DIFFERENT WAYS OF BUYING BITCOIN
Bitcoin is the main cryptocurrency that is trending on the digital investment circles worldwide. The purely digital currency was established in 2009. Although Bitcoin is still in its early stages of development-Bitcoin is barely 8 years old, investors are cashing in heavy as prices sky-rocket.
Why Buy Bitcoin
Well, there are, many aspects of cryptocurrencies that makes them vulnerable and a risky venture to consider as an investment. However, most often than not, cryptocurrency has proven to be a risk worth taking.
Bitcoin, the mother of all cryptocurrencies, has time and again been a worthwhile investment for the duration of time it has been in circulation. As an investor, you may want to buy the Bitcoin because the digital currency is gaining worldwide acceptance in businesses and other investment forums all across the globe. You can now transact with Bitcoins instead of the cards or cash.
This makes it a safe mode of transaction compared to the conventional modes of transaction. Moreover, this digital currency gives you good returns on investment as long as it is in circulation.
How to Buy Bitcoin with Cash
Figure 1: LocalBitcoins
Buying the Bitcoin with cash is one of the fastest ways of investing with the Bitcoin. You can get bitcoin in a few hours after purchasing it with cash and it is also a more private way of investing in Bitcoins. Buying bitcoins with cash transactions is easy, fast and private.
To purchase the Bitcoin in cash the first thing you should find out is if there is a trustworthy seller who accepts cash from where you want to purchase the Bitcoin. Then you need to specify the amount of Bitcoins you need and place an order. From there, you will receive account number from seller then deposit the money into the seller’s account who will give you the receipt which you will upload to prove that you made your deposit. Once completed, Bitcoins will be sent to your LocalBitcoins/Paxful wallet.
How to Buy Bitcoins with Credit Cards
Figure 2: CEX.io buy Bitcoins
With most of the world’s elite investors opting to carry cards instead of cash, the investors looking to safely in the bitcoin are most likely to use the credit cards.
One of the most convenient ways of purchasing Bitcoins using your credit card is at CEX.IO, Bitstamp or even CoinBase. I like CEX.io in particular because different fiat currencies and countries are supported and all Bitcoin purchases instantaneous. The platform is also secure and has never been hacked. Bitstamp is more of a trading platform and its platform is a little bit complicated for beginners while CoinBase services are limited to certain countries.
How to Buy Bitcoin with PayPal
Figure 3: Virwox
While using any other means to purchase Bitcoins is easy, using PayPal may require a little more focus because the process can be a little complex and confusing. However, there is an easy way to purchase Bitcoins using PayPal.
Virwox is the easiest and most convenient way of purchasing Bitcoin using PayPal but Virwox is not a Bitcoin exchange. Simple create an account with them and begin the procedure.
First step is to deposit fiat-either USD or Euros into Virwox account then buy Second Life Lindens (SLL). These SLL tokens are then used to purchase BTC at prevailing spot rates. All purchased Bitcoins will then be withdrawn to a Bitcoin wallet of your choice. Sounds convenient but charges are around 10% and process is hard for beginners.
Alternatively, you can used Xcoins but the ratings are poor and often freeze accounts.
Figure 4: Xcoins
Whichever way you decide to use while buying your bitcoins, understanding the underlying technology, the risk involved and trends will definitely give you a better perspective on how to go about your Bitcoin investment.