Bitcoin is the most coveted and also the largest cryptocurrency. This is a digital currency that promises lower transaction fees than traditional online payment mechanisms. Unlike fiat currencies (such as US Dollar, Euro, etc.), Bitcoin is decentralized in nature. When you buy cryptos, it is neither issued nor controlled by any government or central authority (like central banks).
Yes, absolutely. Here are some essential facts about Bitcoins that will give you an idea of why it is a good idea to buy Bitcoins.
With such a high prospect of Bitcoin, you should buy Bitcoin immediately either as an investment in digital assets or as a medium of transaction. Even Tesla now accepts Bitcoin for its products. Hurry and buy Bitcoin now to reap maximum benefit and return.
You can purchase Bitcoins through reliable and reputed cryptocurrency centralized exchanges. Besides cryptocurrency exchanges, you can also buy Bitcoin from specialized Bitcoin ATMs or through P2P cryptocurrency exchanges. Since the early 2020s, Bitcoin ATMs need government-issued IDs to buy cryptos and bitcoins.
If you are willing to buy cryptocurrency including Bitcoin, you need several things such as:
These crypto exchanges don’t always charge a flat fee. Depending on the exchange you are buying bitcoin or other cryptocurrencies, the fees structure changes.
Choosing an exchange carefully is very important to buy a cryptocurrency (including Bitcoin). Not all crypto exchanges are reliable. Only choose the ones that are trustworthy and renowned such as Coinbase, Kraken, Coinmama, and others. Most of them have their own mobile apps, making them easier for users to use.
Both privacy and security are important issues for investors who are investing in Bitcoin. If you accumulate a large number of Bitcoins in your holding, try to avoid bragging about it. Keep your private key to the public address on the Bitcoin blockchain a secret. If cybercriminals come to know that you have large BTC holdings, they may attempt to steal the private keys and in turn transfer all your bought Bitcoins to their account.
Always keep in mind that your BTC transaction history can be viewed by anyone. However, the person viewing a transaction history will not be able to identify the user or any information regarding the user buying or selling Bitcoin. This is because only the public key of the user appears next to a BTC transaction.
While selling bitcoin transactions remain confidential, they are not anonymous. That’s why, in comparison to cash, BTC transactions are more transparent and traceable. However, you can use Bitcoin anonymously.
In the US and most other developed countries, selling Bitcoin is legal. Now, let’s explore the different payment methods through which you can buy and sell Bitcoin in the US.
A person in the US can buy Bitcoin using his or her PayPal account since 2020. This facility is going to be available in various other countries and international markets in 2021.
You’ve to log in to your account and scroll down to the bottom of the screen. You’ll find small buttons such as “Scan/Pay”, “Send”, “Request”, “Crypto”, and “More”. Click the “Crypto” button and tap on the “Buy” button next to Bitcoin. If this is your first time buying BTC through Paypal then you’ll be prompted to provide and verify some basic information. Then you’ve to agree to their terms and conditions to proceed and buy Bitcoins.
You can buy as little as US$1 worth of Bitcoin through PayPal. You can also preset an amount such as US$20, US$50, US$100, or US$500. Once the amount is chosen, proceed to select a debit card or bank account from where you’ll make the payment. Bank transfers are the most cost-effective and popular mode of buying bitcoins from crypto centralized exchanges.
All the pertaining information including bitcoin exchange rate, fees, and others will be prompted to you. Once you have completed buying Bitcoin, it’ll be reflected on the dashboard.
You can start buying and selling Bitcoin (BTC) smoothly and fast through renowned centralized cryptocurrency exchanges such as Coinbase (USA), Bitpanda (Europe and UK) Coinmama (worldwide), and many more.
Let’s consider buying BTC with a credit/debit card through a centralized Bitcoin exchange, Coinmama. You can buy up to US$5,000 per day or US$20,000 worth of Bitcoin every month through a debit/credit card through Coinmama. This centralized exchange offers one of the highest limits for buying BTCs with credit cards.
Simply open an account on Coinmama, verify it (by completing your KYC), and use a credit or debit card to buy and sell Bitcoins. The fee generally hovers within 4.9-to-5.9%, which varies from one crypto exchange to another.
Buying Bitcoins by using credit cards is fast and less technical, enabling non-technical users to buy crypto easily.
There are many alternate ways of buying bitcoins and other cryptocurrencies. You can use cash to buy Bitcoins through Paxful, Bitcoin ATM, mail, and depositing cash to your bank account.
You can search for local Bitcoin groups on meetup or Facebook, meet with trusted friends, and deal in cash for buying and selling Bitcoins. If you decide to meet with friends, bring your phone or laptop with an installed Bitcoin wallet for verifying receipt of your coins.
Paxful and Mycelium mobile wallet are two escrowed in-person modes through which you can buy and sell Bitcoin by using cash. These mobile apps are very easy to use.
Visit the Paxful site, sign up, and click the link “Buy Bitcoin” in the top menu. Now, enter your location, cash as the preferred mode of payment, and the amount of Bitcoin you want to buy.
You’ll be shown a list of BTC sellers. Now, choose a bitcoin seller who has a considerable positive reputation. Message the person with the desired amount of Bitcoin you want to buy and negotiate further details of the trade. Use their mobile app for ease of use.
You don’t have to wait for multiple confirmations after the Bitcoins are released by the seller. You can trust Paxful.
A Local Trader feature is present in Mycelium mobile app as a bitcoin wallet. It is one of the best cash-only matching and escrow services available for Bitcoin traders. Once you make the payment through cash, the seller releases the agreed-upon Bitcoins from his/her Mycelium hot wallet to that of yours.
