How do I buy Bitcoin and other digital assets?
I remember my first time buying Bitcoin. The nerves and uncertainty as to whether it was going to work and almost a feeling of doing something wrong. Buying crypto is a lot easier than it used to be so, here is a blog highlighting a few ways to buy bitcoin.
Cryptocurrency exchanges: Cryptocurrency exchanges, such as Coinbase, Binance, and Kraken, are the most popular and easiest way to buy Bitcoin. These exchanges allow you to buy Bitcoin using fiat currencies or other cryptocurrencies. You can simply create an account on the exchange, verify your identity, and then purchase Bitcoin using your preferred payment method. A cryptocurrency exchange is a digital marketplace where you can buy, sell, and trade cryptocurrencies such as Bitcoin, Ethereum, and ADA, among others. These exchanges function like traditional stock exchanges, but instead of trading stocks and bonds, you trade cryptocurrencies. To use a cryptocurrency exchange, you typically need to sign up and create an account. During the account creation process, you will be asked to provide some personal information, including your name, email address, and sometimes, a government-issued ID. Once your account is verified, you can deposit funds using fiat currencies, such as GBP, US dollars or euros, or other currencies. When you're ready to buy cryptocurrency, you can place an order on the exchange. You can choose to buy at the current market price, or you can set a specific price that you're willing to pay. Once your order is filled, the cryptocurrency will be credited to your exchange account, and you can withdraw it to your personal wallet. Cryptocurrency exchanges typically charge fees for their services, such as deposit and withdrawal fees, trading fees, and sometimes, network fees for withdrawing cryptocurrencies. The fees can vary widely between exchanges, so it's important to compare different exchanges before choosing one.
You can buy bitcoin via banks such as Revolut. However, buying through a third party often means that you will not own Bitcoin directly. Not your keys, not your bitcoin but some prefer the simplicity of buying through a third party, who am I to judge.
Bitcoin ATMs: Bitcoin ATMs are another convenient way to buy Bitcoin. These machines allow you to purchase Bitcoin using cash or debit/credit cards. You can find Bitcoin ATMs in many major cities around the world. Not very Uk friendly but you may be reading this in a part of the world where BTC ATM’s are available.
Peer-to-peer marketplaces: Peer-to-peer (P2P) marketplaces, such as ByBit, LocalBitcoins and Paxful, allow you to buy Bitcoin directly from other individuals. These marketplaces connect buyers and sellers, and you can negotiate the price and payment method directly with the seller. However, you should be cautious while dealing with individuals on these platforms, and make sure to use a secure payment method.