Bitcoin is one of the most popular blockchain-based decentralized cryptocurrency. Anyone can buy or sell this digital money or exchange himself with the help of a reliable exchange service. The concept of bitcoin trading depends on blockchain technology that was originally designed for the same. Now, the question is from where to buy bitcoin without which you cannot send or receive any cryptocurrency across a decentralized, distributed network anywhere in the world.
People interested in the crypto trading can build their exchange platforms. Blockchain technology is used to store, validate and authorize digital transactions on the internet under high security and steadfast encryption. It means it’s impossible to break the security for any fraudulent activity using the currently available technologies.
Blockchain cannot be falsified because an immense volume of computing power needs to bypass the whole network even if it’s a small change to any unit/block of information. It’s what you cannot have with a centralized authority; for example, bank even if it is considered highly trusted.
Where to Purchase Bitcoin?
You need to check the local resources of bitcoin purchase in your country. If there is no such facility available in your area, you can use exchange platforms to buy crypto coins and start trading.
Of all the bitcoin info available in the market, the most important of all is where and how to purchase this cryptocurrency in your country. Nearly across the globe, there are different options available in bitcoin crypto market acquisition. You can even exchange your fiat-money with digital cash – convertible to crypto coins. USA and Canada are the biggest markets for bitcoins traders
Here are some commonly used ways to buy bitcoins.
- Bitcoin ATM
It is one of the easiest and private modes of getting bitcoins with cash. Find ATM-machines for bitcoins in your proximity and acquire bitcoins with your card. The existing network of ATMs at banks and train stations, for example in Ukraine, and Spain, etc., also sell bitcoins. However, this option may charge you high; 3-6% or even more. So. go for it only when you have enough capital to invest in crypto trading.
- P2P Markets
Now, these are entirely decentralized marketplaces where cryptocurrency traders meet and buy or sell bitcoins. Bitsquare is world’s leading P2P market for bitcoin trading. LocalBitcoins is another famous market. The best thing about this option of buying bitcoins is the relatively low fee; only 0-1%. Well, it mostly depends on the payment channel and market liquidity. Moreover, you can set your buying rates, and when a trader wants to sell at your defined rate, you will be notified for further processing. These global platforms not only serve a lot of cryptocurrencies but also allow the traders to select their preferred payment mode.
- Direct Vendors
For the easy and quick purchase of your first bitcoin as a newbie in crypto-trading, the right choice is direct vendors/brokers. They act like digital exchange office and follow the bitcoin’s market value and exchange rates. Here, again, you can choose any payment channel such as your credit card or PayPal account.
- Vouchers/Gift Cards
After bitcoin ATMs, Gift cards and vouchers are the easiest way of getting your bitcoins. It’s the most commonly used option to buy bitcoins in the USA, Mexico, and Austria, etc. However, it will charge you high like the bitcoin ATMs. Go to bitcoin kiosk, buy a voucher or gift card, visit the site and use the code to get your bitcoins. It’s a simple and secure way to buy and sell your digital currency – bitcoins.
- Commercial Exchanges
The direct commercial exchanges allow you to purchase the bitcoins on an exchange and sell it to potential customers. Just visit the relevant site, choose the currency and payment channel and pay for bitcoins at the price as defined by the platform. Circle and Coinbase are popularly used platforms that provide their potential clients with the crypto wallet facility to buy, save and spend their bitcoins. 1-5% is the standard cost you need to pay at these platforms which may increase if you use a credit card. Always confirm the fee before purchasing your desired cryptocurrency.
- Crypto Exchange Platforms
It’s the best option to trade regularly large amounts of cryptocurrencies. These platforms functions like escrow agents, but digital. As a third party, the crypto exchange platform saves cryptocurrency on behalf of clients. The entire process of opening your account on such exchanges are somehow complicated and may need you to provide personal information. You have to trust them with your money as you do in the case of bank accounts or wire transfer. However, the fee is quite low.
Characteristics of Bitcoin Trading Through Blockchain Technology:
The compatibility and scrutiny of all transactions stored as blocks in a decentralized system is the primary feature of blockchain. Besides, persistence and durability that comes with the blockchain technology, your bitcoin trading will remain in your control because no other entity can govern it as in case of traditional banking system.
Here are some characteristic features of blockchain technology which keeps your bitcoin trading trouble-free.
It is transparent with zero likelihoods of any potential forgery.
It does not require a third party or any particular central entity in transactions.
No one can reject a deal/transaction once it enters into the system; no agreement is necessary either.
The entire power of the decentralized system lies in its encryption and centrality.
Although it’s not easy to buy bitcoins as newcomers expect. But with the increasing options of getting bitcoins is adding up the ease factor. Also, as the blockchain technology ensures secure crypto trading, the working model of bitcoin purchase becomes more convenient.