There are various ways to buy bitcoin, the world’s most popular digital currency. Yet, despite increased acceptance across the world, bitcoin remains covert and foreign to many people, who wouldn’t have the slightest idea how to acquire this increasingly valuable digital asset. This guide can help rectify that. Here are the various ways to purchase bitcoin.
Investors are increasingly incorporating bitcoin into their portfolios and often making quick profits as a result.
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They do this by buying bitcoin from exchanges after linking a debit/credit card or bank account to their wallet for easy deposits and withdrawals.
There are various exchanges to choose from, including popular options such as Coinbase, GDAX, BitStamp and Kraken.
Coinbase have one of the most popular bitcoin apps because it allows you to store your bitcoin in cold storage and also buy a variety of different cryptocurrencies like Ethereum and Litecoin in addition to bitcoin.
However, it is worth pointing out that some of these exchanges, such as Coinbase, will close customer accounts if they use bitcoin for online gambling.
With an increasing amount of online bookmakers incorporating bitcoin as a payment method, gamblers should use a middleman wallet to transfer funds between exchanges and gambling sites.
Buy in person
There are a variety of ways to buy bitcoin in person. Websites such as Localbitcoins.com and Paxful.com connect bitcoin buyers and sellers that are located in the same town or city.
Here, the exchange of fiat money for bitcoin happens on a face-to-face basis, with the websites incorporating a review system to assess the reputation and trustworthiness of sellers.
Unlike exchanges that monitor the use of cryptocurrency, these sites are not fussed with what users do with the newly acquired crypto, making them perfect for buying bitcoin for online gambling.
Work for it
Never mind grinding away in a store or factory to make your take, people can now build a career by working online and getting paid in bitcoin.
The digital currency is a fully functional payment system; anyone – anywhere – can set up and invoice clients through a bitcoin wallet.
Wallets such as Coinbase and Trezor essentially operate as the PayPal for bitcoin, with clients receiving an invoice and contractors getting paid as soon as the money is sent. There are no waiting times, fees, nor borders.
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A contractor in Spain can invoice a client in Australia and get paid in bitcoin as soon as the client approves the invoice.
Those with 9-5 employment needn’t despair, either, as companies such as Google, Uber and Facebook pay their employees some of their wages in Bitcoin using services such as Bitwage.
Ask a friend
The concept and mechanics behind digital currencies continues to confuse a lot of people, particularly those that aren’t overly tech-savvy.
But the reality is that bitcoin can be explained in layman’s terms to technophobes, who can also enjoy the various benefits offered by investing in cryptocurrency.
It’s more than likely that this crowd has a ‘bitcoiner’ in their circle of friends, so all they have to do is ask for a basic breakdown of how it works, and how to set up a wallet. Buying bitcoin from friends is also a good way of getting into the game.
Would-be buyers can also use a cryptocurrency ATM to exchange bitcoin and cash. Sites such as https://coinatmradar.com/ specify the location of these ATMs in a buyer’s city. And in some countries, bitcoin users can buy the cryptocurrency on the same basis as they would purchase phone credit.
In Australia, for example, bitcoin can be purchased over the counter at 1200 news agencies nationally.