Ever since bitcoin was introduced in 2009, it has become a popular digital currency used by millions of people worldwide. Trading bitcoins has been a wild ride, especially in recent years. Many people have made millions, while others have lost everything they put in. Recently, there have been an unfortunate amount of scams with cryptocurrency exchanges, one being FTX Trading. However, when done right, investing in bitcoin can be a highly lucrative endeavor.
The good news is that there are still many ways to get your hands on bitcoin safely and securely. We will discuss five of the most popular ways to buy bitcoin now quickly and easily.
What Is Bitcoin?
Bitcoin is a digital cryptocurrency that uses cryptography as security, and it’s not controlled by any organization or government. It was established in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It’s decentralized, meaning it’s not controlled by any government or financial institution. As of late 2022, one bitcoin was worth around $16,996.50. Transactions with bitcoin are recorded on a ledger called the blockchain, and new bitcoins come from mining.
5 Ways To Buy Bitcoins
Here are some of the most popular ways to purchase bitcoin:
- Use a Trusted Cryptocurrency Exchange
Crypto exchanges are one of the most common and user-friendly ways to buy digital currencies like bitcoin. These platforms allow you to buy, sell, and trade different cryptocurrencies easily. A cryptocurrency exchange is an online platform where you can buy and sell bitcoin and other digital currencies with fiat money, like US dollars or Euros. Most exchanges offer payment methods such as bank transfers, credit/debit cards, prepaid cards, Skrill, and other e-wallets. However, you need to register and deposit funds into your account before trading. Some of the most popular and trusted crypto exchanges are Coinbase, Binance, and Kraken.
- Use Paypal Or Other Financial Apps
Buying bitcoin with PayPal is another popular option because most platforms accept this form of payment — including the popular peer-to-peer marketplace LocalBitcoins.com as well as cryptocurrency exchanges Kraken, Bitstamp, and Paxful. Just like any other online purchase, you will need to provide your PayPal information and verify your identity before purchasing bitcoin
Alternatively, you can use popular financial applications such as Venmo or Square Cash to purchase crypto assets. These apps are designed for peer-to-peer money transfers, so you’ll have to connect your bank account and send the funds needed to buy bitcoins.
- Purchase Bitcoin With Cash
You can use cash instead if you’re looking for a more secure way to purchase bitcoin. You can find bitcoin ATMs in most cities, which allow you to purchase bitcoin directly from a physical machine. These machines accept cash and will then transfer the bitcoins to your personal wallet
You can also purchase bitcoin in person by meeting a seller and trading cash for their digital currency. This method is known as ‘over-the-counter’ (OTC) trading and can be done through various websites such as LocalBitcoins or PaxfulBuy Bitcoin Vouchers.
Another way to buy bitcoin is to purchase a bitcoin voucher. These are physical cards that come preloaded with a certain amount of bitcoin that you can then use to purchase anything from goods and services online or even more digital currency
These vouchers can be purchased in many different stores and websites, such as Bitrefill, ‘the world’s largest bitcoin voucher store’ and are a great way to get started in the world of cryptocurrency
- Use Online Brokers
If you’re new to investing in Bitcoin or don’t want to bother setting up an account and navigating the various exchanges, you can use a broker. Brokers are like intermediaries who will help you find the best deal on Bitcoin in exchange for a fee. They will do the legwork for you and ensure you get the best price possible. Some of the most reputable brokers to buy bitcoin include eToro, Coinmama, and Changelly. All three platforms are well-known in the cryptocurrency space and have a great reputation when it comes to trustworthiness.
- Use Bitcoin ATMs
Bitcoin ATMs are another great way to buy bitcoins quickly and easily. These machines act like traditional bank ATMs, but instead of dispensing cash, they allow you to purchase bitcoins with cash or debit cards, depending on the machine. Bitcoin ATMs can be found in most major cities worldwide, and some machines even allow you to sell your bitcoins for cash. All you need is a valid ID, and you’re good to go.
However, you might need a Bitcoin wallet to confirm the purchase. Prices for this service can be high, with some ATMs taking 7 percent of the transaction cost while others charge even more.
Bitcoin ATMs are becoming increasingly popular because of their convenience and ease of use, so if you’re looking for a quick and easy way to buy or sell bitcoins, this might be your best bet.
Buy Bitcoin With Credit/Debit Cards
Many sites now accept credit card payments for direct purchases of cryptocurrencies like Bitcoin. Popular exchanges like Coinbase allow for this quick and easy method to purchase bitcoins directly from the platform using your Visa or MasterCard. One downside is that it may take several days to successfully transfer money from your card into the exchange since banks must first verify the transaction. Additionally, you should always be cautious when using a credit or debit card to buy anything online, as fraudulent activity is still possible.
No matter which method you choose to buy bitcoin, always do your own research and ensure that you understand the risks involved before investing in any cryptocurrency. It’s also important to remember to keep your bitcoins in a secure wallet and never share your private keys with anyone. By following these simple steps, you can buy bitcoin safely and securely.