Where can you buy bitcoin online
Bitcoin, the highest valuedcryptocurrency right now has taken the digital world by storm. Success ofbitcoin has opened door for many traders and ultimately the world of digitalcurrency or better known as cryptocurrency.
Bitcoinis actually entry on a huge global ledger called the Blockchain. Blockchainrecords every transaction that has ever happened till this moment. The completeledger is about 200 GB of data. So, whenyou send someone some bitcoins, it’s not like you are sending them a bunch offiles. You are basically writing the transaction down on that big ledger.
Theledger is not centralized to any bank and it is completely decentralized.Anybody can volunteer to keep the blockchain up to date with all the new transactionsthat happened and a lot of people do. It all works because there are lots ofpeople keeping a track of the same thing, to make sure all transactions areaccurate. So the point now is where can you buy bitcoin online
Thereare various options when it comes to buying Bitcoins. For example, there arecurrently almost 1,800 Bitcoin ATMs in 50 plus countries. Moreover, you can buyBTC using cryptocurrency exchanges, investment trusts, gift cards and you caneven trade face-to-face. When it comes to other, less popular cryptocurrencies,the purchasing options are not as diverse.
However,there are still numerous exchanges where you can acquire different crypto-coinsfor flat currencies or Bitcoins. Face-to-face trading is also a popular way ofbuying coins. Purchasing options depend on cryptocurrencies, their popularityas well as your location.
Middleman firms make money helping out people buy bitcoin onlineeasily, with a minimum of fuss. These firms usually have good customer serviceand shield you from needing to understand all the complexities of currencytrading. However, like all middlemen, they charge a fee for this convenience orservice including the service to buy bitcoin online.
An efficient way is to buy bitcoin online is directly from aBitcoin exchange. Exchanges directly connect people buying and selling bitcoinsusing a very sophisticated currency exchange system. These exchanges areadvanced and can be intimidating for a beginner.
However, exchanges are where most large Bitcoin buying and saleshappen. For this reason, exchanges usually offer the best prices for buyingbitcoins. Also, when you buy bitcoin online directly from an exchange, youminimize the number of parties involved in a large purchase, which reduces therisk of a problematic transaction.
For large Bitcoin purchases ($5,000 or more), always deal directlywith the exchange. Using an exchange to buy bitcoin online is also a goodchoice for very smaller purchases, as long as you have the time and inclinationto learn the ins and outs on how currencyexchange works.
Some hope for a more decentralized world in which hugecorporations become obsolete as technology makes it more practical andconvenient for people to interact directly. Perhaps some-day face-to-faceexchanges will become the most efficient, cheapest, and the fastest way to buybitcoins.
Now, the easiest way to buy bitcoin online is via an establishedBitcoin middleman, more accurately called a Bitcoin exchange intermediary.Exchange intermediaries consist of firms that have already registered their ownaccounts on one or more Bitcoin exchanges and will buy or sell bitcoins onbehalf of you.
Typically, exchange intermediaries offer to sell Bitcoins only atthe market price; you can not set yourown price. Additionally, these companies may convert currency in one direction.For instance, during the 2013 Bitcoin price went up, many folks new to theBitcoin community wanted to purchase bitcoins quickly.
Not surprisingly, many businesses that traded bitcoins fordollars, but not necessarily dollars for bitcoins, quickly appeared to fillthis requirement.
There are also good benefits to using a middleman even to buybitcoin online, however. The paper work involved is minimal, and many servicesoffer to get you bitcoins in minutes. The fees range from 1 to 10 percent, butthe service and customer support are often better than with exchanges.
You should try choosing a firm that charges the lowest fees andoffers the best user experience when you buy bitcoin online. Be sure to checkonline for reviews of these services and try to figure out if they have a goodreputation in the Bitcoin community before making your decisions. Many of theseservices operate only in limited regions, so some might not be available foryou and makes it difficult for you to buy bitcoin online.
Undoubtedlythe crypto exchange giant Binance is currently at the top of its game withactive users from all around the world. It’s a good place to start and to buybitcoin online. Other popular exchanges include Kucoin, LAToken, Bittrex, HuobiPro, etc.
Whileone can also argue about the things to consider before choosing an exchange isvital because of the support that exchanges can provide to consider beforechoosing an exchange is vital because of the support that exchanges canprovide.
Reviewscan be helpful in this case, just make sure Bitcoin is listed as the currencyat your preferred exchange. One must always look for exchanges with easy userinterface, fast, effective at the same time with advanced system. CoVEX is onesuch site which is building a good reputation for itself providing attractiveoffers and a user friendly site even for beginners.
Lets look at step by step how you can buybitcoin online via CoVEX whichgeneralizes how most of the exchange works. These are pretty much the steps yougo through when you buy bitcoin online.
First,you require to open an account with CoVEX(or your preferred site) to buy bitcoin online. The process of signing up isstraightforward:
Launchyour browser and point to www.covex.io
Lookfor the “Sign up” Link and click on it
Fill inyour personal details such as firstName, last name, email, username, andpassword and tick the check box to confirm that you have read the privacystatement and terms of participation. Next click on the Sign Up link.
If you successfully sign up, anemail link will be send to the registered address. Open you email and activateyour site portal.
Next, enable the 2-Factorauthentication and verify your identity by uploading your valid ID such asnational identity card or passport.
Toexchange any pair of altcoin for BTC, simply select the pair at the extreme topright corner, type the volume (amount of altcoin) you would like to spend andclick on the “Buy” command. For example, to exchange LTC for BTC, identify thepair LTC/BTC at the extreme top right corner, enter the amount of LTC that youwould like to spend in the Volume text box and click on the “Buy” link.
Onceyou click on the “Buy” Bitcoins will be transferred to your wallet.
The processof selling BTC for other altcoins is similar.
Toexchange any pair of BTC for any altcoin listed on the site, simply select thepair at the extreme top right corner, type the volume (amount of BTC) you wouldlike to spend and click on the “Send” link. For example, to exchange BTC forLTC, identify the pair BTC/LTC at the extreme top right corner, enter theamount of BTC that you would like to spend in the Volume text box and click onthe “Sell” link.
When you buy bitcoin online makesure you have done research on your part and trade accordingly. It’s a constantlyevolving world. Keep up with the market and its trend.