To buy bitcoin we need to have a bitcoin wallet in order to conduct transactions on a bitcoin network. Bitcoin is not technically a physical coin but of course, it is virtual money. These bitcoin balances are maintained using public and private keys which are long numbers and strings LinkedIn through a mathematical encrypted algorithm. Through a public key, we can locate the transaction to deposit and withdraw and this is the key that appears in blockchain ledger as user signature. The private key is the password required to buy, sell, and trade bitcoin in a wallet. This key should be so private to use in only authorized bitcoin transmissions.
Once you have a bitcoin wallet, you can use traditional payment methods such as credit card, bank transfer, or debit card to buy bitcoins on a bitcoin exchange. Then bitcoins are transferred to your wallet.
Also when you are trading bitcoin online, do not use public wifi or any other free wifi, because the hackers can attack your wallet easily.
Once you set up the wallet, you need to have a market place to buy bitcoins. You can buy bitcoin or any other cryptocurrency from a marketplace called, ‘Exchanges’. Exchanges exactly give the meaning of the word, it is similar to platforms that traders use buying stocks. Exchanges connect you directly to the bitcoin marketplace where you can exchange traditional currencies for bitcoin. At the same time, this exchange and wallet are two different things. The wallet is a thing or a payment method to buy bitcoins and exchanges is a place to buy bitcoins. Some examples for these exchanges are, ‘coin base’, ‘Coinmama’, ‘cex.io’, ‘Gemini’
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