If you are checking out this article, then you would have known all about Bitcoin and how useful it is. Bitcoin is the easiest way to transact as it attracts very low fees. The transactions made using Bitcoins are safe and secure and they go through cryptography technology. It allows you to make faster international payments with no extra fees for fund transfer internationally. There is also no limit on the amount that you can transfer through this peer to peer network. The best part is that you can send and receive money on this platform without revealing your identity or use any credit card details to carry out transactions.
Different ways to own bitcoins
Before you start to think about Bitcoins, it is important to get the Bitcoin wallet.
Get a wallet
It is important that you need a wallet to store the Bitcoins that you buy. Hence, you venture out to buy Bitcoins, make sure that you open a Bitcoin wallet online. This is a virtual wallet that you can think as a virtual bank. This is a place where the Bitcoins can be stored safely. So, make sure you choose the best wallet provider to store Bitcoins.
After you have chosen a wallet, it is now time to get the Bitcoins.
Bitcoins can be bought from the exchanges. They can also be bought by getting in contact with people looking to sell Bitcoins in marketplaces. You can pay for the Bitcoins in solid cash, wire transfers, debit/credit card payments, or even through other cryptocurrencies, or through peer to peer transfer services like Chase Quickpay.
Open an exchange account
The cryptocurrency exchanges are where you can buy or sell the Bitcoins. You need to choose a reliable, safe and secure BTC exchange to open an online bitcoin account. These exchanges would be asking you to furnish an ID card for setting up an exchange account due to know your customer and anti-money-laundering regulations. These exchanges accept payments through bank transfer, credit card, and other transfer options. Once the exchange receives the payment for a Bitcoin from you, it will make the purchase on your behalf and deposit the same into your Bitcoin wallet.
Buying bitcoins with cash
There are certain online platforms that will help Bitcoin buyers to find the Bitcoin sellers in a certain locality or area. If you are aware of someone who sells Bitcoins, then you can always fix up a meeting with the person and exchange your cash for bitcoins. It is very important for you to take extra precautions when you are buying Bitcoins for cash.
Get bitcoins from ATMs
This is a new concept of buying Bitcoins that is catching the world over. It is very similar to the face to face exchange and the only difference is that one face is the machine. The cash needs to be inserted in the machine and then a paper receipt with a code will be spit out by the machine. You should type this code in the Bitcoin wallet to get the bitcoin loaded into your wallet.