Speaking of the procedure, to purchase a bitcoin, first, a “virtual wallet” has to be installed on the smartphone or laptop. This software helps to track all transactions and balances.
In order to buy it, money has to be deposited through online banking or directly transfer it from the bank to the account of the third-party website that will directly connect bitcoin buyers and sellers. This business gives an impression of wealth but actually one has to be ready to spend real money, in order to buy the same. This bitcoin faucet industry is extremely empowering and also different than the currency we know and use on a daily basis.
Every bitcoin is simply a file on your computer that is stored inside a digital wallet application on either your computer or smartphone. Other people can send them to the digital wallet you own and vice versa. All the transactions made are recorded in some sort of public list which is called a blockchain. The value of Bitcoin with respect to a country’s currency changes every minute. Therefore it might prove to be difficult to keep track of.
Once the payment is done, the rest of the purchases can be done directly from the website. It’s similar to buying stocks. When stocks are bought, the required amount of money has to transferred to the seller’s account. Similarly, when buying stocks, a similar process is followed. But there is a slight difference in buying bitcoins. A different, leading cryptocurrency is used named, Bitstamp rather than money.