Buying Bitcoin is not difficult; all you have to do is go through an online broker. But which one to choose, and how can you tell which sites are secure? Here’s our guide to help explain how to do it quickly and safely.
New investors tend to focus on Bitcoin, which is the best-known cryptocurrency. However, it is by no means the only one; on the contrary, there are many others, such as Ethereum, Litecoin, Coinbase, etoro, Kraken, and Binance. There are plenty of choices, especially since the price of other currencies frequently remains much more accessible than that of bitcoin.
Buying as securely as possible is essential as cybercriminals can gain access to investors’ wallets or breach entire cryptocurrency exchanges to gain possession of their investments. Once you have purchased your cryptos, you should also take steps to keep them secure, which requires adopting good digital security habits.
Let’s look at the safest method depending on how you plan to make the transaction:
1. Buying Bitcoin with a debit or credit card
If you plan to buy bitcoin with debit card or credit card, the safest method is using etoro or a similar platform. Again, look for a site with excellent levels of security and minimal fees. Another good option is Coingate which is now available in most parts of the world.
2. Buying Bitcoin anonymously
The days when digital currencies could easily be purchased anonymously are coming to an end, thanks to numerous governments enforcing legislation making it harder to use sites such as Changelly or Shapeshift to discreetly purchase cryptocurrency. However, it is still possible to buy digital coins anonymously by buying them from someone. You can find a reputable local trader by registering with the Localbitcoins site.
3. Buy gift cards with cryptocurrencies
You can buy digital coins instantly with gift cards.
This is a convenient way to trade in crypto – by cutting out the middleman, buying gift cards allows potential buyers and sellers worldwide to quickly purchase and redeem cryptocurrencies.
4. Buying cryptocurrencies via PayPal
In 2021, PayPal committed to simplifying the purchase of cryptocurrencies worldwide. There are many reasons to buy digital currency with PayPal.
- The payment process is quick and easy
- The accessibility of PayPal present in your investments
- Former PayPal users are familiar with the user process
- Your payments are secure thanks to a platform used by more than 270 million Internet users worldwide
- You will no longer have to transfer your funds to another account. They will be debited directly from your PayPal account.
5. Buying Bitcoin with a banking account
eToro, Coinbase and Coingate are the best places to go.
If high levels of security are a priority, using your bank account is one of the best methods. Of course, this method involves verifying your identity. However, banks understand how to make dealing with cryptocurrency smooth and easy.
Founded in 2014, Coingate is a successful crypto payment solution that allows businesses to accept cryptocurrency as payment methods for their business.
As far as cryptocurrency payments are concerned, this automated platform manages them at each stage of a contract—this, from the creation of an invoice to the confirmation of payment through customer support. Everything is then taken care of by the platform in a secure and safe manner.
6. Buy cryptocurrencies at an ATM
As the name suggests, cryptocurrency ATMs allow you to do exactly that.
There are nearly 20,000 cryptocurrency ATMs across the world. You can use one to purchase and sell digital currencies in a physical booth, which greatly reduces the difficulty of owning and acquiring these assets.
However, you should aim to avoid ATMs that charge expensive transaction fees and impose a high premium on the exchange rate. For larger and more frequent transactions, it may also be better to use the services of a cryptocurrency exchange. This is because they usually charge lower fees and offer useful year-end reports to help you analyze your tax liability.
Remember, buying Bitcoin is the way to enter the fascinating cryptocurrency space and learn about it. Once you own some digital currency, you’ll discover many new opportunities and, hopefully, reap rich rewards.