Well, this time, we are going to talk about the most favoured cryptocurrency in the world today. I know you had guessed it: Bitcoin.
Different ways to buy bitcoin
So how do we buy bitcoins? These are the ways:
- credit/debit card
- Cryptocurrency exchange
- Other altcoins
- Through peer to peer
Ok, so you know that we can buy or purchase bitcoin with credit cards. This process takes only a few minutes but there are fees. It is very costly method to do, as the charges is very high. You can buy bitcoin through various platform like Paydex, Coinmama, simplex among many others. Most will charge up to 6%. Coinmama charges up to 6%, which is very high.
Coinbase charge 3.99% each time you buy the coins with credit card. It is known that now there is an increase in the charges by Coinbase. It may be easy to buy but come at a cost. For others, you can buy bitcoin through Luno, or other crypto exchanges like Binance which charge very low fees. You need to have a bitcoin wallet to store the bitcoins. If you register with cryptocurrency exchange, they will provide you with cryptocurrency wallets.
If you are new to cryptocurrency exchanges, registering is a pain. Most will need all sort of verifications and the final acceptance can take up to 3 days.
Another way is to buy through other altcoins. Like Tether (which is pegged to USD). Also Ethereum and many others. This normally you will find in crypto exchanges. There are numerous crypto exchanges out there. Bitstamp is one of those.
Through peer to peer
Oh, lastly, you can buy bitcoin peer to peer. It is not fascinating. You may wonder why do people do that. Well, this is to cut away any processes fees, which is very high on other platform. You can choose to do it at localbitcoins, or paxful. In this way, bitcoin can be bought in your local areas. Be it in your own city, if someone is to sell.
For more visual understanding of how to buy bitcoin, watch below video: