Do you use money to buy bitcoin

When a buy order matches a sell order, a trade is made.

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This is how the bitcoin price is defined. The amount of pending orders defines market depth. For example, you can see here the market depth for MtGox.

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The bids table show the price people are willing to buy at and the asks table show price people are selling at. MtGox Live is also a nice way to visualize these concepts. Note that bitcoin exchanges charge a small fee currently around 0. The rest is kept by the exchange for their services.

Exchanges just bring buyers and sellers together. Generally speaking, they have no legitimate interest in what the buyer does with the Bitcoins or what the seller does with the money.

How to Buy Bitcoin

If you buy a bicycle on eBay, should eBay care why you want the bicycle, where you got the money to buy the bicycle, why the seller wants to sell the bicycle, or what the seller is going to do with the money? Your use of the word issuer suggests that you may not quite understand how Bitcoins are produced in the first place. Bitcoins are generated when new blocks are mined , with a currently 50 Bitcoin 'reward' going to the miner who mined the block. This reward compensates for the costs associated with maintaining and securing the Bitcoin public block chain which publishes the transactions.

And, of course, the seller may or may not have personally mined the Bitcoins they're selling. It's also possible they received them in exchange for something else. The answer is probably what you suspect. But it's actually very close to worthless because the exchanges will never allow anyone to withdraw in a big way Gox it when too many people start coming after the money they think is waiting for them. When all crypto corrects to near zero when the exchanges start to cut and run most people probably won't even understand why.

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Create a free Team What is Teams? Learn more. What happens to cash used to buy bitcoins? Ask Question. Asked 9 years, 5 months ago.

Active 2 months ago. Viewed 4k times. Unfortunately, this is not decribed anywhere. Improve this question. Hi Kaido--there is no such thing as an "issuer" of bitcoins. Every bitcoin bought on an exchange is simply being bought from another person who owns bitcoins.

Should you invest in bitcoin?

So the cash goes to that person. Just like you can use a fraction of a dollar a penny, nickel, dime, or quarter , you can use and buy fractions of bitcoins. The smallest fraction that can currently be bought or sent is millionth of a Bitcoin—this is called a Satoshi, after the mysterious founder of the cryptocurrency.

You can purchase Bitcoin directly through your Coinbase account in whatever fraction or whole amounts you choose. Many wallets charge a small bank transfer fee and then another fee on your purchase, so be sure to take that into consideration when you buy. You can buy Bitcoin locally through a site called LocalBitcoins. This allows you to meet people in person at public places and exchange cash for Bitcoin. Always use caution though, as there have been Bitcoin scams in the past. A limited number of retailers take Bitcoin in exchange for goods and services, but unlike its reputation, they are often regular, run-of-the-mill companies, and not black market operations.

Currently, some Shopify store owners under a variety of brands will take Bitcoin, as does Overstock. If a store takes Bitcoin, you can use it just like a credit card to pay for products and services. Because Bitcoin exists mostly outside of government regulation, it does pose more risk than dealing with banks and government currency. You can also use Bitcoin to make a limited amount of purchases, mostly on the web. The Balance does not provide tax, investment, or financial services and advice.

The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

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Part of. Investing in Bitcoin. How to Mine Bitcoin. Other Cryptocurrencies. Table of Contents Expand. Table of Contents. Get Bitcoin With a Virtual Wallet. Purchase Bitcoin Electronically. Buy Bitcoin Locally.