It has to be said, buying bitcoin remains a concept a lot of people struggle with to this very day. Most exchanges do not make this job any easier, with lengthy verification processes and only being able to use a bank transfer to fund one’s account. Thankfully, there are some quick and convenient ways to buy bitcoin without too much hassle. Keep in mind one may need to pay a slightly higher price in exchange for this convenient service, though.
3. Credit Card
Although there are not too many services accepting credit card payments, those that do provide a near-instant gateway between traditional finance and bitcoin. Although users will still need to go through a verification process, it shouldn’t take more than 15 minutes to complete. There will be specific limits for newcomers looking to buy bitcoin with a credit card, though. These limits will be raised as the user generates more volume.
Among the exchanges accepting credit – and even debit – card payments are the usual suspects such as CEX, Coinbase, Coinmama, and 247exchange. A few other platforms may offer a similar service, although it is advised users always do their own research first. Using a credit card for bitcoin purchases will invoke a fee that differs from platform to platform, though.
2. Bitcoin ATM
Users looking to directly exchange cash to bitcoin have a few options at their disposal. Using one of the many bitcoin ATMs around the world is a great solution to instantly buy cryptocurrency, albeit one may have to pay a slight premium fee. Most ATMs charge a 5% or higher surcharge, which is the price one has to pay for the added convenience.
It is not difficult to find a bitcoin ATM these days, as there are nearly 1,000 of these devices in operation all over the world. That does not mean one can just go outside and stumble upon one in every region either, though. Rest assured the number of bitcoin ATMs will continue to grow on a global scale as more time elapses. Right now, nearly three bitcoin ATMs are brought online every day of the year.
1. LocalBitcoins/Peer-to-peer Trading
By far the fastest and most convenient solution to buy bitcoin is by using the LocalBitcoins platform or a wallet application with built-in peer-to-peer trading capabilities. Users can connect with sellers directly and pay using the payment method accepted by the seller. This can be cash, PayPal, bank transfers, or any other method one can think of.
The same goes for peer-to-peer trading, a feature found in quite a few mobile bitcoin wallets right now. Peer-to-peer trading provides a lot of conveniences and also a certain sense of security since there are no intermediaries involved in the transaction. Peer-to-peer trades are always subject to a price higher than the current market average.
If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.
