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What is Bitcoin? Can you buy BTC from Cash?

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    Bitcoin

    Bitcoin got attention from everyone when the BTC price soared all-time high of $20000 USD in 2017, as everyone wanted to make some quick money.

    However, for quick monetary gain people overlooked the principle and technology behind it.

    Bitcoin

    Bitcoin (a.k.a BTC) was invented by Satoshi Nakamoto with a goal to create a new and revolutionary electronic cash system that was completely decentralized without a regulatory authority or central server.

    Satoshi Nakamoto created the blockchain concept and technology and completely vanished after turning all his studies to fellow Bitcoin community members.

    Many people over the time have tried to claim the identity of Satoshi and this news has been covered with prominence in media outlets. However, to date, the true identity of BTC creator remains unknown.

    What is Bitcoin?

    Bitcoin is the world’s first crypto and decentralized digital currency. It does not use a central server or authority to keep track of the transactions being done on the network.

    Bitcoin uses a peer to peer network to complete the transactions which are verified by network nodes using cryptography and records are stored in public ledger called a blockchain.

    Biggest positive that Bitcoin brings to the table is privacy.

    Simply put, to complete your transaction users do not need a middle man like a bank.

    How to get BTC

    Bitcoin can be obtained in two ways:

    • Using powerful hardware to mine BTC.
    • Buying BTC on an exchange.
    • Using cash to buy BTC.

    BTC can be mined using computing hardware but it is a highly complicated task since most of the Bitcoin has been already mined.

    Exchange requires the users to provide KYC information to start trading which defeats the purpose if a user wants privacy.

    Buying BTC: Using Cash

    BTC can be bought using cash which is a highly secure and private method.

    You can look up all the BTC seller that are interested in selling using several websites like LocalBitcoins and Wallcoins. After quoting, the price seller will meet you and send the Bitcoin to the wallet in exchange for cash.

    Bitcoin

    Feasibility of buying BTC using cash

    Consumers can buy Bitcoin using exchange and other services, however, they have to sacrifice the ease that online exchange provides.

    Final thoughts

    The biggest advantage of using cash to buy BTC is that authorities cannot track your money and how you spend it.

    Bitcoin Cash

    Credit: LISK ACADEMY

    So, for the privacy freaks out there buying BTC using cash is the best bet.

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