How to Buy Cryptocurrency? A Complete Guide 2024
How to Buy Cryptocurrency? A Complete Guide 2024. The world’s largest digital currency by market capitalization, Bitcoin (BTC), led the march. It rose in value, reaching $46,000 by January 2024. In actuality, Ether and Bitcoin were the two most popular cryptocurrencies. In January 2024, the latter hit over $2,200, an even more remarkable absolute price rise in percentage terms than BTC, which had begun the year at about $10. Even though the market has significantly shrunk since then, many institutional and retail investors, buyers and sellers continue to find digital currencies like Bitcoin and Bitcoin Cash attractive. However, these are some of the most typical justifications for investing in digital.
Why Invest in Cryptocurrencies?
It should go without saying that various people invest for different reasons; the majority are motivated by the desire to make a profit. But there are also several other reasons investors, buyers, and sellers participate in the Bitcoin market. Among the most typical causes are:
Portfolio Diversification
The adage “Never put all your eggs in one basket” is an excellent investment fit. You can take quite a few different techniques when it comes to diversity. However, one way to balance your investment portfolio is to include cryptocurrency. It’s also important to remember that the industry is distinct from more traditional ones, which may significantly boost your portfolio’s overall growth potential. Even if there is now a bear market in the cryptocurrency space and prices are declining, many investors are still drawn to cryptocurrencies because of their high volatility and potential for huge gains of up to 100%. As it happens, Bitcoin outpaces all.
Buying Cryptocurrency is Easier than Ever Before
Purchasing Bitcoin, Ether, or any other cryptocurrency is simpler than ever, regardless of your preference. Naturally, businesses began to offer various services that enabled rapid and straightforward access to the market as prices rose and cryptocurrencies gained popularity and demand. As a result, you may now buy Bitcoin and ether with cash through actual Bitcoin ATMs or e-money kiosks, or you can buy Bitcoin with credit, debit, or gift cards. It is essential to be aware of cryptocurrency exchanges that charge commission and transaction fees, which can differ significantly, mainly if credit or debit cards are used.
Increasing Adoption
Naturally, the bitcoin market is still in its very early stages overall. Even though there are currently more than 4,000 Bitcoin ATMs worldwide, they are still relatively uncommon compared to conventional ATMs. However, It’s essential to remember that cryptocurrencies have only been available briefly and that their popularity has recently skyrocketed. Another incentive to buy Bitcoin is that many banks, organizations, nations, and even governments have shown interest in the blockchain, one of its essential components. This indicates that cryptocurrencies are here to stay.
The Most Popular Cryptocurrencies
Aside from Bitcoin, which cryptocurrency is the most well-liked? There are over 2,000 cryptocurrencies, and the market capitalization rankings of these assets are subject to daily fluctuations. There are numerous options for purchasing or selling them as well. However, when it comes to well-known cryptocurrencies that have endured, it’s reasonable to assume that the most valuable digital currencies in terms of market capitalization are also the ones that most people know. They consist of, but are not limited to, the following: Bitcoin, Litecoin (LTC), TRON (TRX), Cardano (ADA), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), EOS (EOS), and others.
Buy, sell & exchangeBitcoin & other cryptocurrencies
One of the most significant locations to get Bitcoin with a credit card is Coinsbuy, which also offers various well-known cryptocurrencies, including Ethereum, Tether, and Ripple. Its services, such as cryptocurrency wallets, portfolio management, and exchange, are consolidated into one location. You can simply and quickly trade, purchase, hold, and sell cryptocurrencies with just a few clicks. With eToro, you can trade and profit from changes in the price of bitcoin and various other cryptocurrencies. Therefore, Coinsbuy offers a reliable and safe solution that streamlines and expedites the entire procedure for users. The go-to cryptocurrency gurus in the market can conduct transactions in minutes.
How to Buy Cryptocurrency on Coinbase
Currently, Coinbase is the biggest cryptocurrency exchange available in the United States. Its main office is in San Francisco. Purchasing cryptocurrency through the platform is relatively easy. Therefore, You must register for a Coinbase account as a first step. This will give you a location to keep your Bitcoin in addition to simple ways to transfer money from your bank account—such as USD or EUR—to and from Bitcoin or any other supported cryptocurrency. A debit or credit card can be used in this procedure for either payment type. Following account creation and verification, you must link a bank account, credit card, and debit card.
