With the rise of Bitcoin as an investment asset, new traders are often entering the market to buy cryptocurrencies. From the get-go, investing in Bitcoin might seem like a complicated process, but with new platforms and methods of buying cryptocurrencies it doesn’t need to be difficult at all.
There are a few ways to buy cryptocurrencies to invest in Bitcoin and altcoins. While some of them require more technical insight, others are perfect for first-time Bitcoin buyers.
Using a trading platform
Using a trading software like Bitcode Method lets you buy Bitcoin without paying fees and with the opportunity to learn technical terms without the need to know the complexities in the market. You can also rely on intelligent automatic software to conduct trades on your behalf so that you don’t need to watch the markets consistently to make well-timed trades.
The software is designed to use historic data in the industry and accurately predict movements in the market to make the most profitable trades possible. You can also use the platform to manually trade Bitcoin and other cryptocurrencies and use the demo mode to start practicing trading if you’re a first time trader in the market.
Buying from a financial platforms
As the industry has grown, more and more financial firms are adopting Bitcoin. Financial apps like PayPal and American mobile payment service Venmo are two financial service providers that now offer cryptocurrency trading as part of their services.
PayPal offers users and traders the opportunity to buy and sell Bitcoin on the same interface as other purchases and doesn’t charge a fee for Bitcoin storage (there are fees for buying and withdrawals). As a PayPal owned entity, Venmo has the same fee approach.
Buying Bitcoin from a crypto ATM
Investors can also buy Bitcoin directly from a Bitcoin or crypto ATM. For this method, you first need a Bitcoin wallet to send your crypto to.
To use a Bitcoin ATM you:
- Insert your phone number and plug in the verification number that will be sent to your phone.
- Verify your identification. As part of know-your-customer (KYC) regulation, Bitcoin ATMs might require you to verify that you are who you say you are. This will also be used through your mobile phone.
- Scan your Bitcoin wallet QR code – the address to where your Bitcoin will be sent.
- Insert your cash. As you might use an ATM to send cash to your account, you simply need to place your money inside the machine’s designated receptacle. The machine will count it and let you know how much you will receive in Bitcoin/cryptocurrency.
- Confirm the amount and complete the transaction. If you’re happy with the amount of Bitcoin you will receive, accept the transaction and your Bitcoin will be sent to your wallet.
Using a crypto exchange
One of the most popular ways for people to buy and trade Bitcoin is through a cryptocurrency exchange. There are a few benefits of using a cryptocurrency exchange, for example: Most exchanges have built-in wallets and offer storage and a place for you to hold your Bitcoin if you don’t trade and don’t want to sell.
There are two different types of cryptocurrency exchanges:
- Centralized exchanges, which means there is a central company/entity that looks after your funds for you. These are slightly more simple than their counterparts, but it means you are leaving your crypto in the hands of the exchange.
- Decentralized exchanges, which offer you complete control over your tokens.
Whichever way you choose to buy your cryptocurrency, the process doesn’t need to be difficult and you are entering an exciting market and a growing industry. Crypto investment is on the rise and more traders across industries are seeing the potential for profit and function in the emerging technology.