Since its inception in 2012, Bitcoin’s exchange rate has staged a rapid rally despite various hacking attacks and other setbacks. Someone who bought bitcoin for a few hundred dollars a few years ago is now a millionaire. But how to invest in cryptocurrency and what is the easiest way to buy bitcoin?
Bitcoin has performed quite admirably in recent years. In 2016 alone, the price increased by more than 126 percent. In 2017, it hit new highs of $20,000 and some analysts are forecasting a rise to $500,000. Others call bitcoin “just hot air” and consider it essentially worthless. But the fact is that the price is determined by supply and demand. And the demand for anonymous currencies like Bitcoin is increasing. Reasons for this include the capital controls in China, which can be circumvented with cryptocurrencies, the trade in illegal goods on the dark web, which is mostly processed with Bitcoin, and of course the increase in speculative investments in the currency.
Given this performance, investor interest in cryptocurrency is increasing. But what is the easiest way to buy bitcoin? There are several options, and we’ll look at the pros and cons of each.
HOW TO BUY REAL BITCOIN
If you want to participate in a performance but also need anonymity, real Bitcoin is your only choice. Once you have decided to buy real bitcoin, you need a wallet. This electronic account is like a checking account in that you can use it to transfer money and receive bitcoin. Transferring Bitcoin is like a normal bank transfer, with the only difference being that instead of an account number, there is a receiving address. Because digital currency is transferred directly between individuals without intermediaries, fees are lower than banks typically charge for transactions.
If you buy bitcoin through several different portals, they can be combined into a single bitcoin wallet. For everyday use, the easiest way is to use a bitcoin wallet app on your smartphone, but you can also have a wallet for online payments on your PC or tablet. After you download and install your wallet, you need to secure it with a strong password called a passphrase. This access code must be entered for each transaction.
The first option for people looking to invest in the cryptocurrency Bitcoin is online at a Bitcoin marketplace. A popular American bitcoin marketplace is coinbase.com. Here the users trade directly with each other and the price is largely determined by supply and demand. This results in a generally cheap bitcoin price. On such marketplaces, registered users can place bids to buy or sell bitcoin with another currency. Buyers can see how many bitcoins a seller is offering at what price. A transaction is completed when an offer is accepted by another user. The purchase price of the bitcoins sold is transferred to the seller’s bank account. Depending on the marketplace, providers may charge a small fee for exchanging, depositing, or withdrawing funds.
However, this fee is lower than the price difference between buying and selling in exchange offices. The buyer and seller each share half of the fee. It is important to note that some banks are more compatible with some bitcoin marketplaces than others. Check with your bank if you’re not sure if they allow easy transactions with your marketplace.
Bitcoin exchanges are an alternative answer to the easiest way to buy bitcoin. The most popular exchanges are CEX.IO, Kraken, Bitstamp, and Paymium. Bitcoin prices can vary widely between exchange platforms. Trading bitcoin on these platforms is done automatically, while trading on a marketplace is completed manually and users have to find the offers for sale themselves.
Traditional currencies such as US dollars and euros can be exchanged for bitcoin. If you want to buy bitcoin, all you have to do is indicate how many coins you want to buy and at what price. When the exchange finds a suitable offer, it buys the bitcoins on the user’s behalf and adds them to the user’s account. CEX.IO makes the transaction very easy, especially because it accepts VISA and MasterCard as payment methods.
Find the right website for your needs
There are many exchanges and ways to buy Bitcoin in 2022. Do you know how to choose the best exchanges to buy bitcoin from? Some are better than others and each of them has different characteristics.
Before I reveal how you can invest in bitcoin based on your needs, you must first know what YOU want and how to buy bitcoins.
Exchanges, especially the big ones, are required by law to only accept users who meet KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements. Such legal requirements are useful in preventing money laundering and the use of funds to finance terrorism. This means that while an exchange can be one of the best and easiest ways to buy Bitcoin, it does require you to provide and verify your identity.
Different exchanges charge different fees. Goes without saying. If you are looking for the cheapest way to buy bitcoin versus the fastest way to buy bitcoin, there are fees involved.
