The most famous and definitely the most sought after cryptocurrency is Bitcoin (BTC). It’s for this reason that various options have been improved over time to make buying Bitcoin faster, easier, and accessible to everyone. Unlike a few years ago, today everything is so simplified that you can buy this cryptocurrency from your home.
Do You Need a “Bag of Money” to Own Bitcoin?
Bitcoin is worth about $ 9,200 but what many don’t know when it comes to this most valuable cryptocurrency is that it’s made up of smaller values (like 1 USD is made up of 100 pennies), and its lowest value (0.000 000 01 BTC) is called Satoshi (SAT). Other values that exist (higher that Satoshi) are Microbit (µBTC), Millibit (mBTC), etc.
People are attracted to buying Bitcoin because:
- It’s the most famous currency that has exists for 10 years.
- Despite all the fluctuations, it’s by far the most valuable, and only one unit brings big profits.
- It’s also the widest means of payment and it can be used to pay for hotels, airline tickets, travel vouchers…
These are just some of the reasons why the BTC currency is so in demand, and through smaller denominations, it’s available to everyone.
Tips for Safe Buying
No matter what the amounts are, take the whole process seriously. Carefully choose the type of Bitcoin wallet and trade intermediary. Why does it all matter? We believe that those who bought the first units of BTC had no idea what values this currency would reach. A Bitcoin wallet is the only connection to your Bitcoin funds. Loss or damage will lead to the inability to log in to your account and thus permanent loss of units.
Choose an intermediary in the trade according to how many years they have been operating, on what platform the business they are based, how much commission they take, what data they ask for the realization of the business. It’s best to choose those that do business directly with the currency of your country because that way you don’t lose on the exchange rate difference.
What Are the Options for Buying Bitcoin?
Exchange Offices
Exchange offices are intermediaries in the purchase of Bitcoin and receive a commission for their services. This type of purchase requires you to leave personal data and very often a link to a bank account. The exchange office will determine how much BTC units you can buy for a certain amount of money according to the daily exchange rate.
If you’re satisfied with the offer, the exchange office withdraws money from the bank account and starts the purchase procedure. In a couple of hours, you become the owner.
Peer-To-Peer
There are websites that organize a direct face-to-face meeting between the person who sells and buys Bitcoin. Both parties must bring a Bitcoin wallet with them to follow through the whole exchange process so that there are no embezzlements.
ATMs
Scanning your address code opens up options for the purchase process. Insert the cash into the ATM and the cryptocurrency is transferred to the scanned address. This is a very simple way of purchasing, and ATMs are available in every major city.
Stock Markets
To access one of the stock markets, you have to register, leave personal data, and take a picture of your passport/driver’s license/ID card. To complete the verification, you must either go to the stock market headquarters with an ID card yourself or have the code sent to you by mail, which you’ll receive only after you show your ID card. Only then the account is open and you’re allowed to start trading by transferring funds from the bank.
Trading Websites
How to buy Bitcoin on websites that are authorized to trade cryptocurrencies? You can create a Bitcoin wallet or enter information about an existing crypto wallet. For this service, websites charge a commission that varies from supply and demand.
It’s possible to trade payments from all accounts, money transfer via PayPal, Western Union… A transaction made this way is realized quickly, the data is protected, and that’s the reason why this is one of the more popular trading methods.
Conclusion
You’re entering a world of virtual currencies where large amounts can be earned but also lost. So it’s good advice not to invest huge sums but to gradually increase the number of Bitcoin units you own.
Investing in cryptocurrencies is a good way to place surplus funds, and earnings can be much higher than with classic investment funds. With all this in mind, you’ll have fewer surprises while taking part in the Bitcoin market.
