Bitcoin is the most popular cryptocurrency in the market and buying bitcoins is one of the most famous search requests. Everyone wants to invest in it as it has offered people great returns in the past.
If you want to buy bitcoin, you must learn the different ways to do it. You can visit read more to buy bitcoins and earn some money with bitcoin trading.
Some of the most common and popular ways to buy bitcoins are listed below, and you can choose any one that suits you the most.
Use Debit or Credit Card When Buying Bitcoins
One of the simplest and easiest ways to buy bitcoin is by using your debit or credit card. Most of the beginners use this method to acquire bitcoins and use them.
It is a simple process. All you need to do is enter the details of your debit or credit card and click on the buy button. The amount will be deducted from your bank account. After this, bitcoins will directly be transferred into your bitcoin wallet.
It is the most popular way people use to buy bitcoins. One of the biggest advantages of this method is that bitcoin is instantly transferred to your wallet. It really saves a lot of time.
The only drawback to this method is that the bank charges a bit high fees. But they offer an instant transfer. If you can wait a bit and don’t want bitcoins to be transferred to your wallet, you should try any other method.
Moreover, you need to give an ID to make a purchase with a debit or credit card, which doesn’t allow you to be anonymous.
Direct Bank Transfers for Buying Bitcoins
Another common way to buy bitcoins is through bank transfer. It helps you save a lot of money as it charges lower fees.
The buying limits are pretty high, and with lower charges, it has become an attractive method that you can use to buy bitcoin online. You need to wait a bit while a bank confirms the transaction, but other than that, it is one of the best ways to buy bitcoins.
If you want to buy bitcoins in large quantities. There is no better option than bank transfers as the fee is quite affordable as compared to credit or debit cards.
The only issue is that it doesn’t offer a fast pace. It means you need to wait for 3-4 days for getting your transaction confirmed.
Only then bitcoins will be transferred to your wallet, which is highly inconvenient.
Use Cash
Now comes the most common medium of exchange all over the world; cash. You may get surprised, but it is true that you can use cash to buy bitcoin.
All you need to do is give you a bitcoin wallet address, deposit the cash, and place the order. The bitcoins will directly be transferred to your wallet within a few seconds.
You need not wait for days to receive your purchased bitcoins.
If you buy bitcoins with cash, you may have to pay the price around 5-10% higher than the market price. Adding to it, there is a massive risk of fraud.
So you must be careful and choose an online bitcoin exchange that is safe, well-reputed, and trustworthy.
You must do proper research before choosing a bitcoin exchange if you are buying bitcoin with cash.
Bitcoin ATMs
It is a great option when it comes to buying bitcoin as it is highly convenient and easy to use. The procedure is identical to the bank ATMs where you use a debit card to withdraw cash.
It is a bitcoin ATM where you can buy bitcoin by depositing cash. You can place your order and receive a receipt/QR code from the machine.
You can use that receipt to transfer bitcoins to your wallets.
There are limited areas where you can find a bitcoin ATM, and you can use a bitcoin ATM locator to check if there is one in your area.
PayPal
If you make online payments, you must be well-aware of PayPal.
You can use it to buy bitcoins, but it is not a good option as there are several terms and conditions. And it is way too expensive than other methods.
You should prefer it only if you are having some balance in your PayPal wallet that you want to use. Otherwise, the fees are too high, so it is not a profitable option.
Petr is a serial tech entrepreneur and the CEO of Apro Software, a machine learning company. Whenever he’s not blogging about technology for itechgyan.com or softwarebattle.com, Petr enjoys playing sports and going to the movies. He’s also deeply interested in mediation, Buddhism and biohacking.