“Cryptocurrency” is a term that has created significant buzz on the internet and within the financial world within the last decade. Bitcoin, one of the prominent cryptocurrencies, has generated tremendous profit for some early investors while others were hesitant to invest. Meanwhile, the sense of fame that Bitcoin earned has created a curiosity in investors to make it an asset. The question is, how?
Many investors are still trying to understand the way Bitcoin works. It can be difficult to determine which organization holds the cryptocurrency or where it is stored since there is no purchase receipt. Hence, it is important to first recognize that Bitcoin is not a commodity but a currency that is run on algorithms. Moreover, it cannot be simply obtained at a physical location like other transactions at a bank. Everything related to the purchase and safekeeping of cryptocurrency is done online and in multiple ways.
Crypto Wallets:
Before purchasing cryptocurrency, you need to know about its safekeeping. When you purchase it, where do you keep it? Bitcoin is not physically present; therefore, you cannot keep it in your pocket or a safe. It is present as it is backed by blockchain technology. Therefore, several companies offer crypto wallets, allowing you to keep your cryptocurrency safe in your account. This account contains wallet(s) which allow you to keep your crypto safe, and only you can access it. All you need to do is sign up for a website offering wallets, but make sure the website is reliable and safe. After signing up, you will receive a crypto receiving address depending on the cryptocurrency you are using. You may copy the address and provide it to others so they can send you cryptocurrency. To do this effectively, make sure that the address you are providing is a public key. Providing private keys can result in a loss.
Where to Buy It?
Once your crypto wallet is set up, now comes the time to buy Bitcoin or another cryptocurrency. So, you must be wondering where and how to buy it? First, you need to search for trusted suppliers of Bitcoin. Then you can log into their websites and provide the necessary details to purchase the cryptocurrency. If you are still not sure which are the trusted suppliers, below are a few commended providers:
- Coinbase: Coinbase is the most famous place to buy bitcoin. If you are from America, Europe, or Singapore, this is the best supplier for you. Not only is Coinbase a good crypto exchanger, but it also provides its user a safe and secure wallet. You may connect your bank account or buy crypto through a debit card or SEPA (Single Euro Payments Area) transfer. With time, Coinbase is adding new currencies to facilitate its users worldwide.
- Kraken: Like Coinbase, Kraken allows its users to purchase Bitcoin in Europe or United Kingdom the same day through SEPA transfer. It allows for a smooth transfer and record-keeping of the purchase. The user does not have to worry about the fluctuation in prices as they receive their crypto coins the same day.
- Localbitcoins: Localbitcoins is of the most famous crypto-exchanging platforms because it gathers buyers and sellers in one place. It does not hold coins itself, but it allows users, who already have coins, to post their offers. Then, buyers make bids to purchase it. For safety and security, Localbitcoins restricts third-party payments in order to avoid probable frauds.
- Spectrocoin: Famous for its inexpensive rates, Spectrocoin allows its users to buy Bitcoin through credit cards and allows its users to get a crypto debit card. A user can easily access and buy whenever they want after completing the Know Your Customer form.
There are several other places where a user may buy Bitcoin; however, these are the most famous platforms. Others include Coin Mama, cex.io, remittance, and crypto pay and are the most trusted and approved platforms.
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