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How To Buy And Sell Bitcoins?

Published: 14/09/2018
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What is it for?

If you decide to become a bitcoin owner, one of the options to obtain them is to buy them. You can do this in several ways, using different means of payment. When choosing a method of purchasing bitcoins, you should first think about anonymity, one of the major advantages of bitcoin. In particular, when it comes to online purchases, it is recommended to get familiar with the requirements of resources for user verification.

 

What to do with bitcoins?

What to do with bitcoins?

 

Either way, the very first thing to do before buying bitcoins is to select a wallet and understand how it works. As soon as you become the owner of such wallet, you can purchase bitcoins and store them in it.

 

Where to buy and sell bitcoins?

 

Exchange platforms

 

Bitcoin is the most popular cryptocurrency, so it should not come as a surprise that it is available on any crypto exchange. However, it is better to choose a well-known trading platform that has never been caught up in a scandal with hacking or scam. Do your own research before going for any specific platform.

 

The cryptocurrency you purchase is stored in the crypto wallet of the exchange.Those who plan to go on with trading, can leave funds deposited. In all other cases, it will be safer to transfer purchased bitcoins to a personal offline wallet. There is a saying in the crypto world: Your keys - your coins. Not your keys - NOT your coins.

 

It should be noted that many exchanges charge fees for operations (deposits, transactions, and withdrawal), so it is recommended to clear up their amount in advance.

 

An important thing about choosing an exchange is the payment method. In order to buy something on the platform, a user has to make a deposit first, and this can be done in different ways.

 

Cryptocurrency deposit

 

This is the most secure method in terms of confidentiality because it usually doesn’t require identity verification. This is obviously possible only if a user already owns a some cryptocurrency.

 

Fiat deposit

 

Many crypto exchanges accept fiat currencies (usually USD). Keep in mind that operations with fiat currencies require identity verification, data on your place of residence, etc.

 

How to make a deposit:

 

  • Bank transfer


Keep in mind that bank transfer may take up to several working days. More than that, if the currency on your bank account differs from the currency that the exchange accepts, the bank converts funds at its own rate, which is usually below the market rate.

 

  • Credit/debit card

 

This payment method is not available on some exchanges due to their risk management (in order to avoid chargebacks).

 

Purchase of bitcoins on the cryptocurrency exchangePurchase of bitcoins on the cryptocurrency exchange

 

You can withdraw bitcoins from the exchange to your cryptocurrency wallet, bank account or credit/debit card. Some websites may set withdrawal limits as well as KYC/AML verification, so take it into consideration when choosing a platform.

 

Crypto exchange service

 

Not only can bitcoins be bought on cryptocurrency trading platforms but also via crypto exchange services. The thing is that rates here usually differ from the rates set on trading exchanges. Therefore, in order to make an optimal purchase, it is recommended to use aggregator websites that provide the list of online exchange services, exchange rates, the number of available bitcoins, and reviews from customers.

 

The conditions for buying cryptocurrency via money exchange services may be different. There are several ways to pay for bitcoin purchase:

 

  • using cryptocurrency (ETC, ETH, LTC, and others);
  • e-wallets (Perfect Money, QIWI, WebMoney, Payeer, Skrill);
  • Internet banking and credit cards;
  • bank transfer;
  • cash in offline offices.

 

You can use the services of regular offline money exchanges, if they are available nearby, and pay cash. In terms of confidentiality, this is the safest way to buy bitcoins.

 

Bitcoin ATM

 

Another way to buy bitcoins is to use a special ATM. Check the map on CoinATMRadar to find out whether such machines are located in your region.

 

A private person

 

In order to buy bitcoins from a private person, you need to find a bitcoin seller and agree on the price. You can do it on p2p sites, thematic forums or even through people you know. The two last options are rather risky; it is much safer to buy cryptocurrency on specialized trading platforms.

 

A good example is LocalBitcoins, which looks like a bulletin board for those who want to buy and sell bitcoins. There is also a section with reviews, which immediately allows assessing a seller's reputation.

 

Where to buy and how to pay for bitcoins?Where to buy and how to pay for bitcoins?

 

 

Over-the-counter (OTC)


Over-the-counter (OTC) deal is another type of bitcoin purchase that usually requires the involvement of an intermediary represented by an uninterested third party. This term is used when it comes to large deals concluded outside the exchange. The main reason that OTC transactions are used for is high value transactions which can't be processed properly on an exchange.

 

Since the BTC exchange rate is highly affected by supply and demand within the network, a multi-million deal on the exchange could significantly reduce its price, and vice versa. If an investor does not pursue such goals, he opts for an over-the-counter deal that does not affect the market.

Note: specific businesses mentioned here are not the only options available, and should not be taken as a recommendation.

 

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