How can I buy Bitcoin?
How can I buy Bitcoin? is the question that has been pondering in the minds of people with the outset of cryptocurrency. In this post, we will discuss with you about all the various methods and places to buy bitcoin.
Bitcoin is a decentralized digital currency which means it is not controlled by any central bank or an administrator. Therefore, it is gaining popularity with time as it seems more reliable than fiat currency. It is more secure and trustworthy.
You can buy Bitcoin from exchanges, or directly from other people via marketplaces. There are a variety of ways to pay for them, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies.
How can I buy Bitcoin?
The first step is setting up a wallet. Whatever method of purchase you prefer you will require a wallet to store your Bitcoin. This could be an online wallet, a desktop wallet, a mobile wallet or an offline one (hardware device).
While setting up the account you will be given a key (a string of characters) and a password. You should keep them safe. If you lose them, you will lose access to the wallet. The different ways which can be used to buy Bitcoin:
Buying Bitcoin Online
Exchanges help you to buy and sell bitcoin on your behalf. There are more than hundred exchanges currently operating, with different degrees of liquidity and security. You can choose the exchanges that are available in your geographical region.
Some of the reputed cryptocurrency exchanges are:
However, with the increase in the strictness of regulations like know-your-client (KYC) and anti-money-laundering (AML), many exchanges now require identity verification for setting up an account. This usually includes your official ID, and sometimes they may ask you for an address proof.
Most exchanges accept payment via bank transfer or credit/debit card. However, some are willing to work with Paypal transfers also. Most exchanges charge fees for using the Bitcoin network.
Once the payment is received by the exchange, it will purchase the corresponding amount of bitcoin on your behalf, and deposit them in your wallet. It is a fast process but in some exchanges, it may take time. If you wish, you can move the Bitcoins you bought to your cold storage wallet.
Buying Bitcoin with Cash
There are various ways through which you can buy the bitcoin offline also using the cash. These are some of the methods which can be chosen by you to buy the bitcoin using cash:
- Buy from individuals– There are a lot of platforms that let you find individuals near you who are willing to sell their Bitcoin for Cash. LocalBitcoins is one such platform.
- Retail Outlets– Some retail outlets also exchange cash for Bitcoin. LibertyX in the United States lists all the retail outlets where you can buy Bitcoin for Cash.
So, you have got an answer to your question- How can I buy Bitcoin? However, before investing you should either take the help of a crypto expert or you should study the market trends yourself.
While choosing the type of wallet, you should choose the one which seems safest for you. Moreover, hardware wallets are safer than the online wallets.