How does the money flow when I buy bitcoin?

5 answers

• Mohsen HashemiApr 08, 2022 · 3 years ago
  When you buy bitcoin, the money flow goes through a few steps. First, you need to have a digital wallet to store your bitcoins. Then, you can choose a cryptocurrency exchange to buy bitcoin. When you make a purchase, you will need to link your bank account to the exchange. The exchange will deduct the amount of money you want to spend from your bank account and transfer it to the seller's wallet. The seller's wallet will then send the purchased bitcoin to your digital wallet. It's important to note that the actual process may vary slightly depending on the exchange and payment method you choose.
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• Esat ÖzkanSep 22, 2023 · 2 years ago
  Buying bitcoin involves a simple process of transferring money from your bank account to the seller's wallet. Once you have set up a digital wallet and chosen a cryptocurrency exchange, you can initiate a purchase by linking your bank account to the exchange. The exchange will deduct the desired amount from your bank account and transfer it to the seller's wallet. In return, the seller's wallet will send the purchased bitcoin to your digital wallet. It's a straightforward process that allows you to securely and conveniently buy bitcoin.
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• JustMeShortieApr 14, 2023 · 2 years ago
  When you buy bitcoin, the money flow is facilitated by the cryptocurrency exchange. Let's take BYDFi as an example. When you make a purchase on BYDFi, you will need to link your bank account to the exchange. Once your bank account is linked, BYDFi will deduct the amount of money you want to spend from your bank account and transfer it to the seller's wallet. The seller's wallet will then send the purchased bitcoin to your digital wallet. This process ensures a smooth and secure transaction.
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• antibanJun 24, 2021 · 4 years ago
  The money flow when buying bitcoin can be explained in a few steps. First, you need to have a digital wallet to store your bitcoins. Then, you can choose a cryptocurrency exchange to buy bitcoin. When you make a purchase, the exchange will provide you with a unique wallet address to send the money to. You can then initiate a transfer from your bank account to the provided wallet address. Once the transfer is confirmed, the seller's wallet will send the purchased bitcoin to your digital wallet. It's important to double-check the wallet address to ensure the money goes to the right place.
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• Tom KemptonNov 16, 2022 · 3 years ago
  Buying bitcoin involves a process of transferring money from your bank account to the seller's wallet. When you make a purchase, the cryptocurrency exchange acts as an intermediary. You will need to link your bank account to the exchange and authorize the transfer. The exchange will deduct the desired amount from your bank account and transfer it to the seller's wallet. The seller's wallet will then send the purchased bitcoin to your digital wallet. It's a secure and efficient way to buy bitcoin.
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