How to Buy Cryptocurrency on Binance
One cryptocurrency exchange is called Binance. By traded volume, it is the biggest one in the world, and for now, it is in control of the market. You must first deposit your cryptocurrency in your chosen wallet, such as one of the several hardware wallets that require a private key, to trade it on Binance. The exchange supports various digital assets; therefore, compatibility is not an issue.
Although the exchange primarily deals with digital assets, it does permit fiat-to-crypto trading in some geographical areas. In October, Bitcoinist revealed that Uganda saw the opening of Binance’s first fiat-to-crypto exchange. To launch a fiat-to-crypto exchange in Singapore, the company has also teamed up with the massive venture capital firm Vertex Ventures in Southeast Asia.
However, you can take Bitcoin, Litecoin, Ethereum, and other cryptocurrencies from your Coinbase account and deposit them into your Binance account if Binance does not allow fiat-to-crypto trade in your area. After completing this, you can start trading them for other cryptocurrency kinds. The operation is straightforward. To begin with, you would need to decide which cryptocurrency you wish to change, after which you might view the various trading pairings (such as BTC/ETH).
For example, you may purchase Ethereum with Bitcoin, Litecoin, and other digital assets. However, When your price objective is met, the site will complete your transaction and provide the current exchange rates for the cryptocurrency pair you have selected. Additionally, Binance launched Binance Coin, an in-platform token denoted by the BNB ticker [coin_price coin=binance-coin]. Users are encouraged to purchase ads and use them to pay for any platform fees at a discounted rate. For instance, customers who bought with BNB were eligible for a 50% discount on transaction costs within the first year following the coin’s release.
How to Buy Cryptocurrency on Kraken
Another cryptocurrency exchange that can be used to buy or sell is Kraken. However, unlike Binance, it permits financing your account with fiat money. Thus, opening an account would be the first thing you must do. After finishing, you must visit Kraken’s Funding page, choose the deposit option, and proceed to the USD (or EUR, for those in Europe) page. Accepting the terms of service for the domestic USD deposit is necessary if you haven’t already.
Next, to duplicate your domestic USD deposit wire transfer details, you must choose to conduct a US domestic wire bank transfer. The bank you use for the transfer will determine what to do next. In essence, you would need to give your bank the details shown on your Kraken deposit to initiate the wire transfer. After that, the bank transfer will either move money straight from your bank transfer account to your USD Kraken account or credit to a credit card.
After the bank transactions, you can buy Bitcoin, trade on the website, and buy or sell cryptocurrencies. Like Binance, it is a cryptocurrency exchange where you must choose the trading pair you wish to deal with. The volume of the order book containing buyers and sellers, the exchange rates, bank transfers, and comparable expenses are all modified in real time according to the condition of the market.
How to Buy Cryptocurrency with Cash
Buying Bitcoin using cash instead of a cryptocurrency exchange or bank transfer has several advantages. Cash transactions are now more private. Unlike with a regular cryptocurrency exchange or bank transfer, buy Bitcoin without providing many documents or personal information. Cash transactions are also faster for those new to Bitcoin or who have not set up a wallet address or bank transfer.
Wire bank transfers can take three business days. If everything goes well, your account may be confirmed and credit transferred in three weeks, depending on the platform. If the market is volatile and you want to move credit, bank transfers can cost you a lot. Bitcoin can be paid via peer-to-peer cash transfers or OTC (over-the-counter) trading. You may have a trustworthy friend or coworker eager to sell their cryptocurrency. Since cryptocurrencies are growing more popular, you can meet folks interested in buying and trading them at meetups and crypto conferences.
Paying the individual the agreed-upon amount of money (or sending it to him via your bank account) will get you the cryptocurrency, which you can then get on your chosen crypto wallet address using a private key or other payment methods. He can deliver the digital assets straight to your cryptocurrency wallet as a payment option if you meet in person by scanning the QR code on your wallet.
Another popular payment method for over-the-counter money trading is through the LocalBitcoins website. The P2P trading network has built a solid reputation over the years by bringing buyers and sellers together and offering escrow services and additional payment options. Go to the website, choose your transaction amount and region, and wait for a seller if none exists. After that, you can message payment options and other Bitcoin purchase details.
Buying Cryptocurrency via a Bitcoin ATM
If there are Bitcoin ATMs in your area, using one to purchase Bitcoin with cash is an additional alternative (2-way machines also allow selling). In actuality, the number of machines has surpassed 4,000 globally. Most of the time, they are relatively simple to use: you only need to input the money and give the device a QR code to scan, and then the gadget will instantly transfer the amount to the payment method of your choice. This is quite simple for people who are just starting to purchase cryptocurrency.
