A8 How To Buy And Sell Bitcoin?

BUYING BITCOIN

The easiest way to get Bitcoin into your Bitcoin wallet is to exchange your fiat currency for Bitcoin. Like we talked about earlier, Bitcoin can be divided, so you can exchange just about any amount of your fiat currency for the equivalent value of Bitcoin at the time of the exchange.

If you have ever gone on vacation to a foreign country with a different currency, you should be aware of the process. When travelling, you need local currency. So, you have to exchange your currency for the local currency. This is normally done at exchanges.

Same thing here. There are exchanges set up to change your local currency into Bitcoins. The only difference might be that most Bitcoin exchanges are going to be on the Internet and the transaction is going to be done electronically.

And remember, in order for you to exchange your currency for Bitcoin, you must first have a Bitcoin wallet set up… as this is where the Bitcoins are going to be deposited by the exchange.

As with any other type of exchange, there is going to be a fee or commission for exchanging your fiat currency for Bitcoin charged by the exchange. That is how they make their money. So, be prepared that if you exchange $100 for Bitcoin at an exchange, you are not going to get EXACTLY $100 worth of Bitcoin deposited to your wallet. It will be less because you have to pay the exchange their fee.

Here is a good way to find the right Bitcoin exchange…

BestChange.com

Here is a Bitcoin Exchange I use to buy Bitcoin with my credit card…

Coinmama.com

The process is very simple. I just go there, stipulate the amount of Bitcoin I want to buy in dollars, pay using a debit or credit card, provide my Bitcoin wallet address and the agreed upon amount of Bitcoin will be deposited in my wallet after 15 minutes or so.

If you are from the US, you can check out CoinBase.com or Kraken.com as options.

SELLING BITCOIN

Selling Bitcoin for Fiat Currency is also done at exchanges. The only difference is that instead of exchange your fiat currency for Bitcoin, you are exchanging your Bitcoin for fiat currency.

Cryptopay is a wallet and exchange in one. Right from inside your wallet, you can exchange your Bitcoin for US Dollars, EURO or GB Pounds. Then you can send the fiat currency to your Bank Account.

In the next lecture, we will go over how to send and receive Bitcoin…

Go To Next Lesson: How To Send & Receive Bitcoin?

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