One of the questions that we are frequently asked at Cryptoswede is, “How can I buy Bitcoin?” Today it is much easier to purchase cryptocurrency than it was in the past, but there are still very precise ways that it must be accomplished. Here is a complete answer to the question that should help you make your very first Bitcoin purchase.
You Can Buy Bitcoin from an Individual
Bitcoin is what is known as a peer-to-peer digital currency. It was specifically created for individuals to use among themselves without the need for a third-party. One of the most popular ways to buy Bitcoin remains to get it from an individual.
Perhaps you know someone that already has some Bitcoin that they would like to exchange for cash. If you don’t know anyone, there are services online that will put you in contact with others who are willing to sell you Bitcoin. All-in-all this is a relatively safe method to obtain Bitcoin, but you still need to use caution with individuals that you don’t personally know.
It is always best to buy Bitcoin from someone you know. Someone like a family member or a trusted friend. This way you will know that you are being given a fair deal and that the person in question is probably not going to take your money and run when you agree to the purchase.
The downside of using this method for buying Bitcoin is that you may have a hard time determining the appropriate exchange rate for the transfer. You will likely be buying less than one full Bitcoin, so you need to have some way to determine fractional value that is fair. You should also know that the individual is well within their right to set their own value, and you are within yours to refuse it.
- Transactions can be immediate
- No fees
- Can be more trustworthy
- Seller can set the value
- Hard to determine an exchange rate
You Can Buy Bitcoin from an Exchange
Another popular way to buy Bitcoin is from an exchange. There are many different types of exchanges to use, but one of the most popular instant Bitcoin exchanges is Changelly. This service will allow you to buy Bitcoin and other cryptocurrencies with a debit or credit card.
To use this service all you need to do is visit the website and complete a brief sign up. The process takes only a few minutes and you can instantly buy your first Bitcoin. All you will need to do is provide your Bitcoin wallet and payment details. The transactions is processed instantly, and the funds will be deposited in your crypto wallet.
The negatives to using an instant Bitcoin exchange are that one might not want to associate their payment details with the purchase of Bitcoin. It is also a negative that these services charge some fees for making a transfer.
- Very fast
- Uses current exchange rates
- Buy with a credit or debit card
- Must provide payment details
- Fees are charged for a transfer