5 Tips on How to Buy Bitcoinguides
Bitcoin’s market cap surpassed one trillion dollars on February 19, 2021, and at the close of business when this was written, an individual Bitcoin was worth more than $47,000. Needless to say that there has been a shift in the way that the general public perceives this keystone cryptocurrency. However, ushering in the digital currency revolution has been a slow burn, and most people are unfamiliar with how they can procure it.
Investing in Bitcoin can still be a smart play in the long term because it stands to increase in value asmore companies with name recognition begin to accept it as payment. Cryptocurrency exchange is still in its infancy, and the opportunity to buy and sell Bitcoin and receive a significant return on investment is still a reality. The question is, how in the world do you buy, sell, and trade Bitcoin?
1. Use a Bitcoin ATM
Well, there are a few paths to acquiring Bitcoin. But investors have started to utilize one medium more than all the rest.Bitcoin ATMs, also known as BTMs, or Bitcoin Teller Machines, have revolutionized the way that Bitcoin is bought and sold. The anonymity that is foundational in crypto exchanges is still maintained at these BTMs. In some cases, all they require is a phone number to verify your identity. Someone who purchases Bitcoin at these kiosks does so by depositing cash.
Don’t have a wallet for cryptocurrency?No sweat!
The private key for your Bitcoin is maintained in your very own Bitcoin wallet (a digital wallet designed specifically for digital currencies). Don’t have one? No sweat, these ATMs will generate one for you on the spot. Bitcoin Depot ATMs take the guesswork out of buying and selling Bitcoin, Etherium, and Litecoin. These ATMs won’t ask you for your bank accounts or sensitive information that could be used to steal your identity.
OTC Service for High Limit Transactions
Some companies have recently broken out the big guns for investors wonderinghow to buy a lot of bitcoin. If you wish to spend $10,000 or more in a single transaction, Bitcoin Depot offers what amounts to white-glove concierge service that has streamlined the buying process to handle transactions the same business day, regardless of when they take place. There is no limit to how much an investor can spend in a transaction, and they have personalized customer experience representatives whose sole purpose is to discreetly and securely walk your transaction through from start to finish.
Buy & Sell Easily
The best part is that these ATMs aren’t just for buying Bitcoin, you can sell it too. And you don’t have to go through a broker and pay commission fees and deal with all the hassles they come equipped with. Instead, sell your digital currency at the real-time market value for cold hard cash paid to you immediately. Basically, Bitcoin ATMs are your personal cryptocurrency exchange that cuts out the fluff. They’re all about doing business quickly in the most secure fashion.
Using Debit or Credit Cards to Purchase Bitcoin
If for some reason you don’t have one of those innovative ATMs in your vicinity (which would be surprising), Bitcoin Depot is also a premier online broker for digital currency. Just log on and invest in the future. They offer the same services forbuying digital currency onlinewith cutting-edge security measures to ensure that your purchase is sent directly to your digital wallet as soon as the transaction is complete.
2. Go with a Traditional Stockbroker
While the aforementioned are doubtlessly the preferred way that investors buy and sell their digital currencies, there are also the traditional routes that you can choose to take if you’re a bit more old-fashioned. You can call up traditional stockbrokers that will charge you exorbitant commissions for every transaction. However, most of the traditional brokerage houses don’t deal in cryptocurrency just yet. They’re beginning to catch on, but progress is sometimes slow. Robinhood was one of the first to offer Bitcoin on its platform and they’ll perform the transactions with no commission fee. In a world where there is no such thing as free lunch, they often have higher prices than market value on most stocks and are no stranger tocontroversyandcustomer complaints about downtime.
3. Grayscale Funds
There is a digital currency asset management platform called Grayscale Investments. They havetrust accounts for both Bitcoin and Etheriumthat trade on the stock exchange. Grayscale funds do charge investors fees for brokering digital currency transactions. These funds also sell at a premium. Which, more often than not, means that their shares often cost more than Bitcoin is valued at per share. These funds are banking on the skepticism of older investors and their preference to buy shares as opposed to dealing with digital wallets.
4. Be Careful with P2P (Peer-to-Peer) Exchange
The riskiest way to buy Bitcoin is through offline peer-to-peer cash transactions, however, in countries where cryptocurrencies are banned,it might be your only option. Using this method is akin to buying something out of the classifieds or off of Craigslist. There is no real security to speak of and if you’re going to go this route, hedge your bets and use a hardware wallet for cold storage. That’s about the best security protocol you can get in peer-to-peer exchanges.
While there are 3rd-party services that aim to assist using an escrow process or by implementing other security measures to help protect the parties in these P2P transactions, you end up with more fees and trouble than it’s worth than by simply using an ATM or OTC service for larger transactions.
5. Consider Bitcoin Futures
For those of you who are savvy investors and know the intricacies of the stock market like the back of your hand, you have the option totrade Bitcoin futures. Buying Bitcoin this way is a gamble. You agree to sell your Bitcoin at a future date for a price already agreed upon. If you’re not familiar with the stock market, leave futures to the professionals.
How Will You Buy Bitcoin?
At the end of the day, you need to decide what makes sense for you based on your location and motives for purchasing cryptocurrencies. In this emerging market, Bitcoin ATMs seem to be the preferred way to handle your Bitcoin business. They focus on discretion and security, all while cutting out the headaches of dealing with the often tedious & confusing transaction process.
Learn more about Bitcoin with“Bitcoin Domination: The Rise of Corporate Adoption”
March 4, 2021