Other alternate ways of buying bitcoins include purchasing through BTC ATMs. You can locate the nearest Bitcoin ATM to your location with the help of CoinATMRadar or CoinFlip. Visit any of these sites and you can know all details (including precise location, fees, limits, and ID requirements) of buying Bitcoin. You’ll also receive the contact details of the operator from any of these sites. Carry your Bitcoin wallet (either cold or hot wallet) or address when you go to the Bitcoin ATM near you.
In the United States, there are two services called BitQuick and Liberty X that specialize in arranging and securing Bitcoin by depositing cash to your bank account. Lately, they have become popular among the alternate ways of buying BTCs.
Wall of Coins is another similar service that enables users in buying and selling Bitcoin through cash deposits at the bank. Its service is available in the US, the UK, Romania, Poland, Mexico, Latvia, Germany, Canada, Brazil, Australia, and Argentina.
This method requires the Bitcoin seller to provide his/her bank account details to the buyer. Then the buyer visits the relevant bank, completes the deposit form, and deposits cash through the bank teller service to the bank account of the seller. Always use a reputable escrow service while conducting bank deposit trades of Bitcoin to avoid fraud.
Scan or photograph your bank account deposit receipt so that you can show it as proof to the escrow service that you have made the payment. Once this happens, the seller’s coins are released from the escrow account to your Bitcoin address.
You’ll find many Bitcoin sellers in the darknet markets. You can send them cash through the mail. Always use an escrow account for such trades to avoid fraud. Wrap the US Dollars in a couple of layers of paper, put it in an envelope, and then mail it to the sender.
The seller may ask you to photograph/film yourself placing the money in the envelope, sealing it, and mailing it. Try using registered mail so that you can have the seller sign after they receive it. Use this mail cash buying method of buying Bitcoin only if you live in a location too remote for other methods of purchase. Don’t forget to store bitcoins in your cold or hot wallet.
You can purchase BTC anonymously in various ways. Let’s take a quick look:
The cost of buying Bitcoins depends on where you are buying them.
Reliable and reputed cryptocurrency exchanges such as Coinbase, Binance, and others are the best ways of buying Bitcoins.
Coinbase is one of the most popular crypto exchanges through which crypto traders buy and sell Bitcoins (BTC), Ethereum (ETH), Binance coin (BNB), Ripple (XRP), Cardano, Polkadot (DOT), Litecoin (LTC), Chainlink (Link) and other altcoins. It is extremely popular among US buyers because it allows them to easily link to their bank accounts.
When you buy Bitcoin from Coinbase, they charge a spread of around 0.5% along with a fee. The fee varies depending upon the region and payment methods. If the BTC purchase is funded by a US bank account, the fee is 1.49%. In the case of the amount transferred, the fee is flat, ranging from US$0.99 to US$2.99.
Once you buy Bitcoins from cryptocurrency exchanges, try to move them to your cold or hot wallet if you want to hold them. Cold wallets are preferred for long-term hodling because they provide more security than hot wallets.
Search for a Bitcoin ATM near you to buy BTCs. You can locate the nearest Bitcoin ATM to your location with the help of CoinATMRadar or CoinFlip. Visit any of these sites and you can know all details (including precise location, fees, limits, and ID requirements) of buying Bitcoin. You’ll also receive the contact details of the operator from any of these sites. Carry your Bitcoin hot or cold wallet or address when you go to the Bitcoin ATM near you.
Bitcoin stores are the stores that accept Bitcoin (BTC) for selling products or services. Here are some of the leading stores that accept Bitcoin as their payment method:
You should buy Bitcoin immediately because the market is in a paradigm shift. 2021 is a bull market and the price of each Bitcoin has already increased from US$29,359.9 on January 1, 2021, to around US$58,000 by the end of March 2021. This means the price almost doubled in just 3-months.
Almost the entire Wall Street believes that the Bitcoin price will reach new heights by the end of 2021 or mid-2022. The prediction varies from US$100,000 to US$400,000.
PwC’s global crypto leader Henri Arslanian said that the entry of more institutional investors into the market is partly driving the rally in the BTC and crypto market in 2020. Bitcoin’s price resurgence in 2020 was in part fueled by well-known Wall Street billionaires (such as Paul Tudor Jones and Stanley Druckenmiller) publicly backing the cryptocurrency. Large financial companies such as PayPal and Fidelity as well as Square and MicroStrategy have invested heavily in the cryptocurrency market recently.
One of the biggest institutional investors who are investing in Bitcoin and cryptos is the Grayscale Bitcoin Trust (GBTC), a product of Barry Silbert’s New York-based Grayscale Investments, LLC. As per their investor disclosure forms, some of the biggest names that are invested in this fund are Ark Invest (with $4.5 billion investment), Horizon Kinetic (managing $5.3 billion), Rothschild Investment Corporation, Addison Capital, Corriente Advisor, and many more.
Guggenheim Partners, one of the largest investment companies in the United States, has requested the Securities Exchange Commission (SEC) to allow it to invest a part of its digital asset under management in Bitcoin. Reports say that they would invest US$500-million in Bitcoin.
In fact, JPMorgan’s strategists have said that the insurance companies and pension funds are expected to invest around US$600-billion in the near future. All these factors are the reason (along with the technical charts) why the analysts in Wall Street believe that 2021 and 2022 are going to be bullish years. Their prediction varies from US$50,000 to US$400,000 by the end of 2021 and mid-2022.
Let’s check some of the Bitcoin price predictions of 2021 and beyond:
During a CNBC interview, Lee said that bull markets come after every 3-to-4 years and 2021 is such a bull year market. Bobby Lee predicted that BTC price could increase to US$100,000 “by the summer” and eventually reach up to US$300,000 by 2021-end. He also said that the price of Bitcoin will correct by around 80-to-90% after reaching its peak.
Do you need more reasons to buy BTC? Buy Bitcoin now and earn maximum ROI.
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If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: