How You Can Get into Buying Bitcoin

Bitcoin has received massive attention from the public, especially investors and financial experts or organizations. However, most people still do not know how they can purchase on their own. Before getting into that, it is necessary to get a background on what it truly is.

To make it easier to understand, Bitcoin is simply a digital currency for buying products or services online. Sometimes, people use it for investment purposes, or as a hustle to make money on the side. The government does not sponsor this cryptocurrency. Instead, it is within a system in which the users can earn through mining or completing calculations using their computers. Another way to own is by buying with your own currency. It is an exchange that works just like any other means of trading currencies. Bitcoin is as volatile as you can imagine, which is why it is not for those who cannot invest money they cannot afford to lose.

Despite this warning, many individuals are still interested. Before purchasing, however, be sure that you have an online digital wallet. Just like a real-world wallet, it is where you will store it going forward and you can begin buying a few different ways:

Treating Like a Normal Purchase

As mentioned, you can use real money to purchase Bitcoin. This traditional payment method involves utilizing your bank savings account or debit card and credit card. You can also perform a bank transfer and make a successful exchange. You will know that the transaction has been placed when you see the virtual coins in your digital wallet.

Go to Coinbase

One of the most popular solutions is to head to Coinbase and purchase from there. You can create an account here where you can also get an online wallet. You are required to connect your bank account first and transfer the funds for the conversion. It is important to know the current exchange between USD (or any currency) and Bitcoin.

Choose Robinhood

Another option is to try Robinhood, which is a low-cost way to buy. It does not have any fees so you can purchase the cryptocurrency without additional costs, unlike with other platforms. You can also buy Ethereum on the site.

Try the Cash App

This mobile app has no fees as well and is a great way of sending money to other people. It has recently added Bitcoin buying and selling without extra costs, making it a good choice for beginners.

Other Methods

A quite interesting method is using home equity. In Australia and New Zealand, this method has been banned but, in the US, and other countries, it is still active. Some people believe in the power is too much that they have started taking out a second mortgage to purchase the cryptocurrency. With blockchain and Bitcoin here to stay, smart investors caution those who are using their home equity for buying the digital currency and can try other apps and websites where you can purchase such as Binance, which does not focus on Bitcoin alone, but also Ethereum and its own currency, the Binance Coin. Another is Coinbase Pro, which was once known as GDAX. It works the same way as the others but is more targeted towards serious investors.

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  • Editorial Director of the The Fintech Times

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