Bitcoin is a revolutionary product. In an effort to decentralize the banking system, Bitcoin has become a hot commodity. But it has also left the question of how to buy Bitcoin. It can seem confusing at first, especially if you don’t know what you’re doing.
If you are interested in buying Bitcoin, it is important that you find avenues that provide a safe and comfortable way to do so. After all, joining the Bitcoin craze is great but the last thing that you want is to be taken advantage of by some scam.
So, here is how to buy Bitcoin in a safe, reliable way.
- Use Bitcoin Exchanges
In the same vein as a stock exchange, Bitcoin exchanges are in place to provide a safe way to buy, sell, and trade cryptocurrency. Not only that, but they are oftentimes very well-established and reputable, ensuring that you can trust that your money is safe.
The most reputable services are very easy and safe to use. You can connect your bank account or debit card to these accounts for easy transfer of traditional currency into Bitcoin.
There is one thing worth mentioning, however. There are some exchanges that have a custodial wallet (where you don’t get private keys); if those crash or get hacked, you could lose your holdings. Going to a private, noncustodial wallet can be a great way to protect your crypto funds.
- BTC ATMs
There are sites out there that will teach you how to buy Bitcoin and help to provide you with accurate information on any Bitcoin ATMs that may be located in your area. You can pick the number of bitcoins that you want to buy or sell and simply find an ATM near you.
There are thousands of ATMs worldwide, and it even works in conjunction with the exchanges. You can deposit the money from those exchanges into the ATMs and remove/deposit money as you see fit. This offers users who prefer traditional, physical banking the opportunity to get access to their Bitcoin without having to do so on a computer.
- P2P Trading
Peer-to-peer networks allow buyers and sellers of Bitcoin to buy, sell, and trade the digital currency directly to one another. Even better, this method allows for a huge array of payment options including bank transfers, PayPal, and even in-person cash exchanges.
Each of the users can have their own offer and charge their own rates, but it is important to choose a user that has a good reputation and a history of completing their trades. Moreover, if someone is offering a price that sounds far too good to be true, it is likely because it is too good to be true.
P2P requires various levels of identification to provide different levels of security for the exchange of cryptocurrency. You can even implement mobile wallets for face-to-face exchanges, making it easier than ever to transfer Bitcoin to someone that you are working with in person.
- Bitcoin Kiosks
While it is generally easier to buy Bitcoin from your computer, there are some that look for a more personalized experience than the online exchanges. There are actually Bitcoin kiosks and retail stores with thousands of locations.
Buyers can pay for Bitcoin using a cash deposit to the seller’s bank or even sending funds through a wire transfer service. Even better, these kiosks can put you in contact with sellers and buyers located around the globe, not just the ones using the kiosks.
To do this, you would need to set up a wallet address, set your exchange amount to local currency, and you will then be given a plethora of payment options to keep your exchange safe and discreet.
Whatever option that you choose, ensure that you are going with a reputable service. There are far too many scammers out there that will try to pilfer Bitcoin from unsuspecting users. Going with a trustworthy platform can ensure that you are able to buy and sell Bitcoin in a safe, secure manner.
Most importantly, it will give you the peace of mind in knowing that your transactions are protected and safe each time that you perform a transaction of Bitcoin.