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Helpful Hints For Bitcoin Purchase

Published: 16/07/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

First, let’s set a place for your future bitcoins. This online financial account is called a ‘wallet’, and you can choose from several types to find the one that totally meets your requirements, such as means of protection, storage and access.

 

In fact, all crypto wallets are digital keys that give access to Bitcoin addresses and allow managing funds. Consider it as your electronic signature that confirms a transaction, and if you lose it, you won’t be able to get access to your assets. So keep it in mind when selecting a wallet for your future digital treasure. Here are the five most widely used wallet types.

 

Desktop

 

There are thick and thin wallets with different functionality that are installed on the hard drive of a computer. With the thick wallet you will be required to download all blockchain. Thin wallets, on the contrary, do not require full download of blocks, it is very light and it is the third party here that checks operations.

 

Mobile

 

The main advantage of this type of wallets is that you can use it on the go − wherever and whenever you want. A perfect example is making purchases by scanning QR codes. However, it cannot be considered a fully-fledged Bitcoin client, as it cannot download the whole blockchain  (it is too heavy).

 

Online

 

The most vulnerable, yet convenient wallet type. It stores data online on the server, thus, a user has a possibility to get access to funds worldwide by using any Internet-connected device. Unfortunately, there is a possibility to lose everything because of a hack attack. Still, you may protect your online wallet by taking workable and solid security measures.

 

Hardware

 

These are portable devices that hold private keys. The amount of money stored there has no limits. These wallets are considered to be best protected as they cannot be hacked.

 

Paper

 

It is a wallet that has no digital footprints anywhere, as its keys are printed on a piece of paper. The keys are two QR codes that give a possibility to receive or spend bitcoins − a key for receiving is a public one and a key that allows withdrawal is a private one.

 

Where can I buy BTC?

 

There are so many places where people can purchase crypto coins. On the one hand, it is possible to find the place that completely hits the spot of all your needs. On the other hand, you can come across a fake service provider, so watch out.  Here is a list of the most popular options where you can get crypto money.

 

ATMs

 

Believe it or not, but you can find Bitcoin ATMs in many cities worldwide, and their number is increasing. There is a commission of up to 8% apart from the exchange rate, still, it is a fair price for secure purchase. There is no need to share your personal or financial information – here you buy a code or QR code for cash. This approach has all chances to become one of the most popular methods of purchasing BTC.

 

That’s not an option, of course, for the countries where BTC is banned.

 

Gift cards

 

Gift cards also can be used as a means of Bitcoin exchange. Sometimes buying gift cards for BTC is much cheaper, and many people take advantage of this approach because it is anonymous. This method is protected from scam, so you can share information about the gift code and be sure that no one can use it to steal your funds. Once you open a trade, a needed sum will be automatically withheld by the site.

 

Exchanges

 

There are plenty of Bitcoin exchanges offering their services to those who want to buy BTC. Sometimes it may be quite challenging to select the platform that fits you the most, especially if you are a novice in this sphere and do not know all odds and sods of trading in the exchanges. Since governments have different approaches to cryptocurrency regulation, it is necessary to pay attention to many factors, including the location of the exchange, the amount of personal information the platform requests, terms and conditions, and much more. All these requirements can to some extent affect one of the most important advantages of bitcoin − anonymity.

 

However, the benefits that exchanges offer to their traders substantially outweigh disadvantages of disclosed anonymity. There you can get a broader range of trading possibilities and convenient solutions to any trading necessity. Besides, almost all trading platforms are accessible through handheld devices, so you can trade on the go, whenever and wherever you want.

 

P2P

 

If you do not want to disclose your personal information when buying BTC, the easiest way to purchase crypto coins is to meet a seller face to face. There is even a specialized platform that conducts such transactions and provides an escrow service to boost security measures.

 

At the beginning of the history of BTC such trades often took place at sellers’ homes, however, today people tend to treat such trades with care – just as if these were exchanges of significant amounts of real cash. All trades take place at the areas with many people around and the Internet connection. Also it stands to the reason that all transactions require access to a wallet, as you will have to confirm your purchase.

 

If the idea of a one to one trade sounds inconvenient to you, it is possible to try local Bitcoin meetings, where traders exchange cryptocurrencies. Thus, you will be able to buy bitcoins and deepen your knowledge about cryptocurrencies.

 

Of course, there is a fly in the ointment. A seller is free to set up a fee on every transaction – for privacy and convenience. Conditions of each trade may also differ: for example, some sellers accept negotiations before the meeting, others agree to sell BTC only at an officially established BTC price fixed at the moment of the transaction.

 

What is Bitcoin Investment Trust?

 

Traders know perfectly well that an investment trust is a form of collective investment, when a specific number of shares is sold to investors, and all earnings are combined.

 

Bitcoin Investment Trust, also known as BIT, was the very first trust that provided a possibility to get profit from bitcoin without actually purchasing or storing it. Despite the fact that there are hundreds of cryptocurrencies worldwide, the trust works with BTC only.

 

Currently, the trust is worth of $1.8 billion with an astonishing rise by 1,600% within two years. Naturally, there were speculations about other funds of the same direction. However, BIT is the one and only player in this field so far.

 

The development of the crypto market will inevitably lead to the creation of new Bitcoin funds, and it is the good news – it will stabilize BTC and support the opinion that cryptocurrencies are recognized globally.

 

Possible Obstacles of Buying Bitcoins

 

Issues with credit cards or PayPal

 

Believe it or not, but purchasing BTC with the help of credit cards or via PayPal is more complicated than you might think. For example, exchanges, for the most part, ignore these payment methods requiring the use of bank transfers. One to one sellers also do not like to work with cards or PayPal, preferring cash instead. Why? Because of the main advantage of these methods – reversing of transactions or chargebacks. When it applies to Bitcoin, this pro becomes a con at once, as Bitcoin transactions are irreversible, hence scammers can take advantage of chargeback. Thus, if a scammer calls the card issuing company and an operation gets reversed, it will be almost impossible to prove that the transfer of BTC to the scammer has actually took place.

 

Beware!

 

Look through the legislation of your country

 

Bitcoin naturally grabbed the attention of regulators and policymakers. The most popular question they have faced is how to fit bitcoin into the current legislative framework.

 

Some countries consider crypto coins illegal, and others determine the legality of BTC according to the activities where they are used. Still, the answer for many countries is quite apparent: using Bitcoins to pay for illegal stuff will make you a delinquent.

 

Security level on exchanges

 

No one can guarantee the total protection of your wallets and assets, as the level of security on exchanges is not as high as in banks. For example, if an exchange closes up or faces a hack attack, the possibility that you will be able to return your assets is minimal. The legal precarity of crypto coins makes the situation more complicated. Sometimes, cryptocurrency exchanges compensate customer funds in case of thefts; however, they are not obliged to do so.

 

Tips on Buying Bitcoins

 

  • Do not disclose a private key and other data that gives access to your crypto assets
  • Encrypt your wallet or choose an offline (cold) wallet option
  • Try not to store large sums in wallets offered by exchanges – keep them in more secure wallets.
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