By increasing the trend of cryptocurrencies, people are willing to buy bitcoin. However, you have to first add fiat currency into your bitcoin wallet to buy bitcoin. Bitcoin is not just a currency, but there are multiple uses. People use bitcoin for investment, trading, sending and receiving as currency, buying online goods and services, accepting payment from customers and more. People are excited to purchase bitcoin, and there are a lot of exchanges that help users buy it quickly. In this article, we will discuss how you can add fiat currency to the bitcoin wallet through various methods. So, without wasting time, let’s explore ways to add money to bitcoin wallets.
What is a bitcoin wallet?
A Bitcoin wallet is a digital place to store bitcoin. We use purses daily to carry cash or to keep some money, notes or coins. Still, in the digital world or to store digital currencies, we need a wallet in digital form. In simple words, a bitcoin wallet is the digital storage to store bitcoins.
What is an exchange?
Bitcoin exchange is a third party that provides a service of buying and selling bitcoin through one platform. You can do multiple things like trading, buying bitcoins and other cryptocurrencies, selling, investing, depositing fiat currency and withdrawing money into your bank account. Bitcoin exchanges provide a lot of features, and they charge extra fees for each transaction. For more information, visit here https://blockchaineventon.com/
Why should you go with an exchange?
Bitcoin exchanges use GUI, which means a graphical user interface. Therefore, you can easily understand the functionality of exchange at one glance. Graphics make the work easy — even a student can buy and sell bitcoin because it is straightforward through an exchange. There are many options such as charts, deposit money, withdrawal money, sending and receiving by filling the public address of the receiver’s wallet.
Exchanges are a good platform if you want to buy and sell bitcoin quickly. You will get a lot of features, and you have completed your KYC before taking all the exchange features. You have to fill in your personal information. You have to submit your live selfie, signature on the white paper. If you live in India, identity proof such as passport, driving license, Pan Card or Adhaar Card.
Steps to add money to bitcoin wallet:
Here are the following steps to add money to a bitcoin wallet through an exchange:
1. Create your account on a bitcoin exchange. Unfortunately, there are a lot of bitcoin exchanges on the internet. Still, you can choose anyone by checking the reviews and reading about the features and terms and conditions.
2. Create your new account on the exchange by filling in your details. After setting your account, complete your KYC by submitting your identity proof, such as a license or passport copy with a selfie and signature.
3. In 24 hours, your KYC will approve by the exchange, and now you are ready to take advantage of all the exchange features.
4. There will be two buttons: add funds or deposit and withdrawal funds. Click on the additional funds.
5. In different exchanges, there might be other ways of depositing money to the exchange wallet. Some exchanges include all the payment methods such as net banking, UPI, Google Pay, Phonepe, Paytm, debit card or credit card, etc. Some include limited payment methods. Choose net banking or UPI to add funds to your wallet.
6. Enter the amount you want to deposit and go with the payment method you have chosen. If you are depositing funds with net banking or debit card, enter the OTP to proceed. If you have selected UPI or Google Pay, PhonePe or Paytm, approve the payment manually by opening your Google Pay, PhonePe or Paytm app and paying the amount.
7. Now payment is successfully added to your bitcoin exchange wallet. You are now ready to buy bitcoin or other cryptocurrencies.
From the above information, we have learned how you can deposit funds to your bitcoin wallet. Bitcoin exchanges are the most straightforward way to add funds to your exchange wallet. It uses a graphical user interface that makes the transactions clear. Choose an exchange, create an account and deposit funds by choosing the convenient payment method.