How to Convert Cash into Bitcoin

Nowadays, as our world is becoming more digital than ever, digital currencies become part of the new norm. Digital currencies are made safe and secured using cryptography, a process of using series of letters and numbers to create a unique encryption algorithm.

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.

What Is Bitcoin BlockChain?

Blockchain has only existed for ten years and has started to expand. You can do so much with it that most people don’t really know how to put it in simple words.

Blockchain makes commerce better and reliable. Depending on your goals, you can give them one application or another. One of them turns out to be Bitcoin blockchain, the coin that’s changing the crypto world.

Although Bitcoin wouldn’t exist without Bitcoin, most people never hear it unless they research. They hear it on the news and online media, and how bitcoin is going off the charts.

But Bitcoin isn’t a trading trend. It bases on real advancements with true market value. If we know how blockchain works, it can help us understand what Bitcoin how it will do in the future. Because blockchain is here to stay.

Why Is Blockchain Valuable?

International commerce would be inefficient without institutions. Without banks, there would be a lot of friction with the transfer. Why should we trust each other?

Instead, we rely on an institution to make secure transfers. It adds other privileges, such as buyer-seller protection, money lending, and interest.

But you still need to trust your bank and pay fees for their brokerage service.

Blockchain creates secure transactions, so we won’t need anybody in the middle to monitor. Apart from making transfer cheaper, it prevents banking and accounting fraud.

What Is A Bitcoin BlockChain

1. You buy or sell something online.

2. A computer network verifies it. Each transaction is sequential and comes with data to identify the previous transaction. If they don’t match, they cancel the transfer.

3. Block-chaining. A transaction block has three parts: the previous block signature, your transaction data, and your one-time signature. If the last-block signature matches, they approve it and chain your transaction block.

Mind that the verification steps become more secure as more people use blockchain. For further security, each block has 10-30 minutes to verify before it cancels.

A Blockchain transaction can take ten to thirty minutes to complete. But once it does, nothing will undo it.

What BlockChain Has To Do With Bitcoin

With Blockchain, buyers and sellers can trade with confidence. Because of how it’s built, you only need the block identity.

Blockchain is public, but could be anonymous? That’s what makes a bitcoin blockchain different.

Since it’s designed to be unhackable, there’s no harm in making transactions untraceable.

Bitcoin encrypts the data to protect it, but it’s relative to the number of validations you get. Does it matter if you get ten checks, six, three…zero?

“Imagine you want to buy Bitcoin for $3000 cash with a peer. How do you coordinate to protect the payment?

The trader will send $3000 in BTC to your crypto-wallet, and computers start to verify it:

  • 0 checks. No security unless you trust the person.
  • 3 checks. Verified for most cases (+75%)
  • 6 checks. Highly secure (+90%)
  • Up to 30 checks. Maximum (~99%)

The more validations, the safer. After six, you can pay the other person.”

Blockchain has many applications. What we see with Bitcoin today is a demonstration of how powerful it can be — which only leaves us wondering what will be the next big thing.