When the Bitcoin phenomenon started in 2016, it was this mysterious new currency that most people knew very little about. But times have changed. You no longer have to go wading into the depths of the internet to mine, buy, and trade Bitcoin. Multiple sites and companies make the process easy, even for beginners.
So, here are four ways you can buy Bitcoin in 2020.
The safest way to buy Bitcoin is through a registered cryptocurrency company. These platforms generally offer in-app support, so if you’re facing any issues with your purchase, you can simply contact the operator to get help. That makes this the easiest way to buy Bitcoin in 2020.
When you’re searching for a crypto company, look for the one that offers the most transparency. Any site that clearly tells you what fees they charge, how long transactions take, and the rate applied is a reliable platform.
If you’re looking for a fast and easy way to buy Bitcoin, mobile wallets are the way to go. While many Bitcoin buyers tend to stick to banking services, those can take longer and involve a lot more steps. With a mobile app, you can simply buy Bitcoin with credit card or debit card that directly and immediately loads the cryptocurrency.
You don’t have to go anywhere, talk to anyone, or waste any time. Anyone can do it and at any time. The best part is that mobile wallets offer competitive rates but low fees. So you get more benefits from your purchase. You can also choose from a wider range because they have multiple types of cryptocurrencies listed. This variety isn’t always something you’ll find at a bank because they tend to have limited options. Finally, because this process requires ID verification, you get higher limits.
Alternatively, you can also use a Bitcoin ATM. In 2020, Bitcoin is treated the same as any other type of currency in many places. You can buy it, trade it, or even use it to purchase ordinary things like groceries.
Bitcoin ATMs are called BTMs. A BTM works much the same way as a regular ATM. You put in your local currency and trade it for Bitcoin. While the process is simple, it can be inconvenient. That’s mostly because you have to go out of your way to find a physical machine. And once you find a Bitcoin ATM, you have to give it your wallet address, which is an added hassle.
But there are multiple reasons why buyers tend not to pick this option. For one, it doesn’t offer the facilities you get with mobile wallets. Since you can’t compare the rates, you’re unlikely to get the best deals. That can put you at a loss where other buying methods would have given you a more generous benefit.
Additionally, most BTMs only support Bitcoin and Ethereum. That makes them perfect if you’re looking for one of these two types specifically, or if you’re a beginner who isn’t interested in diversifying your options and want to stick to the basics. But if you’re a buyer looking for diversity and interesting purchases, then this isn’t the method for you.
Individual trading of Altcoin for Bitcoin
If you know anything about cryptocurrency, you’ll know that the options are endless. The market has grown significantly over the past decade, with a variety of currencies being bought and sold. While you can use your local currency or the dollar to purchase Bitcoin, you can also trade Altcoin for Bitcoin.
That means you can exchange all cryptocurrencies that aren’t Bitcoin with Bitcoin. There are many reasons you may want to do this. As it stands, Bitcoin is the most sought-after cryptocurrency. That gives it leverage over its competitors. And with the Bitcoin halving expected in 2020, experts predict huge gains and peaks around the corner.
The process of trading Altcoin for Bitcoin is easy. You just use an online exchange to transfer your Altcoin to your wallet. Then you go to the trading site and find another trading looking to exchange their crypto for Bitcoin. This is individual trading that isn’t with a company and allows you to set the terms and details yourself. As a result, you can customize it according to what you want.
Overall, there are a range of options available to you. You can trade individually with another buyer or use a company or bank. Alternatively, you can also buy Bitcoin with Paypal.