What happens to the money when I purchase bitcoin?

3 answers

• Moses MichaelOct 20, 2023 · 3 years ago
  When you purchase bitcoin, the money you use to buy it is converted into bitcoin through a process called cryptocurrency exchange. You can buy bitcoin from various platforms or exchanges, where you can deposit your money and then use it to purchase bitcoin at the current market price. The exchange will match your buy order with a sell order from another user, and once the transaction is confirmed, the bitcoin will be transferred to your digital wallet.
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• Ipsen HandbergDec 23, 2022 · 4 years ago
  When you buy bitcoin, your money goes through a series of steps to convert it into bitcoin. First, you need to find a reputable cryptocurrency exchange where you can deposit your money. Once your money is deposited, you can place a buy order for bitcoin at the desired price. The exchange will then match your order with a sell order from someone who wants to sell their bitcoin. Once the transaction is completed, the exchange will deduct the amount of bitcoin you purchased from the seller's account and transfer it to your account.
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• Anitha VenugopalNov 17, 2025 · 9 months ago
  When you purchase bitcoin, the money you use to buy it goes through a process called conversion. You can buy bitcoin from various platforms or exchanges, such as BYDFi, where you can deposit your money and then use it to buy bitcoin at the current market price. BYDFi acts as an intermediary, matching your buy order with a sell order from another user. Once the transaction is confirmed, BYDFi will deduct the amount of bitcoin you purchased from the seller's account and transfer it to your digital wallet.
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