As is well known from the original White Paper by Satoshi, the e-assets environment was initially designed to be a versatile and intuitive series of systems and applications that would allow its users to transact on a peer-to-peer basis. This means the interfaces and applications themselves had to be as straightforward and understandable as possible. In turn, that meant being approximated to something that users were already familiar with, namely the Web2 environment. Considering the fact that users, or digital natives, who have been using the Internet for the past 20 years have grown accustomed to simple buttons and fewer functions, this means that all platforms involved in trading within this ghastly space had to mimic the layout of those apps.
Let us examine how the evolution of the Web2 interface influenced the convenience of buying cryptocurrencies in modern blockchain-based applications. But first, let us take a quick glance at the main pain points e-assets were meant to have resolved and the way they are now acquired. The whole affair of e-assets boils down to a single factor – real money, or fiat. Basically, those willing to buy digital assets for the first time will either have to use real cash like US Dollars, or will have to resort to other cryptocurrencies that they procured elsewhere. The procedure is closely associated with two things – a repository to store the funds, and an application that would host both the wallet and the service allowing the transaction to take place. Modern trading venues act in this capacity, willingly accepting any kind of fiat in return for native a slew of e-assets or coins like Bitcoin.
The sell transfer operation can be considered to be reliant on fiat, which means that users will need two things – a gateway to transfer the fiat and a simple interface that would permit them. Ideally, exchange platforms provide such functions through simple dashboards. Most such platforms eliminate any surplus possibilities and functions to declutter the interface and spare operators from being forced to understand what hash confirmation or blockchain stands for.
How to Easily Buy Bitcoins
To easily buy Bitcoins, users will be given no choice but to start with registering a wallet. The latter has the option of being either separate from the platform selected for the acquisition operation, or integrated into some conversion venue. Ideally, holders of e-assets prefer not to hop around platforms, but rather seek exchanges that have their own repositories. Luckily, most offer their own developments.
Once a repository has been set up and an account has been registered on some trading arena, users will have no choice but to pass the Know Your Customer verification procedure in order to have their identities confirmed. This is a necessary measure imposed on all centralized exchanges by the authorities with which they are registered as legal entities in order to have a license.
With those stages passed, users can start connecting their banking details to top up their repository account balances. This is a necessary step to inject liquidity in as USD other e-assets ready to be exchanged for a digital asset of choice. If we look at the process from a bird’s eye view, we will notice that it is very reminiscent of a bank and the native bank applications themselves. Unsurprising, considering that there is hardly anything new in crypto space, other than the blockchain basis.
Key Takeaways
In order to easily buy Bitcoins or any other blockchain-based assets, users will be ushered to register a personal account with an entity of choice. Next up will be the standard lineup of steps that users need to go through in order to start conducting any operations, considering most of their newcomer users as ignorant people who have never dealt with cryptocurrencies before.
