The popularity of cryptocurrencies is increasing, meaning that more people are looking for safe avenues to invest in digital currencies. Bitcoin (BTC) is among the most popular cryptocurrencies, and buying it is easy than many people presume.
A study carried out by Global Blockchain Business Council and Survey Monkey revealed that most Americans have heard of Bitcoin at least once, but only a fraction of those have invested in the digital currency. The study showed that most people thought it was hard to buy cryptocurrencies.
In this article, we will discuss the safest ways of buying BTC. When buying any digital currency, you should go through the following steps:
- Research and familiarize yourself with cryptocurrency.
- Choose a crypto exchange.
- Decide on a payment option.
- Decide on how you will store your cryptocurrency.
- Make your purchase.
Buy Bitcoin with credit card
The process of purchasing BTC using a credit card is fast and easy. You do not have to go anywhere, and it is as quick and convenient as purchasing anything else with your credit card. You can also buy Bitcoin with debit card and the process is similar to that of using credit cards.
To prevent fraud cases, the amount of BTC you can buy using credit cards or debit cards is relatively low. There are also high fees charged on the exchange because BTC sellers risk the payments being reversed.
You can also use bank transfer, which allows you to purchase high amounts of BTC with low fees charged on the exchange. It may be slow, but it is a good option for profitable digital currency investors.
Bitcoin ATMs
They are considered to be the most convenient way of buying BTC. You can deposit money into this machine then purchase BTC, which is transferred to a safe digital wallet. They work more like in-person exchanges, but they are safer and reliable.
The ATMs are becoming more popular, attracting more people to invest in digital currency. They offer individuals access to a physical location where they can trade money with popular digital currencies and assets like BTC, LTC and ETH.
PayPal
PayPal allows you to buy BTC in two ways. The first and most convenient option is to buy cryptocurrencies directly using your PayPal account. The other method is using the balance of your PayPal wallet to buy BTC from third-party brokers. Many third-party providers do not have the option of buying digital currencies with PayPal, making it an inconvenient option.
The option of using PayPal to invest in cryptocurrency does not provide anonymity. Also, the fees charged for the exchange are high, and it may take a long time for it to be processed.
Peer-to-peer exchanges
You can connect directly with a cryptocurrency seller on P2P trading platforms, then purchase BTC using the various payment methods available like cash-in-person or bank transfers. Digital currencies are versatile, and you can even buy gift cards with cryptocurrencies and vice versa.
Every seller on the trading platforms has different offers, and their rates are not similar. Look for a user with a reputable record, good price, and history of complete trades. P2P exchanges allow you to be anonymous and trade privately because you can meet with a trusted peer and make a cash payment in exchange for BTC.
Fiat to cryptocurrency exchanges
Fiat is a cryptocurrency term that refers to the government-backed and distributed currencies like USD, Euro, or GBP. You can use fiat to buy BTC via a bank account or cash exchange. Most methods are fast, secure, and reliable, but if you have not stored your funds on a non-custodial wallet, you may lose your cryptocurrency if the exchange crashes or is hacked.
