Bitcoin has taken the investing world by storm. Some early adopters made fortunes when it was valued pennies per coin, and many average people are now taking notice of this exciting new currency. As more investors jump on board, the value continues to skyrocket making Bitcoin one of the most desirable investments in the market today.
Why Buy Bitcoin?
The Bitcoin price has risen exponentially over the past few years. With each new rise, more investors are joining in on this once-in-a-lifetime investment opportunity. Since the world’s governments have been unable to destroy it so far, – despite their best efforts – its value is expected to keep growing for many years to come.
Investing in Bitcoin is a far better investment than putting your money into the bank, where interest rates are really small and easily negated by inflation. You can also make money by trading Bitcoins on exchanges or even by accepting them for goods and services what is liquidity.
How To Get Started Buying Bitcoins:
The first thing you’ll need to do before getting started with buying BTC is to open a Bitcoin wallet. A Bitcoin wallet is a place where you store encrypted passwords that represent your Bitcoins. There are many options for obtaining a Bitcoin wallet, but one of the easiest ways is to get an online Bitcoin wallet (or hosted Bitcoin wallet).
If you’ve always wanted to get your hands on some Bitcoin, here are five easy ways you can purchase this cryptocurrency.
Cash or cheque: If you’re looking for instant gratification, this is the fastest way to get started with Bitcoin. LocalBitcoins.com allows users to connect in their geographic location and buy/sell Bitcoins instantly through cash or a local bank transfer. You can also post an advertisement if you’re selling Bitcoins and other users will contact you, or you can browse through ads others have posted.
1. PayPal
Many Bitcoin exchanges accept PayPal. Exchanges such as VirWox allow users to purchase SLL which can then be used to buy Bitcoins. The fees for this route are extremely high, however; expect to lose about 9% in fees and exchange rates when using PayPal (VirWoX). You might want to try LocalBitcoins instead if you’re looking to avoid these fees.
2. Credit or Debit Card
One of the most straightforward ways of buying Bitcoin is to buy it with a debit card. Credit/debit card purchases are probably the most common method for buying Bitcoins today. Exchanges such as Coinbase and Circle all allow users to buy Bitcoins with credit/debit cards, however; expect to pay 9% fees in this method (Coinbase).
3. Prepaid Cards
Prepaid credit cards can be used to buy Bitcoins instantly at a premium. Exchanges such as Coinmama and Virwox provide this service for fees of about 10%. This is the best method for getting started with Bitcoin especially if you’re just looking to get your feet wet.
4. Wire Transfer
If you’ve already got funds in the bank, wire transfers are another great option for buying Bitcoins. This method allows users to get started with less initial capital and buy Bitcoins simply by transferring USD directly from their bank account to a Bitcoin exchange such as Coinbase. Some exchanges charge fees for this service, but it’s still an easy way to get your hands on this cryptocurrency.
Wrapping Up
If you’re looking for the easiest and most affordable ways to buy Bitcoins, these five methods will help you get started right away. You can purchase Bitcoins with cash or through a wire transfer. If you’re just getting into Bitcoin, use a prepaid credit card or debit card to avoid fees.
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