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Bitcoin can be bought and sold for many different currencies from individuals and from companies. The fastest way to obtain bitcoins is to purchase them in person or at a Bitcoin ATM for cash. Bitcoin ATMs allow bitcoins to be purchased for cash,  and some also allow cash withdrawals from Bitcoin wallets stored on smartphones. Participants in online exchanges offer bitcoinbuy and sell bids. Companies buy or sell bitcoin in bulk on exchanges and offer their customers the option via ATM to buy or sell bitcoin at market price. Using an online exchange to obtain bitcoins entails some risk, since according to one study 45% of exchanges have failed and taken client bitcoins with them.

Since bitcoin transactions are irreversible, sellers of bitcoins must take extra measures to ensure they have received traditional funds from the buyer.

Next concept you must know – Wallets

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