Bitcoin is one of the most trending currencies all over the world. It is a cryptocurrency based on blockchain technology and allows you to make transactions across the globe. If you want to use bitcoins, you need to buy them first. There are several ways to buy bitcoins, and a few of them are listed below. You can visit bit-qt.app to learn all the important steps involved in buying and using bitcoins.
Step 1 – Picking a bitcoin exchange
It is irrefutable that there are several ways to buy bitcoins, but one of the safest, most reliable, and convenient is online bitcoin exchange. These are websites where several bitcoin buyers and sellers gather and exchange bitcoins with each other. If you want to purchase bitcoin with great ease, there is no better place than it. It is no easy task to find an exchange that fits all your needs and requirements perfectly. So, there are some factors mentioned below that you need to consider while making your decision;
Privacy: There are different payment methods that you can use on online bitcoin exchanges, but you must ensure that all of them offer you excellent privacy. It must provide that your personal, as well as bank details, are kept hidden so that you can purchase bitcoin without revealing your real identity.
Buying limits: Another important factor to consider is the buying limit, especially if you want to buy many bitcoins. Some bitcoin exchanges have set a limit on the number of bitcoins that a person can buy. You must check it before choosing an exchange and try to pick the one with the highest buying limits so that you can get maximum bitcoins in one go. For more convenience, you can also choose an exchange with no buying limits.
Speed of transaction: Another crucial feature to focus on is the speed, as you won’t like it if it takes several hours to complete a transaction. You must pick an exchange that transfers the bitcoins in your wallet within few minutes of the purchase. You must check the payment options offered by the exchange as it will affect the speed to a great extent.
Step 2: Choose a payment method
If you want to buy bitcoin online, it is evident that you will have to make some payment for it. There are different payment methods that you can use, but you must choose the one that suits the most to your needs and requirements. So, some of the most popular payment methods to buy bitcoins are as follows;
Credit or Debit card: Credit and debit card are quite common nowadays as it allows you to make online payments and also enables to buy bitcoins from online exchanges. It is one of the easiest ways to buy bitcoins, and it is convenient, quick, and safe. The only issue with it is that you have to pay a high charge for purchase bitcoins with it.
Direct bank transfer: If you want to buy a large number of bitcoins in one go, the best payment option is direct bank transfer. It is quite affordable as it has minimum fees and allows you to buy bitcoins online with great ease. The drawback is it is that it may ask for some verification documents, which doesn’t allow you to maintain your privacy while buying bitcoins.
If you want to enjoy maximum privacy while buying bitcoins online, cash is the best option as it requires no information or documents. Moreover, the purchase is instant as you need not wait for any approval. If you use cash to buy bitcoin from online exchanges, you may have to pay a price that is around 5-15% higher than the market price. But you must be careful while using this method as there are high chances of facing fraud or scams.
What is the right time to buy bitcoins?
If you want to buy bitcoins at the best possible price, you need to know that what is the right time to buy them. You can use an analytical tool to analyze the price charts and know the right time to buy bitcoins and at a minimum price.