Bitcoin is one of the smartest ways to invest. Bitcoin came in 2009, and since its advent, value for the crypto coins has been fluctuating. When bitcoin first entered the market, choosing to invest in it was a major challenge for most people. However, right now investing in bitcoin is no longer a challenge for most, what poses as a challenge now is how to go about buying the bitcoin.
Here are top smart and convenient ways to purchase bitcoin while avoiding being scammed or putting the bulk of your private information out there.
1. Using debit cards
Certain investment platforms such as eToro and Coinbase exist and allow you to buy bitcoin with debit card. They carry a level of assured safety when making purchases. They even go as far as inputting two-step verifications, and your transactions are quite safe. For most bitcoin investors, there is the fear of making transactions using a debit card, which is quite normal; however, selecting a site that has a reputation for safety and excellent reviews is one way to avoid some pitfalls. To buy bitcoin with debit cards is quite fast and convenient if one is assured of the credibility of the investing platform.
2. Cash Deposits
So this is it. You have decided to invest big time in bitcoin, and you probably want to go all-in this time. Well, you should carefully consider the broker you would be dealing with. The best way to go about this is to source for big brokers or major exchanges. Truth is with a bank account, there is always a high limits for buying. You might be wondering if you can still make cash payments for bulk purchases. The answer is absolutely yes! And the good news is most cash exchanges have no buying limits, it usually just varies, depending on where and whom you are buying from.
3. Local purchase
If you are looking for a way to buy bitcoin within your locality from a trustworthy client without having to go too far, you can simply do this:
- Search for and compare sellers in your vicinity
- Decide on the number of coins you wish to invest in
- Place your order
- Receive the seller’s account details from the seller
- Deposit cash into the seller’s account
- Ensure to upload the receipt of payment
- Get your coins in your bitcoins wallet!
The key here is finding a trustworthy local agent. Note that local bitcoins transaction would not request any private details or verifications. Although depending on individual sellers, some may request for specific information. The only flip side to making local bitcoin purchases is that it is always hard to purchase in large amounts. However, it is a private, easy and fast in-person trade that can be quickly made through cash deposits.
4. Currency Exchange
You can get bitcoin by trading an equivalent amount from other cryptocurrencies in exchange for bitcoin. All you need to do is to get a bitcoin marchant and let them know of your intention to buy bitcoin in exchange for a corresponding price in another cryptocurrency.
5. Bitcoin ATM
Although bitcoin ATMs are cashpoints where you can cash out an equivalent amount of cash from your bitcoin wallet, many of them also allow people to buy bitcoin from them via cash deposit. All they need to do is to make the transfer to your e-wallet account.
Buying Bitcoin is now swift and fast
How quickly do you need access to your coins? What is the timeframe you have to convert your money to bitcoins? You should have this all figured out before you make up your mind on the dealer to patronize. Different payment methods operate at different speed of delivery. But you should know this, most times, only the first bitcoin purchase consumes so much time. Others afterward can be quite seamless and fast.
What to be aware of
If you want to avoid a situation where information about you can be traced back to you, then making your bitcoin purchase in cash is your best bet. Payment methods such as bank transfer, credit card, debit card or PayPal should be avoided. This way, you do not have to type in private codes or passwords, or credit card pins, especially if you are paying online.
We are sure by now you already have a payment method in mind that you would prefer to use.