Buying Bitcoin and Other Cryptocurrency – It’s Easier Than You Might Think!
These days, it is pretty easy to buy Bitcoin and other cryptocurrencies, and we will get into how to do that momentarily. Before we do, however, it’s important to know how you can store your newly purchased cryptocurrency.
To store crypto, you need a wallet. These are available in a number of forms including those on a desktop, a mobile device, an online wallet, a type of hardware, or even a paper wallet. It is important to realize that your wallet doesn’t actually store your crypto; instead, it stores a private key, which is what is used to access the crypto. If you lose your key, you lose your crypto.
Where to Buy Your Bitcoin and Crypto
There are a number of ways that you can buy Bitcoin and other cryptocurrencies. Here, we discuss some of the most common:
First, we have crypto exchanges. There are a ton of exchanges out there where you can trade Bitcoin and other cryptocurrencies, including Ethereum, Dogecoin, Litecoin, and when released, the digital Yuan, which you can trade at quantum-ai.trading
Choosing the right exchange can be a little tricky. Some of them are scams, so before you do anything, make sure to do your research. Others might not be available in your country. So, location is something to consider.
You also must offer some personal information when signing up for an exchange in many cases, so keep that in mind, too.
Another option is to buy your crypto through an investment trust. These are collective investments, where investors pool money together to, for instance, buy Bitcoins, which are currently the most expensive crypto.
GBTC, the Grayscale Bitcoin Trust, was the first-ever publicly traded investment option, which allows people to get a taste of what trading Bitcoin is like without actually having to buy or store it.
GBTC is exclusively for Bitcoin, but there are other products out there that you can use for other cryptocurrencies. There are also several ETFs in Canada that people can use for trading.
You can also buy stocks in companies, which indirectly, can give you access to the benefits of Bitcoin, even though you are not directly investing. For instance, a company called MicroStrategy has put billions into Bitcoin, so investing in this company indirectly allows you to invest.
You cannot directly buy stock in Bitcoin, but as an alternative, you can buy stock in Bitcoin-related companies like mining companies.
Credit Cards and PayPal
Some people want to buy Bitcoin and crypto with a credit card or PayPal, but it’s pretty difficult to do. Generally, exchanges don’t allow you to do this, but there are certainly some reputable exchanges out there that allow you to do this.
Depending on where you live, you may also have access to crypto ATMs. These allow you to buy cryptocurrency directly from the machine but keep in mind that they typically charge a fee to do the transaction. However, it’s a quick and easy way to get your hands on cryptocurrency.
You can usually find a crypto ATM online, and then you must open an account in order to use them. To use the ATM, you simply put in some cash and then scan your crypto wallet. You will receive the crypto you have purchased deposited into the wallet.
Finally, you may consider gift cards to own crypto. You can use Bitcoin, for interest, to buy gift cards. Or you can trade your gift cards to get crypto. There are sites out there that allow you to do this right online.
No matter what option you choose, make sure you are aware of scams. They are out there and it’s easy to fall for them.
This article has been published in accordance with Socialnomics’ disclosure policy.