If you want to buy Bitcoin you need to get a bitcoin wallet. The most reliable ones are the original desktop Bitcoin Core wallet and hardware wallets.
Trezor provide “cold” storage of cryptocurrency and practically eliminate the risk of hacking.
In addition, there are lighter web versions of cryptocurrency wallets.
For example, Blockchain.com wallet, which does not require blockchain downloads and is easy to use.
Define a personal investment crypto strategy for yourself.
First, before buying cryptocurrency, you must decide on the purpose of buying bitcoins or cryptocurrencies: for long-term storage or for trading.
Secondly, cryptocurrency is best stored in a wallet. Especially when it comes to long-term storage. When you trading, the currency balance is immediately replenished.
Method 1 to buy bitcoin and crypto: peer-to-peer exchanges
It is considered the most reliable way to buy cryptocurrency.
Exchange takes place directly between users without intermediaries, and the exchange acts only as a guarantor of the transaction.
When exchanging cryptocurrency, it is transferred to the internal account of the exchange. After which it can be withdrawn to a wallet and saved.
In other words, it is suitable for long-term storage.
- Quick and easy sharing
- High level of transaction security
- No trade commission for the buyer
- Large selection of payment methods, including cash and through crypto machines
- The ability to generate income on the buy bitcoin or other cryptocurrencies and sale of cryptocurrencies
- Unprofitable exchange rate
- Additional fees for withdrawing funds
Popular P2P exchangers:
- BTC Banker
Method 2. Crypto Exchange
Crypto exchangers provide cryptocurrency from their own reserve. Exchange time depends on the type of exchanger: manual or automatic.
Сryptocurrency exchanges conduct a transaction within 15 minutes, and manually orders can be processed up to an hour or more.
- Large selection of exchange directions: bank cards and transfers, payment systems, cash and altcoins
- Cryptocurrency arrives immediately to the wallet
- Unprofitable exchange rate and high commissions
- There are risks of fraud.
- Slow exchange
A list of the most reliable exchangers can be found at BestChange.com.
They check cryptocurrency exchangers in real time and sort offers by given criteria.
Method 3. Cryptocurrency exchanges
This method allows you to instantly convert cryptocurrencies into altcoins or fiat at the most favorable rate. It is also recommended to use crypto exchanges for exchange.
If you plan to trade cryptocurrency or store for a short period (up to several weeks).
Crypto exchanges are suitable for storing several assets that can be managed in a single cabinet and easily adjust the crypto portfolio if necessary.
Holderlab.io will help to create a balanced cryptocurrency portfolio with portfolio optimization and automatically rebalance.
The service provides work through the API with 10 popular crypto exchanges and allows you to test your portfolio on historical data.
- The most profitable course
- Low trading fees
- Fixed trading fees, which for many altcoins are a few cents or less
- The ability to earn income on the difference in rates
- Cryptocurrencies, such as Bitcoin and Ethereum, have high fixed fees. This makes exchanging small amounts unprofitable. This must be clarified in the “Trading Commission” section of your exchange.
- Funds on the exchange do not belong to users and may be lost if hacked
- Few exchanges support fiat currencies
Popular secure crypto exchanges:
Method 4. Buying through Bitcoin ATMs
This method is not very popular, but is actively developing. Similar machines already exist in Canada and the USA.
This avoids the risks associated with traditional ATMs.
You can find the nearest Bitcoin ATM using the CryptoATMRadar service.
- Transaction Security
- The ability to buy bitcoins for cash anywhere in the world, including foreign currencies, or with a credit card
- High transaction speed
- Not the most convenient way to exchange
- ATMs are located mainly in large cities.
Method 5: Cash Purchase
The method is not a recommendation for use. You must personally know the person or trust him. This operation may carry risks.
This method allows you to buy bitcoin on individual terms without any intermediaries.
If you decide to buy Bitcoin for cash from another person. Importantly, follow simple rules to ensure safety:
- Assign a crowded meeting place: cafe, waiting room or shopping center.
- Arrange a money transfer to a bank account or card to exclude the possibility of theft of cash.
- Upon arrival, evaluate the surroundings: is there anything suspicious.
- No additional fees
- The course may be more profitable than exchangers
- Ability to track the entire transaction procedure
- Risks of fraud and theft of funds
- Inconvenient, time-consuming method of purchase
- There are no security guarantees.