How can you buy Bitcoin Safely?
All you need to know about buying and selling Bitcoins
How can you buy bitcoin Safely?
Bitcoin and other cryptocurrencies are continuing to rise in popularity, drawing both first-time and experienced investors. While the process to buy and sell Bitcoin has been simplified over the past few years, many people still find it confusing. With banks, credit card issuers, and governments worldwide getting involved with rules and regulations on how the currency can be bought and used, it’s no wonder some people are wary to invest in cryptocurrencies.
To find more details about it look at the article "How To Responsibly Invest In Bitcoin"
Debit Card -This option is most similar to using a credit card but without the associated risks of interest rates. You can use a standard debit card that is connected to your checking account, or you can buy a prepaid card. Using a debit card is widely accepted on most exchanges and instantly transfers, meaning you won’t have to worry ABOUT BITCOIN prices fluctuating before the transfer is complete.
ACH transfer- Connecting your bank account through an ACH transfer is a versatile option, allowing you to use a checking or savings account to BUY BITCOIN or cash out when you want to sell. You’ll also be able to purchase a substantially larger amount of Bitcoin because of their higher buying limits. Just keep in mind that it can take up to 5 days for the transfer to be complete, and the value of Bitcoin can drastically change in that timeframe.
Paypal- Paypal was one of the first large-scale financial companies to come out in support of Bitcoin, but it has quickly become harder to find exchanges that allow customers to purchase through Paypal.
Follow the link for further details: (https://www.bankrate.com/investing/invest-responsibly-bitcoin/)
To make a wallet you can register free on an online wallet service like Coinbase. When you register with a wallet, you get a code made of 30–34 letters and numbers. Well, this is your Bitcoin Address - you should share it as prerequisite whenever you want to buy/request new Bitcoins. It is like the code on the credit card.
(Example- 21sSdGbSjGtxMbqOPoEtoXN7eXydaN1JMM). It can have a QR format which is used especially for Bitcoin ATMs.
If you want higher security wallet then you can buy a hardware wallet (Example- Ledger Nano ($65).
Now that you have a wallet and a Bitcoin address you can purchase Bitcoins, there are Bitcoin exchanges and brokers that can convert your fiat money to Bitcoin and Some examples of online Bitcoin exchanges are Coinbase, Kraken, and Bitstamp.
After logging onto Bitcoin exchange site you just need to follow a few steps-
• First, you should register an account and deposit fiat money (USD, euro, etc.). Most of the exchanges operate with wire transfers, but many of them accept credit/debit card as well.
• Find the ‘Buy Bitcoin’ option.
• Next, fill in the requirements and at some point, you will be asked to share the Bitcoin address of your wallet.
Another easy way to buy Bitcoins is through a Bitcoin ATM, they are located in many places around the world and you can look for their location on your mobile phone. You can easily buy Bitcoin by inserting fiat money into the machine. Just move the QR code on the ATM scanner, insert your money, and buy the desired amount of Bitcoin.
You can also make face to face Bitcoin exchange that means that you can buy or sell Bitcoins from individuals like you. There are security considerations for both buyers and sellers, especially if the trade is a sizeable one. Always meet in a busy public place, don't meet in private homes and take all the precautions you'd usually taken when walking around with large amounts of cash. Remember, if you're meeting face-to-face somewhere, you'll need to have access to your Bitcoin wallet. Whether it's a tablet or laptop, you'll also need live Internet access to confirm the transaction. Example- LocalBitcoins.
If you don’t like the idea of having to buy and safely store plenty of Bitcoins, you can turn to an investment trust, such as the Bitcoin Investment Trust (BIT) or The Winklevoss ETF. This trust invests exclusively in Bitcoins and uses a state-of-the-art protocol to store them safely on behalf of its shareholders.
Since the Bitcoins are divisible you can buy any percentage of a Bitcoins (Example- 0.002). After you have bought Bitcoins you can now store your Bitcoins for the long term and wait for them to increase in value or you can trade your Bitcoins for other coins. At this time, the largest full trading exchanges by volume are Bitfinex (Hong Kong), Bitstamp (US), Kraken (US), Huobi (China and Hong Kong), OKCoin (China) and BTCC (China).
The number of options is increasing, and it is getting easier.
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