Buying Bitcoin right now is easy just needs a place to store it i.e. a wallet. It is important to mention that wallets technically do not store Bitcoins this is only done in the blockchain. Instead, they hold private keys with which one gains access to a Bitcoin address, enabling the money to be used.
The 5 main types of BTC wallets are on desktop, mobile, online, hardware and paper.
Methods of buying Bitcoin and cryptocurrencies are constantly growing as their demand increases, giving people a range of options to buy some cryptocurrency depending on what meets their needs.
Cryptocurrency exchanges
Every potential Bitcoin buyer will find quite a few various exchanges that compete for their approach. Exchanges worldwide use Know Your Customer (KYC), as they fall under various government jurisdictions and try to combat money laundering. That is why, to create an account and start trading on most exchanges You must provide personal information about your location.
On centralized exchanges you can send money to the platform in the form of cryptocurrency or through a bank account to be able to trade, including buying and selling Bitcoin. Depending on the exchange you can trade many different types of crypto assets.
DEXs (Decentralized Exchanges) on the other hand allow you to make your own transactions from your own wallet. DEXs consist of liquidity groups based on the blockchain to which they belong. DEXs for example located on Ethereum facilitate transactions for Ethereum-based assets.
CoinMarketCap and CoinGecko are useful in looking for trades. Both websites have specific tabs for this.
PayPal has also allowed its users to buy Bitcoin. The platform, however, has not allowed its users to send their Bitcoin outside the platform’s ecosystem and does not provide them with control over their private keys.
Buying bitcoin with credit or PayPal
It may come as a surprise, but no matter exactly which transaction method you use, it’s still not easy to buy Bitcoin with your credit card or through PayPal depending on where you are in the world. Most transactions made using credit cards or PayPal can be easily reversed by simply calling the card issuing company.
Cryptocurrency ATMs
Bitcoin ATMs appear in cities around the world and are constantly growing. However, these machines generally charge transaction fees that are considerably higher than exchanges.
To use a Bitcoin ATM, find a machine in your area, you need to open an account on the ATM provider’s network online or at that time through the ATM. Opening an account often uses KYC. Then enter cash at the ATM by scanning a QR of the wallet on your mobile and you receive a paper receipt with the codes and instructions on how to transfer the Bitcoins to your wallet.
Peer to peer marketplace
The peer to peer marketplace is a site like localbitcoins. com based in Helsinki, Finland where it provides services facilitating over-the-counter transactions with Bitcoin. Users post ads stating exchange rates and payment methods for the sale of bitcoins.