So you want to buy Bitcoin. You’re not alone: around 46 million Americans own Bitcoin, and it can be a great investment, so long as you understand the risks.
Yet to start trading, you first need to know where to buy Bitcoin. There are many different ways to buy Bitcoin, but some are more reliable than others. In this guide, we’re going to look at four different ways you can buy Bitcoin, and see which one is best.
Ready to get started? Then read on!
1. Crypto Exchanges
One of the best places to buy Bitcoin is on a cryptocurrency exchange. These sites pair up sellers and buyers, then act as a middleman, to make sure that everyone gets what they were promised by the other.
Exchanges deal with a wide range of currencies usually, both fiat and crypto. If you want to swap Japanese Yen for some Bitcoin, you can do that on an exchange.
The only real issue with crypto exchanges is that they charge fees on transactions, which can add up.
2. P2P Trading
If you want to avoid the fees, one option is P2P (peer-to-peer) trading. This is where you find someone looking to sell Bitcoin and work directly with them.
While this will avoid the fees, it does have some inherent risks. You need to be able to trust the seller, and that’s a lot to ask, especially given the cloak of anonymity that surrounds crypto.
There’s a not insignificant chance that you’ll get scammed by the seller. They could take your currency and never send you the crypto. For this reason, we’d recommend steering clear of P2P trading, at least until you’re well-versed in the world of crypto.
3. Bitcoin ATMs
If you want to buy Bitcoin with cash, a Bitcoin ATM is your best bet. When you use one of these, you’ll scan a QR code that contains your wallet’s information, pay for crypto with cash or a debit card, then the crypto will go straight to your wallet.
This means that you don’t have to interact with the seller at all. You get your crypto and you get it relatively fast. We’d recommend that you find a Bitcoin ATM near your location if you’re interested.
4. Bitcoin Futures
If you’d like to invest in Bitcoin, you could choose to invest in Bitcoin futures, which function like other futures investments. However, this is a very advanced kind of investment and comes with some serious risks.
If you’d like to learn more about this kind of investment, we’d recommend speaking to a broker.
Where to Buy Bitcoin: Answered
In this guide, we’ve covered where to buy Bitcoin, but which is the best method? We’d recommend steering clear of futures or P2P trading. Instead, you should look to buy Bitcoin from either an exchange or an ATM for maximum safety.
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