For many years now, Bitcoin has been on the tip of everyone’s tongue. It has been raved about, hyped up and sought after. With many of the initial Bitcoin millionaires being founders or early miners, many decided that mining was the option to make a fortune with very little in the way of upfront cost.
Mining has become nigh on impossible for Bitcoin now, and even those who still mine the coin are doing it on such a large scale that they can be seen as commercial enterprises in their own right. This, unfortunately, means that you have likely missed the Bitcoin mining bubble (unless of course, you have a stack of financial resources to invest in computer equipment powerful enough to mine Bitcoin).
Missing the mining bubble is not the be all and end all, there are plenty of ways (some rather innovative, such as earning Bitcoin) to get your hands on the king of cryptocurrency. Buying Bitcoin is the simplest and easiest route to acquiring it, this article looks at 3 really easy ways to buy Bitcoin.
Buying Bitcoin: Before You Start
When buying Bitcoin, it is important to realize that you are purchasing a valuable commodity. There are very few people that consider owning Bitcoin a novelty, and to many, it is a currency that could potentially return a small fortune in the future. Because of this, you will need to protect your investment. Before you even get to the point of purchasing Bitcoin you will need a Bitcoin wallet.
There are various types of wallets available for storing Bitcoin, we recommend a hardware wallet as it will store your Bitcoin externally and away from your computer (most importantly, it will store it away from an internet connection). The reason a hardware wallet is advisable is that if anyone gains access to your computer, they can’t steal Bitcoin if it is not stored on the computer.
Hardware wallets do come with an upfront cost, if you are budget-conscious, then it might be better to opt for a software wallet. There are many software wallets available to store Bitcoin free of charge, make sure you pick a reputable one and then download the wallet accordingly. Always be aware that although this is the cheaper option, storing Bitcoin in a software wallet is not fool-proof and is not 100% secure.
Last but not least, never store your Bitcoin or any cryptocurrency in the exchange wallets, these are not secure and very susceptible to hackers.
Buy Your Bitcoin Easily
There are 3 main places that you should consider using to buy cryptocurrency, in particular, Bitcoin. Once you have your Bitcoin wallet set up, you can check out the following places and decide which is right for you.
Coinbase has long been the largest exchange for сryptocurrency on the net. It has generous offerings, low fees, integrated wallets that they provide free of charge, and a relatively straightforward user interface.
This makes Coinbase a very good all-round сrypto exchange, especially to people who are just getting started in the сrypto world.
There are limitations with using Coinbase though, and this tends to steer more seasoned investors or crypto buyers to other platforms. Essentially Coinbase operates a buying and selling limit: if the transaction exceeds this limit, then it instigates a verification process that can be quite time-consuming. While initially this sounds like a fantastic idea to protect people and keep transactions as secure as possible, the limit on transactions is very low. A mere $200 transaction will likely trigger the verification process.
If you are looking to trade in volume, then it might be best to take serious trading to another exchange.
Binance is a fantastic exchange for trading crypto from all over the world. It has relatively the same functionality as Coinbase, though does lack in some minor areas compared to Coinbase. The user interface is once again simple, and transacting on the platform is fairly seamless.
Where Binance outperforms Coinbase is its multi-language feature and a number of coins listed. With many languages integrated within the Binance platform, it has never been simpler to trade and transact with crypto across the globe. Binance is a great platform for connecting like-minded traders without any language barriers, and this feature alone propels it into our top 3.
If you have used Coinbase and would like to try a platform that encourages global trade, then Binance should be your next option.
Last but certainly not least on our list is CEX.IO. With 2,500,000 active traders and all the functionality of Binance and Coinbase combined, this Bitcoin exchange has plenty to offer both new and seasoned investors.
There are a few things that set CEX.IO apart from the larger exchanges like Binance and Coinbase, and with these things considered, it might be that CEX.IO is your first port of call to buying Bitcoin easily. A key consideration is always security, and with CEX.IO they pride themselves on having a zero-theft ratio. This means that they have securely processed millions of transactions without a single theft occurring on the platform. This in itself is an impressive feat.
With CEX.IO, purchasing Bitcoin has also never been easier, simply select the amount of Bitcoin you want to purchase, input your credit card details, and within a few clicks of the mouse, you have gone from owning no Bitcoin to becoming a proud Bitcoin owner.
And why stop at Bitcoin? With all of the exchanges we have mentioned, there is a whole world of crypto to be explored. Read up on them and buy wisely. You never know, you may just discover the next hot crypto property and propel yourself to fame and fortune.
Happy Bitcoin buying!