Like all assets, bitcoin is subject to volatility. However, cryptocurrencies are not valued by a specific group or entity. Their price will fluctuate based on supply and demand.
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What is Bitcoin (BTC)?
Bitcoin (BTC) is the most popular cryptocurrency in global markets which was first introduced to the world in 2008 by the pseudonymous Satoshi Nakamoto and has gathered huge proponents since then and a lot of investors now try to understand what it is and how to buy Bitcoin.
In fact, Bitcoin is a type of digital money which has been developed with a cryptography mechanism on the underlying blockchain technology and aims to remove centralization in finance. But what does this mean?
As you know, banks and institutions are responsible in today’s financial procedures such as deposits and payments, meaning that you need them as a median to transfer money to other parts of the world.
These medians provide services for transferring money and charge a fee based on their work. But sometimes, because of political or economic issues between countries, these services become unavailable to particular countries such as Iran.
To put it another way, when you try to send money to an account in other parts of the world, in addition to the transfer fee you would pay some hidden costs too.
Hence, digital currencies like Bitcoin came to existence to remove such ambiguities and flaws so that when people buy Bitcoin, they could carry out transactions to where ever they want through a decentralized system.
So, the main goal and the most important utility in using Bitcoin is facilitating financial transactions. But why many people consider this digital asset as a good investment? What features does Bitcoin provide and why there are so many people who wants to buy Bitcoin?
How Does Bitcoin Work?
The world is constantly in line with technology advancements and apparently by the development of Web3 in the upcoming years, we would have a totally digital and decentralized world based on blockchain technology. Finance also should match this decentralized world, in a way that people become able to do their payments without the need for a third party.
Bitcoin is a digital asset which acts as money in a digital world. So, in this digital world of ours, every transaction utilizes Bitcoin or other major cryptocurrencies. One of the most important and valuable features of Bitcoin regarding the future of world is the state of being a deflationary asset. Now what does deflationary mean?
The maximum supply of BTC tokens is set to 21 million units that is expected to be fully mined by 2140. This means that there is a limit to the total number of Bitcoin in markets. In Economics and with regard to the law of supply and demand, scarcity becomes a positive factor in future price of an asset. With that being said, what’s the difference between Bitcoin and fiat currencies?
The process of printing and supply of fiat currencies is monitored by the governments, but this unlimited printing of fiat money which is controlled based on the decisions of central banks and governments of every country, is the first key difference with Bitcoin compared to its limited supply.
Therefor, Bitcoin price goes up by the time and based on their capital and capabilities, investors can provide income by buying Bitcoin. However, some people believe that these types of currencies are not backed by any asset and so, they would never buy Bitcoin or any other cryptocurrency.
This is yet another false assumption in investment, because it’s been years since fiat currencies have removed their collateral and they’re fully controlled by the banks and governments. On the contrary, this has been one of the selling points of cryptocurrencies and increased the number of investors who buy Bitcoin.
How Does Bitcoin Mining Work?
Bitcoin as a cryptocurrency works based on an algorithm called Proof-of-Work (PoW) which indicates that Bitcoin mining is possible. The process is carried out by specific devices known as miners. Bitcoin miners maintain network security through solving complex mathematical problems which leads to the creation of the blocks, and receive their rewards in Bitcoin (BTC).
Bitcoin mining is one the methods by which you can earn Bitcoin in the market and it needs specialized hardware as well as a capital. But you won’t need any expert knowledge for mining and with a miner and the related components, you can earn good money through it.
Fortunately, Bitcoin mining is regulated in our country and you should go for a permit first and then start the mining of Bitcoin. You must consider power usage, Hash Rate and the overall performance of the device when you are buying a Bitcoin miner. In addition, you’ll need a robust internet connection and a cryptocurrency wallet. Top companies that currently manufacture the best and most efficient Bitcoin miners are Bitmain, MicroBT and Ebang.
Buying Bitcoin (BTC)
The simple answer to the question “Where to Buy Bitcoin” is cryptocurrency exchanges. International crypto exchanges like Binance, Coinbase and so many other platforms are the best place to buy Bitcoin. Unfortunately, Iranian users face a lot of problems using these platforms due to the sanctions and they get blocked most of the time.