In Switzerland, for example, practically every railway station offers Bitcoin for purchase. A further indication of how simple it is becoming to buy Bitcoin with cash is the thousands of physical tobacco stores in France that will begin selling Bitcoin vouchers on January 1st, 2019.
How to Buy Cryptocurrency with Skrill
Skrill is a widely used worldwide payment mechanism and processor. You may use Skrill on several platforms to make deposits and purchase cryptocurrencies. BitPanda is one of them. The trading platform’s primary advantages are its reasonable transaction fees and acceptance of Skrill. Another well-liked trading website that takes Skrill is Virwox.
How to Buy Cryptocurrency with PayPal
With PayPal as your payment method, you can purchase cryptocurrency in a few different ways. You would need to locate a platform that accepts this payment processor. LocalBitcoins is one such platform. Nevertheless, everything would be practically the same as if you were making a cash purchase—you would just be making a deposit using your PayPal account. Paxful is another site that accepts payment methods; it’s a scaled-down version of LocalBitcoins.
The trading platform eToro is accessible to non-US customers. There are a few key differences to consider when comparing eToro to other cryptocurrency exchanges that let you purchase cryptocurrency. You are limited to exchanging your Bitcoin for fiat money on eToro; you cannot convert them into other cryptocurrencies or send them to another person. Put another way, this is less for trading and more for investing and portfolio development.
How to Buy Cryptocurrency with Hodl Hodl
Hodl Hodl is a peer-to-peer (P2P) cryptocurrency exchange that enables direct trading between buyers and sellers. Instead of storing user funds, it locks them in a multi-sig escrow account, which reduces the danger of cryptocurrency theft. Furthermore, you are spared the trouble of going through intricate KYC/AML compliance processes because the platform retains no cash. However, you must enter your location and the minimum purchase amount to obtain Bitcoin. Additionally, you can pay online with cryptocurrencies, bank wire, or cash. Users’ profiles are maintained by the exchange, allowing you to view the history of trades the person you wish to interact with has made in the past.
How to Buy Cryptocurrency with Square Cash App
Purchasing Bitcoin with the Square Cash App is arguably one of the US’s most well-liked and practical payment options. It would be necessary for you to ensure that you have some money placed beforehand. You have two options: either have someone send it to you or add it straight to your account. After you’ve taken care of this, launch the Cash app and choose the Cash Card. However, You should be able to view the Bitcoin symbol if you swipe left.
How to Buy Cryptocurrency Anonymously
You can purchase cryptocurrencies in a few different ways without requiring any identity paper.
LocalBitcoins
This is probably the most well-liked method for purchasing Bitcoin and discovering how to get cryptocurrency using cash and in person. As mentioned, you can use the platform to locate local individuals in your area who are prepared to meet with you in person and sell you Bitcoin. (Of course, the typical hazards are associated with in-person, non-contractual transactions, so you should be sure you can trust the seller.) However, you can hide your identity when utilizing the platform to learn how to purchase cryptocurrencies by using an alias email address. But unless you’re ready to pay with cash, most people wouldn’t want to conduct business with unknown buyers.
Bitcoin ATM
Purchasing Bitcoin using a Bitcoin ATM or other cryptocurrency is another method of maintaining total anonymity. For all payment options, you wouldn’t need to present any identity. However, remember that certain ATMs have a limit above which they may ask you to provide your phone number.
Use a Prepaid Card
However, Purchasing simple prepaid cards from any grocery or convenience store is another option to buy cryptocurrency without disclosing your identity. Some websites, like Virwox, will take them, and you can use them to buy Bitcoin or other cryptocurrencies.
Conclusion
Purchasing cryptocurrencies is now simpler than before. You would have to consider some things to choose the best payment option. When buying Bitcoin or making cryptocurrency investments, one of the most crucial factors to consider is the platform of your choice. Various factors need to be considered, including transaction costs, support for credit and debit cards, privacy, bank or exchange transfers, payment options for purchasing digital assets, compatibility with well-known cryptocurrencies, and more.
However, it would be best to locate a secure storage option After purchasing cryptocurrency with significant amounts of fiat currencies. With a wallet address and private key, you may benefit from a wide range of Bitcoin wallet options. You have the option to use offline hardware wallets (where you maintain control over your private keys) or online web-based cryptocurrency wallets that can be either custodial or non-custodial, depending on whether you want to keep your digital assets for a more extended amount of time or transact with them daily using different payment methods.
