Sumit BeraWed, Jul 15, 2020 11:00 AM
How to Buy Bitcoin Instantly In 2021: Top-5 Ways
The decision of the ideal approaches to purchase Bitcoin relies upon three elements: how much data you need to uncover, what is the measure of the exchange and what level of safety you require. Notwithstanding, it is practically difficult to follow each of the 3 components. All in all, what is the most ideal approach to purchase Bitcoin?
1. Stock Exchange
The most ideal approach to purchase crypto is to utilize a trade (Binance, Coinbase Pro, Huobi Global), where one can sell and purchase computerized money from different financial backers. The cost is set physically. For this situation, the commission charged by the delegate won't surpass 1%. The trade gives secrecy since you don't have to give your ID in many trades. There are a few alternatives for exchanges:
- Quick deal – immediate purchase or sale of currency from another exchange user;
- Offer – the seller determines the conditions under which the transaction should be arranged, and the buyer can either agree with the conditions or refuse to buy from this seller;
- Automatic order – the system completes the transaction when conditions are fulfilled (provided that you have the funds necessary to fulfill).
If you want to know how to begin investing in Bitcoin, start studying stock exchanges.
- Fair rates. You buy Bitcoin, not at the rate that the exchanger came up with, but at the real market rate, which is constantly changing;
- Safety. Trusted, reliable exchanges do not cheat. The trust of users is important to them since they earn a commission from trading;
- Multicurrency. You can exchange fiat for Bitcoin, buy any other coins available, and withdraw them to your wallet.
- Registration needed. Almost all exchanges require registration and request minimal personal data;
- Safety. New exchanges without valuable reputation are sometimes hacked. History knows cases when the administration of exchanges defrauded users and walked off into the sunset. For example, the case of BTC-E (WEX.NZ). This is extremely rare and, as a rule, does not apply to large reliable sites. It is best not to store cryptocurrency on exchanges for the long term and to check all the information about exchanges carefully.
A crypto exchanger (Localbitcoins, Lykke, F-change) allows exchanging fiat or other tokens for BTC according to a fixed rate. It is probably the easiest way to buy crypto. The service adds a commission higher than that on the stock exchange.
- Simple interface. Even a beginner will understand it;
- The ability to buy Bitcoin for almost any existing currency in the world;
- Anonymity. Although it depends on the exchanger and payment method, many exchangers are not interested in your personal data.
- Slow speed. Sometimes the exchange may freeze for several hours;
- Exchange rate. As a rule, in exchangers, the rate is not the most profitable one. It differs from the mid-market not in your favor;
- Anonymity. Sometimes there were cases when exchangers leaked information about customers not to authorities, but other interested parties;
- Chance of fraud. Especially, if you use an unknown site.
3. ATMs for BTC
ATMs for Bitcoins only enter the market. It is enough to have the necessary amount of cash to be able to exchange it for the equivalent in BTC. Such a transaction is instant and does not require registration or other formalities. There are now over 8500 BTC ATMs around the world.
4. For cash with individuals
A hand-to-hand sale is the most private and most insecure way to buy cryptocurrency. It is lucky if you know reliable miners or crypto businessmen. Rent, salary, taxes – all this requires ordinary money, so they constantly have a need to sell mined or earned cryptocurrency. Pros – maximum anonymity of transactions. Cons – risks from dishonest partners.
5. Telegram bots
Telegram bot is an automatic script based on the search for offers and counteroffers. If someone wants to sell BTC, they send a request to the bot and it looks for a counter offer. As soon as someone sends a request for the purchase of Bitcoin, the bot will complete a transaction between these two users.
- Speed. Exchange occurs instantly. This is probably the fastest way to trade Bitcoin.
- Low security. A bot can stop working unexpectedly, money can be “lost", etc. It is very difficult to bring the service to justice if something goes wrong, and you rely entirely on the decency of the bot owners;
- Inconvenient BTC rate. No bidding. You are forced to work at the rate that the service states.
While talking about the ways to buy Bitcoin, it is important to mention that this article doesn’t provide any advice and directions regarding investments in particular cryptocurrencies and pursues only informative purposes.