Getting one’s hands on Bitcoin is still the hardest part of getting involved in the world of digital currency these days. However, there are plenty of options available to buy Bitcoin, ranging from exchanges to peer-to-peer trades and ATMs to brokers. All of these options will be discussed briefly, giving everyone the information they need about how to get Bitcoin.
How To Get Bitcoin: Exchanges and Brokers
There are various ways to go about how to get Bitcoin these days, as much has changed since the inception of this popular digital currency in 2008. Two of more prominent topics on how to get Bitcoin involve the usage of either exchanges or brokers. Both of these options have their advantages and drawbacks, but having multiple choices is never a bad thing.
When using Bitcoin exchanges as a way to address the “how to get Bitcoin” question, there are a few things to take into consideration. First of all, the number of platforms allowing the usage of credit cards or PayPal is very limited, and bank transfers are the norm in this particular industry. Unfortunately, bank transfers can lead to a delay when sending money around the world, which can be a dealbreaker for some.
Secondly, using a Bitcoin exchange is subject to very strict anti-money laundering and know-your-customer regulation in nearly every country. Bitcoin exchange users will need to verify their identity, which can range from confirming a mobile phone number to submitting government ID and a proof of address. Verification procedures will also depend on the amount of funds users want to convert to and from fiat currency every month.
How to get Bitcoin from one of the many Bitcoin exchanges, you might wonder? We have put together a comprehensive list of various exchanges with their supported features. Buying Bitcoin from an exchange is the most frequent way to get involved in digital currency, but there are other options too.
However, it may be rather unclear as to how to get Bitcoin from a broker service. Similarly to their exchange counterparts, Bitcoin brokers will ask users to verify their identity, and the same type of deposit and withdrawal methods are supported. Some people see bitcoin brokers as the easiest way to get digital currency. That being said, using a broker means one is only getting a contract on Bitcoin, and not the coins themselves.
How To Get Bitcoin: Peer-to-Peer Trades and ATMs
LocalBitcoins has proven to be a very powerful platform enabling peer-to-peer trades of Bitcoin. Unlike broker services or exchanges, LocalBitcoins does not hold customer funds at any stage, as all trades take place between users directly. Bitcoin was originally designed to be a real peer-to-peer platform, and LocalBitcoins reinforces that ideology.
One thing to keep in mind when dealing with LocalBitcoins users is how all types of payment can be accepted, as that decision is up to the individual seller. Dealing with people directly is a proper answer to the age-old “how to get Bitcoin” question, although availability of this platform may vary heavily depending on location.
Last but not least, there are the Bitcoin ATMs spread throughout the world. These devices are very approachable, as they – partially – look and feel like bank teller machines, without the need for being a bank customer Anyone can walk up to a Bitcoin ATM and buy Bitcoin, although verification procedures are put in place for most machines as well.
When considering how to get Bitcoin, there are plenty of options at one’s disposal. It all depends on how much effort one wants to go through, and whether or not the transfer is urgent. Exchanges will take the longest to get funds, whereas Bitcoin ATMs are faster but not globally available. Peer-to-peer trades might be more convenient whereas brokers don’t give access to the coins themselves.
How would you answer the “how to get Bitcoin” question? Which method do you prefer? Let us know below!