“I want to buy Bitcoin but I don’t know where to start!“
As Bitcoin becomes more mainstream, the greater population is getting curious about how to open a wallet and buy into this cryptocurrency trend. It’s a lot easier to buy Bitcoin now than it was, even three years ago.
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The first step is to make sure you have a Bitcoin wallet. Coinbase, Electrum, Blockchain.info, and Mycelium are among the many that are out there.
Understand that there are two types of cryptocurrency wallets; the hot crypto e-wallets like Coinbase, where you can access your cryptocurrencies both online and offline, or cold storage hardware crypto wallets. Examples would be Trezor, Ledger Nano wallets, and KeepKey.
The second step is to join a Bitcoin exchange or marketplace such as Coinbase, LocalBitcoin, Bitfinex, Kraken, etc.
The third step is to buy your Bitcoin with USD, which is what this article is all about.
4 Ways to Buy BTC with USD
There are a lot of things to consider when using fiat money to buy Bitcoin. The biggest concern should be your safety and security. No one wants to get hacked or cheated out of an exchange so first thing’s first: ONLY EXCHANGE THROUGH LEGIT MARKETPLACES OR PEOPLE!
Other things beyond safety and security include convenience, transfer fees or associated charges, minimum amounts, and do you need to go through KYC or can you make anonymous transactions. Based on these factors, we are looking at the four best options for the crypto newbie.
A trusted friend
These days, most crypto newbz have a friend who is really into crypto and would gladly help walk you through setting up a wallet and even transferring a little crypto to get you started. Having said that, if you really trust each other, it would be possible to talk to one another and come to an agreed price based on the current cryptocurrency market prices. You send your USD to their PayPal or Venmo account, they transfer crypto in equal value to your wallet.
Exchanges
There are a growing number of crypto exchanges that allow you to link your credit card, PayPal, or bank account to buy Bitcoin using fiat money. Coinbase, Binance and Changelly are three that immediately come to mind.
Just remember that whichever cryptocurrency exchange you go with – and there are many – research first. Know what the minimum deposit needs to be, how much transaction fees cost, and also how to easily convert your newly purchased crypto back to fiat money.
Many exchanges are now offering debit cards, which is a really nice and convenient option.
Crypto Brokers
There are legitimate crypto brokerage firms. eToro and Coinbase are usually at the top of every search list. Two more are the Kraken exchange and LocalBitcoins.
Some of these crypto brokers and multi-faceted exchanges are easier to use than others. LocalBitcoins is a nice option if you are looking for local people to buy from, though we should note that it’s very important to find someone who has an excellent feedback rating or you can be robbed.
Bitcoin ATM
For direct purchases, Bitcoin ATMs are a good option – if you can find one and have the patience to wait for at least 10 minutes for the network to process your transaction. In truth, the last time I Googled Bitcoin ATMs, there were approximately 4,000 worldwide.
Let’s conclude with saying that Bitcoin is a serious trading asset and commodity for some while also being a novelty to others. This article does not include a comprehensive list of legitimate exchanges or brokers and we highly recommend due diligence with any entity you wish to trade with. It’s your money at risk. Spend it wisely.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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