Bitcoin is a purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. Bitcoin has solved the double-spending problem using a peer-to-peer network.
The Blockchain
The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work (a block). Multiple blocks are known as a blockchain.
Step 1
One of the easiest ways to do this is through a cryptocurrency exchange. Create an account with an established exchange such as Coinfloor(UK) and, after verifying your identity, you’ll be able to sell your Bitcoin.
Step 2
Log into your banking app and use the exchanges deposit details to either set up a recurring standing order if the exchange allows, or make a one off instant Bitcoin purchase using bank transfers.
Step 3
Coinfloor(UK) allows you to make recurring payments via standing order so Sit back and watch your bitcoin investment grow
