Bitcoin is a cryptocurrency with the rapid rise in popularity because to high ROI (return on investment).it has been a roller coaster ride in its price since it is launched . It has made some people seriously rich ,so if you don’t want to lag behind I’ll show you how to buy bitcoins on the Internet.
If you are thinking about decentralising your digital cash , you have a few different ways to buy Bitcoins.
you can buy Bitcoins directly or indirectly from traditional brokers as well as new upstarts.infact its easier then before to buy bitcoins so you have lot more options then before you we will choose broker with minimum charges.
5 ways to buy Bitcoins
Finencial apps such as Paypal and cenmo now allow you to trade cryptocurrency.
Paypal made it lot more easier to directly buy bitcoins using his same app. you’ll have to pay charge of $0.50 for trade lass then $5 and the fee rise from there. you can also trade Etherium, Litecoin and Bitcoin cash.
Venmo charges nearly same fee as Paypal.
Crypto exchanges are most popular options for buying crypto for normal people , Exchanges offers more advantages for traders. first, crypto exchanges offers you the lowest possible all in cost for trading cryptocurrency.so exchanges are you best bet if you want to save some bucks .
Many exchanges offers wallets to securely store cryptocurrency.
You can add some bitcoins with no direct commission you using trading apps such as robinhood or webull. Webull let you trade more then 25 crypto including bitcoin . you’ll have to pay fee of 1% on each transection.
In this case you you don’t have to provide any personal info you send money to seller and seller release money to your wallet .
What if he doesn’t release Bitcoins ?
Well P2P websites use escow services means you will get your coins once you send money website will automatically release bitcoins to your wallet since it already holds coins from sellers.
Another option is to buy bitcoin directly from bitcoin atms, although they will charge you heafty amount in fee. ATMs charges around 7% which is too high for any trader that’s why it’s not recommended. although you can give it a shot if you are out of options.
Things to consider while buying Bitcoins
Before you jump in market you should consider few things in mind .
Cost. Commissions can vary widely depending upon your choice of purchase . few percentages may not sound quiet lot but if you are trading in and out the market, it will quickly eat away your investment .
Security. one of the biggest concerns with crypto is security it you are making some investment you must secure it . Binance , a high profile cryptocurrency exchange was hacked and thousands of bitcoins were stolen in 2019. traditional brokers may offer better security because they are dealing with the problem with very long period of time. If you deciding to hold bitcoins for long period of time you must store it in Cold wallet .let me explain you types of wallets.
Hot wallets : these are online wallets provided by exchanges or other apps. you must have heard about exchange hacking basically when your crypto is in hot wallets hackers can gain easily access to your money and everything can be wiped out from your wallet .
Cold wallet : also known as Hardware wallets they are separated from internet once you transfer you money in cold wallet no one can access your wallet until or unless you share your private keys with someone.
Note : Never buy hardware wallets from third party website like amazon they might be already hacked and wipe out your money .Only buy from their official website.
Crypto markets are so volatile be cautious while trading.