The process of buying Bitcoin and other cryptocurrencies involves different stages that may seem confusing to some people. Due to the fact that blockchain and cryptocurrencies are inherently decentralized, in case of an error such as providing the wrong address, there is no central entity to track transactions or recover funds sent to a wrong address.
Hence, you must be completely cautious when you buy Bitcoin or Altcoins. It is recommended to users from Iran to use domestic exchanges to minimize such risks when they’re wondering where to buy Bitcoin. OMPFinex exchange provides users a safe and fast platform to buy Bitcoin and other cryptocurrencies with a user-friendly interface.
How To Buy Bitcoin (BTC)?
The simplest way to buy Bitcoin instantly To buy Bitcoin or selling it, first you need to create an account in the platform. Enter OMPFinex’s website, click on “Register”, enter your email address and set a strong password.
Know your Customer (KYC) verification has become an important requirement in buying Bitcoin and trading cryptocurrencies in global markets and it is used to prevent any kind of fraud, money laundering and misuse of users’ identity.
KYC process in OMPFinex is divided into five simple stages and takes only a few minutes to complete. You can start to buy Bitcoin (BTC) and a range of other cryptocurrencies after you’ve completed the KYC verification on OMPFinex. Also, you’ll be provided with the global and real-time price of Bitcoin with access to a set of trading tools in your account.
How do you buy Bitcoin (BTC) on OMPFinex
First, you need to deposit money to your account to be able to buy Bitcoin online. In order to buy Bitcoin with bank account, click on “Wallet” in your dashboard and choose “Deposit” to buy Bitcoin with Debit Card in Rial. You can also send Tether (USDT) or other cryptocurrencies to your OMPFinex wallet and buy Bitcoin on the platform’s “Pro Market”.
After you’ve managed to make a deposit to your account, you can buy Bitcoin instantly using Rial, Ethereum (ETH) or Tether (USDT). In case you decided to sell your Bitcoins, enter the asset’s page on the platform and click on “Sell”. You can sell Bitcoin on the “Main Market” to receive Rial or do it in the “Pro Market” to change your Bitcoins to Tether (USDT) and then withdraw it accordingly.
Buy Bitcoins as An Investment
The main goal of creating cryptocurrencies, especially Bitcoin (BTC), on blockchains is to use them in finance. Since it’s not possible to use fiat currencies on the decentralized blockchain technology, on can say that they are not fit for blockchain, Web3 and the Metaverse.
Based on the possibility that Bitcoin becomes mainstream in the future digital world, this cryptocurrency has a great potential and it is recommended that you buy Bitcoin and have it as a part of your portfolio.
In 2008 and the inception of Bitcoin, the cryptocurrency price was only 0.003 USD, but it managed to get to an all-time high of 69,000 USD in November 2021. If you’re considering to buy Bitcoins as an investment, you should do your research and analysis using Bitcoin price charts, Bitcoin Dominance and the related on-chain data to set the best entry point for yourself.
Buy Bitcoin in a Demo Account
OMPFinex Cryptocurrency exchange is the first platform in Iran with a Demo account feature. By creating an account on the platform, you’ll have access to a demo account containing 1,000,000 Tomans funding through which you’ll have all the other instruments as in your real account and you can practice buying Bitcoin and other assets to test and improve your trading skills.
Note that investment and trading in cryptocurrency markets requires knowledge and expertise and without them, you’ll definitely face loss. Therefore, with the demo account you can acquire the experience you need. Also, the demo account has advantages for professional traders; They can examine different trading strategies without risking their hard-earned money.
The Best Bitcoin Wallets
After you’vd managed to buy Bitcoin, it’s recommended to store it in a cryptocurrency wallet. These wallets are in forms of hardware (cold) and software (hot) storages. Trust Wallet is one of the most popular hot wallets to store Bitcoins safely and the simple user interface has made it a suitable option for beginners.
In case of hardware wallets, you may choose between Ledger and Trezor as they provide the most secure place to store Bitcoin and other digital assets. They come in USB-like devices and need a bit of experience before using them. However, users of OMPFinex may choose to store their assets on the platform’s safe wallet. OMPFinex uses hardware wallets to keep its users’ assets in the most secure way.