In our latest article, we talked about the best cryptocurrency exchanges in 2020.
Once you learn about all the possible methods to buy BTC, you can choose the one that suits you best.
Where to buy Bitcoin
Buying Bitcoin is not as easy as an outsider might expect. However, the number of options is constantly increasing. Anyone can choose the option of buying a cryptocurrency that suits their needs, some of which do not even require internet access or a BTC wallet.
Although they are a new concept, Bitcoin ATMs are appearing in cities around the world and their number is constantly increasing. The machines charge a commission of three to eight percent of the normal exchange price but provide users with the most private shopping experience.
All you have to do is insert the money into an ATM and scan your QR code for your mobile wallet or receive a confirmation with codes and instructions on how to transfer funds to your wallet. As Bitcoins become popular, such ATMs have the potential to become one of the most common ways to buy cryptocurrencies.
Needless to say, these ATMs are unlikely to appear in countries where Bitcoin is banned. You can find the nearest bitcoin ATM using a service provided for that, such as CoinATMRadar.
Bitcoins are often used to purchase gift vouchers because they are anonymous and can sometimes be cheaper than using cash. However, gift vouchers can be traded for BTC. All you have to do is buy a voucher from any store, sign up at one of the bitcoin exchanges where some sellers accept vouchers (e.g. Paxful, LocalBitcoins, etc.) and complete the purchase.
Depending on the seller, they may want to see a picture of the code on the back of the voucher and a confirmation from the store where it was purchased, while others will only need an online or email code. When you start trading, the amount of BTC you want to buy will be stored on the website, so it is safe to give the seller information related to your voucher.
There are a lot of online sellers who sell gift vouchers for up to 60 percent of their value, so buying Bitcoin that way could actually save you a lot of money. Gift vouchers are also a great way to store BTC, given how its value fluctuates. However, as with any other way of buying Bitcoin, you must always watch out for scammers trying to steal money from you, so be sure to trade with trusted sellers.
If you prefer to keep your Bitcoin transactions anonymous, do not want to go through banking complications, and live in the city, face-to-face trading would be the easiest way to buy Bitcoin. Among numerous websites and forums, LocalBitcoins is the most popular platform to facilitate such transactions and also provides an escrow service to protect both parties and their assets even more.
When Bitcoin first appeared, such transactions would take place in the houses of the sellers. These days, as BTC becomes more popular, people are becoming wary of scammers and taking precautions. Most of these transactions now take place in public places and both parties need to take all the precautions they usually take when transferring and exchanging large amounts of money. In addition, the customer needs access to their wallet to confirm the transaction, so carrying a smartphone or laptop with internet access is another thing to consider.
Those who are not open to such a meeting can always look for local Bitcoin gatherings, where they can buy cryptocurrency within a group environment and enrich their BTC knowledge in the process. Information about these meetings can be found at meetup.com and other similar websites.
Of course, you don’t necessarily have to meet the seller face to face to complete the transaction. Some sellers are open to trading online, but you have to be extremely careful because there is a huge risk of losing your money. There is always the option of using payment services, such as PayPal, which guarantee the receipt of goods, but most sellers these days prefer non-refundable payment options due to the constant fluctuation of the Bitcoin price.
Depending on the seller, you must pay a fee of 5 to 10 percent for privacy and security at the original price. Some sellers negotiate the total price before the meeting, while others will only sell Bitcoins at the exact BTC rate determined during the transaction. This must be done in case the value of Bitcoin changes dramatically.
An investment fund is a form of collective investment in which the investor’s money is collected together with the sale of a fixed number of shares, which the fund issues when it is launched. With Bitcoin emerging in the spotlight of the financial world, the emergence of a BTC-focused investment fund is only a matter of time.
Bitcoin Investment Fund(BIT), the first to ever engage in Bitcoin-related investment business, allows people to make contact with cryptocurrencies without having to buy or store them directly. BIT is invested exclusively in Bitcoin and gets its value exclusively from the price of BTC.
Bitcoin investment fund is one of the first of its kind, and that significantly contributes to its overestimation. There has been speculation about other similarly structured funds entering the market, but BIT remains the only major player on the scene. But as the cryptocurrency market develops, similar funds will undoubtedly enter the market, which will not only bring great pressure on BIT but will also confirm the status of Bitcoin as a world-recognized currency.