When I buy bitcoin, where does my money end up?

7 answers

• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, the money you spend goes to the seller of the bitcoin. It's similar to buying any other product or service. The seller receives the payment in their chosen currency, and in return, they transfer the agreed amount of bitcoin to your digital wallet. The transaction is recorded on the blockchain, which is a decentralized ledger that keeps track of all bitcoin transactions. So, your money ends up with the seller, and you receive the corresponding amount of bitcoin.
  487244
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller, just like when you buy anything else. However, unlike traditional transactions, bitcoin transactions are recorded on a public ledger called the blockchain. This means that the transaction is transparent and can be verified by anyone. So, when you buy bitcoin, your money ends up with the seller, and the transaction is recorded on the blockchain for everyone to see.
  424142
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller. However, it's important to note that the specific destination of your money depends on the platform or exchange you use to buy bitcoin. For example, if you buy bitcoin on BYDFi, your money will end up in the seller's account on BYDFi, and the corresponding amount of bitcoin will be transferred to your digital wallet. It's always a good idea to choose a reputable and secure platform for buying bitcoin to ensure the safety of your funds.
  497125
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller. The seller can be an individual or a company who is willing to sell their bitcoin in exchange for your payment. The transaction is facilitated by a cryptocurrency exchange, which acts as an intermediary between the buyer and the seller. The exchange ensures that the transaction is secure and that the buyer receives the bitcoin they purchased. So, your money ultimately ends up with the seller, and you receive the corresponding amount of bitcoin in your digital wallet.
  529106
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller. The seller can be anyone who is willing to sell their bitcoin, such as an individual or a company. The transaction is processed through a cryptocurrency exchange, which matches buyers and sellers. Once the transaction is completed, the seller receives the payment in their chosen currency, and the buyer receives the agreed amount of bitcoin. So, your money ends up with the seller, and you become the owner of the purchased bitcoin.
  49182
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller. The seller can be an individual or a company who is selling their bitcoin. The transaction is processed through a cryptocurrency exchange, which acts as a platform for buyers and sellers to trade bitcoin. The exchange ensures that the transaction is secure and that both parties receive what they agreed upon. So, your money goes to the seller, and you receive the corresponding amount of bitcoin in your digital wallet.
  47869
• Jan 13, 2022 · 3 years ago
  When you buy bitcoin, your money ends up with the seller. The seller can be anyone who is selling their bitcoin, and the transaction is facilitated by a cryptocurrency exchange. The exchange matches buyers and sellers, and once the transaction is completed, the seller receives the payment in their chosen currency, and the buyer receives the agreed amount of bitcoin. So, your money goes to the seller, and you become the owner of the purchased bitcoin.
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