You can buy bitcoin within minutes by downloading the wallet or from a crypto exchange. Choose the payment method and follow all the instructions stated by your platform.
After understanding the basics of bitcoin, you are now ready to understand the processes and methods to buy bitcoin. Well, there are multiple ways, so let’s understand them one by one.
Buying bitcoin from a peer-to-peer trading platform using cash
A wide range of trading platforms allows people to trade bitcoin and other crypto assets by offering them a platform or interface where buyers and sellers can post buy and sell orders. Some trading platforms also provide a dispute resolution service to users to solve their queries and act as mediators to make the execution of trade possible. The trading platforms help buyers and sellers find each other, but these aren’t categorized under centralized exchanges that require users to reveal their identities. Buyers who are very conscious about their privacy can choose P2P platforms as it is an effective method to buy bitcoin. There are multiple other platforms and you can visit the quantum ai for the review of bitcoin websites that will provide you a clear picture.
Most peer-to-peer trading platforms use reputation systems to track their specific users’ trading history and display them to others. Buyers always look for platforms or exchanges that have a good reputation, and in this way, buyers get attracted to such platforms. Users can start by browsing the payment methods that the platform accepts, seller location, amount, reputation, and other things. Start by initiating the trade and sending the amount agreed to pay by using the agreed payment method. You can also choose to meet the seller and hand over the cash to the seller directly and receive payment through an app or website. As soon as payment is made, the bitcoins are transferred to your digital wallet.
Buying bitcoin from a centralized crypto exchange
When you choose to buy bitcoin from a centralized crypto exchange, understand that your bitcoins will be held by exchange first on your behalf. Users who don’t want to provide control to exchange must withdraw their bitcoins from exchange to non-custodial wallets. Non-custodial wallets are wallets that provide users complete ownership of their bitcoins and wallet. When users choose to withdraw bitcoins from the crypto exchange, they must follow the withdrawal policy of the exchange and pay withdrawal fees. Some centralized exchanges don’t even allow users to withdraw their funds for weeks and charge high withdrawal fees. Decide whether you would like to buy bitcoins from a centralized exchange or decentralized exchange by comparing both.
Let’s discuss the flow of buying bitcoin from exchanges. Please find the best crypto exchange online and visit the official website and create an account of it. Users need to verify their identity by submitting the required documents. Follow all the instructions on the website to buy bitcoins and other crypto assets, and you can make payment with the preferred medium of exchange; in this way, your bitcoins will appear in your crypto exchange account. If you want to take ownership of your bitcoins, transfer your bitcoins from exchange to a non-custodial wallet.
Buying bitcoin from wallet app
Some cryptos wallets allow users to buy bitcoin opportunely with the wallet app. Make sure to choose a non-custodial wallet that provides you control of your digital tokens. Let’s learn the process of buying bitcoin from wallet apps. Open the wallet on your mobile device or computer. You’ll get to see a long list of cryptocurrencies that you can choose from. Select bitcoin and click on the buy bitcoin.
Similarly, you can choose other digital currencies as well. Follow all the instructions set by the wallet app when it comes to depositing money into the wallet to buy bitcoin. Some wallet apps provide you different wallets to store different digital assets that the app supports. You can choose to store different crypto assets in different wallets as this is a great way to organize your funds.
Some wallets require you to verify your identity if you are purchasing bitcoin for the first time. After your first purchase, you can easily make purchases in seconds as your identity is already verified. Once the purchase is complete, you can choose to trade or use bitcoin for exchange or investment purposes.