value of those two pizzas at the moment is over $80 million. So, if you want to be a part of this fun market and flourish, buy your first Bitcoin today! Here is an example step-by-step guide on how to buy Bitcoin instantly with a credit card.
How To Buy Bitcoin With Your Credit Card: A Guidebook
- There are several online platforms that will facilitate your bitcoin transaction. All that you have to do is create your bitcoin account and receive the bitcoin wallet!
- Once you have created your account, look for the “Buy Bitcoin” option on the homepage and click.
- This will take you to the offer section, where you have to look for the offer that best suits your requirements.
- While selecting the offer, go through the details, price, offer terms, and instruction thoroughly and proceed to the next step once you are sure.
- After choosing the offer, select your vendor (make it a point to check the vendor’s reputation and availability regarding the request) after going through the instruction manual to check if the offer and transaction process is safe and sound.
- The last landing page will ask you to select the number of bitcoins that you wish to buy. Hit ‘Submit’ after checking the transaction details one last time.
- Now, wait for the vendor to release your payment from escrow, and you are done with your bitcoin transaction.
- Lastly, always remember to leave positive/negative feedback for your chosen vendor based on your experience. This will help the system improve for the vendors and help your fellow bitcoiners compare and select their vendors with reference to your review.