Trading and holding Bitcoin sounds like a profitable venture for some people. That’s because the Bitcoin return on investments that short and long-term investors disclose online are fascinating. And this has elated experienced investors and novices to consider investing more money in this virtual currency.
However, trading and investing in Bitcoin sounds like a more complex task to some people. Perhaps, that’s because some people are yet to understand how this virtual currency works. Today, some people know that Bitcoin is a digital currency that they can buy, hold, or trade for profits.
Luckily, online Bitcoin trading platforms provide more information to the people interested in learning about Bitcoin, trading, or investing in it. What’s more, these websites provide the tools that you need to trade Bitcoin even if you’re a novice.
Satoshi Nakamoto introduced Bitcoin as an alternative payment or financial system. After some time, Bitcoin mining software emerged. Initially, the mining process was profitable, but increasing competition lowered its profitability for most people. Consequently, most people convert their fiat money with Bitcoin via crypto exchanges.
So, can you convert fiat money into Bitcoin using your Android device? The most straightforward answer is yes. That’s because you can find many crypto exchanges that allow you to purchase and sell Bitcoin using your Android device. Here are the steps for converting fiat money into Bitcoin.
Use a Reputable Bitcoin Exchange
As hinted, people create bitcoins in two ways. One method is Bitcoin mining that entails investing in powerful computers and electricity. You also need specialized skills to solve mathematical puzzles and get new bitcoins as your reward. If Bitcoin mining is not an ideal option for you, the other option is purchasing this virtual currency on a reliable crypto exchange.
Some crypto exchanges have applications that users can download and install on their Android devices. Thus, you can easily access the crypto exchange from your mobile device once you’ve installed the application.
Register on the Crypto Exchange
Sign up on the platform after identifying a reputable crypto exchange with considerable nominal transaction costs and liquidity. Most crypto exchanges have a simple registration process because they require new users to enter their basic details. For instance, a crypto exchange may need you to provide a mobile phone number and email address and set a password to secure your account.
After registering, a reputable crypto exchange will require you to verify your identity. Also called the Know Your Customer, the verification process is mandatory in most crypto exchanges.
The time a platform takes to verify your identity will vary, but it ranges between 5 and 7 days. A crypto exchange can ask you to provide a government-approved identity and a photo. Nevertheless, consider the information that the crypto exchange asks you to provide because Bitcoin’s main objective is to ensure the user’s anonymity.
Provide a Payment Method
After completing the validation process, connect your crypto exchange account to a payment method. This process can also take some time because your bank or credit card provider must approve the link. After linking your bank with your crypto exchange account, you can convert fiat cash into bitcoins.
The Bottom Line
The most straightforward and safest way to convert fiat cash into Bitcoin is to use a crypto exchange. That means you must register with a reputable crypto exchange and then link it to a bank or credit card. Before loading the fiat money, you want to convert to Bitcoin, complete the identity verification process and wait for your bank or credit card provider to approve the payment method link to a crypto exchange. After that, you can convert fiat money to Bitcoin using your Android device.
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