3. Ease of use
Some exchanges are easier to use. The ease of verifying your identity, the user interface, and the customer service all play a role in choosing the exchange you prefer.
4. Payment Methods
Did you know you can buy bitcoin with a credit or debit card? Then there are the standard methods: bank account transfer, cash, and more.
5. Legal Compliance
It’s a smart idea to make sure your exchange is compliant. When the exchange requires KYC and AML checks, rest assured that you’re on the right track.
Identity theft is no joke. Passwords are stolen, identities impersonated, and much more. Make sure your exchange offers 2FA and other security features to keep you safe.
Sometimes exchanges behave like banks when it comes to withdrawal limits. Your withdrawal limits are often based on your level of identity verification. Still, some exchanges offer higher withdrawal limits than others, making them the best exchanges to buy bitcoin.
Trading volume is a key factor. Larger exchanges have more liquidity, which means you can buy and sell a large amount of bitcoin at a better, more even, and fairer price.
The speed with which an exchange can process your order can be very important. After all, you don’t want your bitcoin order to remain on a waiting list while its value skips all charts.
10. Are your funds insured?
This is arguably one of the most critical factors on this list when choosing the best exchanges to buy Bitcoin. Your wallet should be insured. What if the exchange goes down, gets hacked, or the founder gets away with the money? Make sure you choose an exchange that protects you when deciding where to buy bitcoin online.
Does your exchange have a bad reputation? It’s easy to google “X Exchange Reviews” and see what people have been through.
However, pay attention to the reviews. Most exchanges have bad reviews on public sites. This is because people mostly rate them when they have serious problems.
When reviewing an exchange’s reputation, review the negative comments one by one. You’ll often see patterns (poor customer service, account suspension, etc.). This gives you a more accurate view than the global rating.
12. Customer Service
Customer service is a factor that doesn’t seem important until something goes wrong and you need it. Response times, support levels, and languages are all good to consider when wondering about the easiest way to buy bitcoin.
13. Geo Restriction
Some exchanges may not be fully available in your country. You will find a link for each of my tips to see if you can use the exchange in your area or not.
The Safest Way to Buy Bitcoin
All of the options listed here are the safest ways to buy Bitcoin, to my knowledge.
They all offer security through different aspects: eToro has been running for over 14 years and is regulated in many countries. Coinbase offers many security features in addition to the insurance covering certain types of losses, and so on.
The easiest way to buy bitcoin
From our list, eToro is the easiest way to buy Bitcoin.
Their registration process is smoother than the alternatives, you can deposit with no fees and they allow you to trade even if they haven’t approved your verification documents. That makes it one of the best exchanges to buy Bitcoin.
The fastest way to buy bitcoin
What is the fastest way to buy bitcoin? You can quickly buy bitcoin through the eToro app using a debit card or credit card with a debit facility.
Another option is a BTM (short for “Bitcoin ATM”). Bitcoin ATMs are popping up in countries around the world.
Even mid-sized cities like Portland, Oregon have a handful of BTMs. At these machines, you can go up, insert cash and withdraw BTC.
There you have it. A complete and comprehensive list of the easiest ways to buy bitcoin in 2022 based on your preference.
Remember that buying Bitcoin is the way to enter and learn more about the fascinating field of cryptocurrencies. Once you own some Bitcoin, you will discover many new opportunities.
Why Bitcoin cloud mining?
An unknown individual or group called Satoshi Nakamoto introduced the Bitcoin network in 2009. In 2021, there will be more than 10,000 different projects in cryptocurrencies. So each of them has its role in building the future of money.
The market value of cryptocurrencies reached $ 1 trillion. It happened for the first time in January 2021. It passed $ 2.5 trillion less than three months later. So it shows that this market is one of the growing markets favoring its investors.
The Minerland Bitcoin Cloud Mining is a cloud miner website. It will join a pool and purchase a certain amount of hash power. In this pool, the profit will distribute equally among all participants. It will happen based on hash power. Also, the cloud mining platform allows you to mine your BTC. You can do it without installing any hardware and at no extra cost. So Minerland is the best crypto cloud mining service to earn Bitcoin. It helps you invest in Bitcoin easily and with low risk. For more information about us, you can follow Minerland’s Instagram account.