Bitcoin is a decentralized digital currency with an increasing number of users. It’s been a wild ride, especially in the last few years, and many traders have jumped into bitcoins, some of whom have made millions. There are several options for purchasing bitcoin in a decentralized form.
You can purchase them directly or indirectly from a few old-fashioned dealers as well as several upstart firms. In fact, it’s easier than ever to get bitcoins, and you may now do so at a lower commission rate than previously possible. Before you buy, make sure you have a crypto wallet that supports Bitcoin. Here are four methods to acquire bitcoins, along with some crucial things to consider:
4 methods for purchasing bitcoins
The situation for trading Bitcoin has improved significantly in recent years. If you want to trade Bitcoin, there are a lot of alternatives now available to you. You may not have to create a separate and specialized account to do so, as many significant brokers provide a means to acquire them.
Furthermore, some unanticipated participants, such as PayPal and the Cash App, which now allow US residents to buy, sell, and store Bitcoin. The various methods described below come with varying proportions of cost, protection, and potential profit.
- Use financial apps
PayPal and Venmo now enable you to trade cryptocurrency. Using the same app that you’ve come to rely on for online payments, PayPal makes it straightforward to purchase or sell bitcoins directly. The costs for smaller trades start at $0.50 and go up from there, with higher commissions charged for larger transactions.
The cost per trade ranges from $5 to $500, with a fixed fee of 0.25 percent paid by the buyer plus a variable fee based on the amount traded. Trades have a spread markup, but you won’t be charged a fee for keeping cryptocurrency in your account, and you may trade as much as $1 at once.
- Use crypto exchanges
Another popular choice for individuals wanting to acquire Bitcoin is a crypto exchange. Exchanges provide several benefits to traders. First, the best crypto exchanges have the lowest possible total trading costs, which is an important benefit. That is why they’re your top choice if cost is your primary concern.
Second, many exchanges do not include spread mark-ups into their trading prices, making them a good alternative if cost is the most important consideration. Third, some exchanges provide wallets that let you to safely store your cryptocurrency. The rates at various cryptocurrency exchanges can differ greatly, so it’s worth shopping around to see which has the lowest price, variety, and service. Coinbase, Binance, Crypto.com, and Kraken are a few of the most popular choices.
- Trading apps
You may earn a few bitcoins without receiving a direct commission by using a trading app like Webull or Robinhood, but you’ll make it up with a spread markup. Robinhood applies its most effective trick (no commissions) to cryptocurrency, but it does charge a spread markup, the exact cost of which it does not publish.
You’ll be able to purchase bitcoins immediately and also have access to other digital currencies, whereas other brokers on this list do not provide this option. You’ll be able to buy equities, ETFs, and options on the user-friendly platform.
- Bitcoin ATMs
Another alternative is to purchase bitcoins directly through a Bitcoin ATM, but you’re likely to pay much more in fees than if you purchased through an exchange. You may be able to buy bitcoins through exchanges, ATMs that will allow you to sell them for cash or a debit card, and even at some private sellers.
However, in order to complete the trade, you’ll need a Bitcoin wallet. The fees at certain ATMs can be quite high; some charge up to 7% per transaction. Visit our online Bitcoin casino and take the chance of winning more!
