Where does my money go after I purchase bitcoin?

3 answers

• Jun 08, 2022 · 3 years ago
  When you purchase bitcoin, your money goes to the seller or the exchange platform where you made the purchase. The exchange platform acts as an intermediary, facilitating the transaction between buyers and sellers. Once the transaction is confirmed, the ownership of the bitcoin is transferred to your digital wallet. It's important to note that the money you used to purchase bitcoin doesn't physically go anywhere; it's simply a digital representation of value that is exchanged for bitcoin.
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• Jun 08, 2022 · 3 years ago
  After purchasing bitcoin, your money goes to the seller's wallet address. Bitcoin transactions are recorded on a public ledger called the blockchain, which ensures transparency and security. The seller's wallet address is where the bitcoin is sent, and once the transaction is confirmed by the network, the ownership of the bitcoin is transferred to your wallet address. It's a decentralized system that eliminates the need for intermediaries like banks.
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• Jun 08, 2022 · 3 years ago
  After purchasing bitcoin, your money goes to the exchange platform where you made the purchase. The exchange platform holds your funds in a secure wallet until you decide to withdraw or trade your bitcoin. It's important to choose a reputable exchange platform like BYDFi, which prioritizes security and has a user-friendly interface. BYDFi ensures that your funds are safe and provides a seamless trading experience for its users.
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