Where to buy bitcoin explained

In 2017, Bitcoin surprised the whole world when its value per coin skyrocketed to nearly $20,000. The cryptocurrency world has naturally calmed down since then, but there’s an agreement from several sections that bitcoin is still a currency for the future.

For a lot of newcomers to the Bitcoin scene, knowing where and how to buy the cryptocurrency can be quite a difficult task. On face value, it may seem easy. However, as soon as you get to do it, you will quickly see that it isn’t as easy as you first thought. This is because you might stumble across complicated verification processes and regional restrictions. With all these, you might get stuck and realize that purchasing cryptocurrency isn’t that straightforward.

With this article, we try to reduce your stress by listing and talking about the most popular places to instantly buy Bitcoin. These places all allow the purchase of Bitcoin with a credit card and possess clear and understandable instructions on the steps to take when purchasing Bitcoin. They also allow transactions from a lot of countries. Look no further than this article for insight into where to buy bitcoin.

Bitcoin Pre-purchase Tips

The value of Bitcoin is very volatile. It is not a conducive place or environment to invest in funds that are valuable. While there may be numerous stories of people who made fortunes on the cryptocurrency in 2017, an equally large number of people lost a lot of money as it reduced in value. A handful of people think bitcoin will be worth up to $1 million in the future. However, some others like Jamie Dimon and Warren Buffett refer to the system in its entirety as a fraud that will inevitably fall.

Are you still up for landing your own chunk of the Bitcoin pie? If yes, here are several pointers that might be of help to you: When purchasing, you will definitely require a place where they can be stored. This might be an online wallet that is attached to the account you want to use to buy and sell. It can also be a physical device that can be plugged into the computer or a program available on your PC.

You can be able to transfer Bitcoin and subsequently use them to purchase things at several peculiar stores online and offline. However, when undergoing Bitcoin transactions, make sure you take notice of hefty transfer fees when moving between other currencies and coins and even during transfer to other online wallets.

Now, let’s talk about what you came here to read!

Coinbase

Coinbase was founded in 2012 and it has gone on to become the largest and most renowned Bitcoin platform in the whole world. Since that time, they have attended to more than 10 million customers, supported more than 30 countries and have traded $50 billion+ in the form of Bitcoin exchanges. They offer a 2-in-1 service – a wallet and an exchange – which makes it one of the simplest places to commence the use of Bitcoin. The platform also supports Ethereum, Litecoin and Bitcoin Cash.

As soon as you sign up and connect your account with your personal bank account, you will be able to easily transfer funds into your account – converting them to Bitcoin or dollars at will. The platform charges a percentage fee of 1% for transactions from a Coinbase wallet or bank account in the U.S. ($50 maximum, $1 minimum). A fee of 2.49% is fixed for purchases with debit or credit cards.

Coinbase’s wallet is secure and can be accessed via the mobile app or web app. It (the wallet) also uses two-factor authentication and stores redundant backups of data in safe vaults and deposit boxes all over the world. Additionally, there’s insurance of up to $250,000 for cash balances against theft or breach in the online storage. Also, the platform keeps 98% of the currencies of customers offline so as to keep them safe from hackers.

Binance

This platform supports numerous digital currencies like Ethereum, Litecoin and Binance Coin (it’s very own). They charge relatively low fees with trades going at .1 percent. Binance provides an option of trading coins into different currencies while also supporting the digital currencies like TRON, EOS, Ethereum Classic, Skycoin, Bitcoin Cash, Ripple, Litecoin, Ripple, etc.

Although the platform offers a large variety of currencies at mouthwatering costs, there are several bugs that have been reported in the mobile app and some others have talked about the delays they encounter while withdrawing a few of the currencies. This platform isn’t insured – which might be a big problem for a handful of people, especially after a few irregular trades were located and reversed some months ago.

CoinMama

Like Coinbase, this is a 2-in-1 service that ensures it is easier to purchase Bitcoin and a few other currencies in Euros and Dollars. They’re reported to have over 1 million customers across 188 countries.

An easy feature of the platform provides an opportunity for you to purchase Bitcoin in $100 to $5,000 increments with just a few simple clicks. Even though the exchange ensures outstanding real-time transactions, high fees are charged (5.9%) – higher than most of the other exchanges on this list. While buying with a debit or credit card, you’ll need to pay 5% more.

Instead of selling and buying using the open market, Coinmama uses its holdings to fund user trades, thereby increasing security when compared to other open market exchanges. The platform doesn’t have a mobile app, but its website is top notch.

CoinExchange

This is another exchange where you can conduct transactions for lower costs with most of its fees placed at 0.15%. CoinExchange’s platform provides a huge amount of different coins – perhaps the most among all the exchanges on this list.

Even though the website has a simple interface, it provides robust security and extensive support for every currency available on the platform. Developers – while using the API of CoinExchange – can be able to take their Bitcoin up a notch.

The disadvantage of this exchange is its lack of a mobile app, ambiguous security policies and a trading volume that is lower than that of other platforms.

Conclusion

Now that you have options to choose from, make sure you do your research on the exchange that suits your needs and capabilities better. Remember to consider the ease or difficulty in signing up, the verification requirements, transaction limits and security track record of any exchange before putting your resources in their hands.

Boost your knowledge and read more about Bitcoin.

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