The Most Common Ways To Buy The First Cryptocurrency - Bitcoin
Submitted by Andy_B on Monday, 24 January 2022 Page Views: 366
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In 2009, an anonymous person who goes by the name Satoshi Nakamoto developed bitcoin, the first cryptocurrency. Since then, it has become in demand and is the leading cryptocurrency by market cap due to its constantly high worth. Its development also led to the birth of several other cryptocurrencies, which engaged millions of individuals and firms worldwide to invest or trade in the crypto market. However, trading in cryptocurrency requires certain skills and knowledge. It’s important to know more about crypto before investing in trading platforms.
Check out these seven easy ways to own bitcoin:
1. Direct Purchase
One of the easiest ways to own bitcoin is through direct purchase. All you need to do is to choose a trading platform such as Bitcoin Era, register to any available crypto-trading area or counter and bring two things: valid identity proof and a good internet connection. After filling up the information for registering, you will be given a trading account that you can use to buy bitcoin. Also, there is an option to use bitcoins for buying stocks, trading or selling depends on you.2. Broker
Many firms sell cryptocurrency through using a third-party agent such as brokers. Brokers that sell bitcoin would assist you by determining your financial status first and studying the bitcoin blocks’ better-performing chain for great results. If you’re not a fan of paperwork, this is good news as you won’t have to worry about doing it all by yourself - brokers handle almost everything in the process and would only ask for your payment so it can be done.
3. Wallet Applications
Many wallet-based applications allow the transfer of money from banks to wallets to be directly converted to bitcoin wallets. Providing a lesser convenience fee and low processing charges, wallet-based applications request bitcoin investment.4. Bitcoin ATMs
With the development of bitcoin, the next comes the birth of bitcoin ATMs. Nowadays, there are many bitcoin ATMs in various places to help you buy bitcoin directly by using only your cash or card. Unlike other methods, utilising bitcoin ATMs grants less convenient charges and guarantees traders a 7% investment return through ATMs. The only downside is it’s not free or accessible through your debit card - you must have a trading wallet or bitcoin wallet in order to use the bitcoin ATMs.5. Asset Return
The increasing rate of the bitcoin network shows the wide realisation of the potential profit you can earn through bitcoin investment and bitcoin mining. The rise in bitcoin value has resulted in unequalled returns on investment as an exchangeable asset and a unique store of wealth. Many investors believe that bitcoin is slowly losing its value due to its limited quantity, but when it comes to market cap, it still ranks first among other crypto.6. Stock Market
With the millions of individuals and businesses who started accepting bitcoin as a mode of payment, it’s no surprise that huge companies and brokers have also started selling their stocks in the form of bitcoin. Bitcoin can be an investment mode and is sold by huge companies through beneficiary investors who plan to buy it. Consequently, investors who accept bitcoin store the crypto in their corresponding bitcoin wallets.
7. Internet Service
With the constant increase in technology development, almost everything can be done through digital devices nowadays - from communication to the financial sector. Just like in the cryptocurrency world, investors can buy Bitcoin online which would only require a computer, laptop, or even smartphone devices and a stable internet connection to buy, sell or trade bitcoin. Some investors use these devices to pay for goods and services online from a store that also accepts crypto such as bitcoin as a mode of payment.Cryptocurrencies do not involve third party agents such as banks or government authorities, which is the total opposite of fiat currency. When it comes to security, bitcoin transactions are stored in a highly secured system referred to as the blockchain.
These are just some of the common ways to purchase bitcoin and are the easiest to do especially for newbie investors who want to buy bitcoin. Although it has been known that the blockchain is highly secured, it’s perfectly normal to wonder ‘Is bitcoin hackable?’ The most normal reason for this is when investors’ wallet keys where they store their funds can be stolen or misplaced. That’s why it’s important to do some research on cryptocurrency in general and how to secure your funds, before investing even a small amount of assets into this digital world.
With many thanks to Peter B, Wladimir Crippa and Jorge Franganillo for their kind help and support of this article, including their lovely photos.
