Tuesday, July 27, 2021
HomeCryptocurrencyBitCoin4 Different Ways to Buy Bitcoin

4 Different Ways to Buy Bitcoin

The important question that arises in one’s mind is where to buy Bitcoin?

  1. One can purchase bitcoins online with the help of a credit card, debit card, or bank transfer.
  2. Get hold of bitcoins from a Bitcoin ATM closeby to you.
  3. Buy the bitcoins with cash locally or via cash deposit.
  4. Convert the PayPal to Bitcoin online.

1. Credit or Debit Card

Credit/debit cards are indeed the most common way to pay online. Many people want to purchase bitcoins in this manner.

Why buy bitcoin with a credit/debit card?

  • Credit cards are also a payment mode that most people are rather familiar with. It appears to be the easiest way to be able to buy bitcoins online
  • Delivery process of bitcoins is immediate once the initial verification is completed

Why NOT buy bitcoin with the help of a credit/debit card?

  • On account of high fees; if one is patient and not in hurry, then one can go in for a bank transfer for lowering fees
  • Not in a private way to buy; one’s ID is required to purchase with help of a credit card

2. Bank Account or Bank Transfer

Bank transfer is considered to be one of best ways to purchase bitcoins in several countries.

Why buy bitcoins with bank account/transfer?

  • A good way to purchase.
  • Lower fees.

Why not to buy bitcoins with bank account/transfer?

  • Usually does require ID verification, so not really a good choice for privacy
  • Slow in the USA, bank transfers can usually take up to 5 days to be completed

3. Cash

Cash deposit is considered to be the fastest and most private way to buy bitcoin. One can usually receive one’s bitcoins within a couple of hours.

What is Bitcoin ATMs good for?

  • Can indeed be more private since in most cases there is no scope for personal information to be required
  • In case of an ATM close-by in one’s area, it can be a convenient as well as a fast way to buy coins

What is Bitcoin ATMs bad for?

Privacy comes at a particular cost.

4. PayPal

There is, in fact, no direct way to buy bitcoins with PayPal. Under the respective PayPal’s terms and conditions, merchants are not allowed to sell bitcoins for PayPal.

Why buy bitcoins with PayPal?

In case one has already balance, it can be an easy and fast way to convert PayPal to bitcoins.

- Advertisment -

Most Popular