The Most Popular Ways to Purchase Bitcoin
2022-02-11 16:37:59
After dipping to $33,000 in January falling from a record of almost $69,000 less than three months ago, the price of Bitcoin has seen some improvement in recent days. It finally cleared $40,000 again last Friday after weeks of losses and bitcoin price live today is hovering around $44,000.
Another wave of interest has appeared following the surge of Bitcoin price. If you’re also considering buying the famous cryptocurrency, you should consider that Bitcoin can swing wildly, producing significant gains for you or big losses at each interval. However, the good news is, you have a variety of ways to purchase bitcoins. In fact, it’s easier now than ever to buy bitcoins, and you can even buy at a lower commission than before.
The Most Popular Ways To Buy Bitcoins
1. Cryptocurrency Exchanges
Bitcoin became available on exchanges in 2010, and thanks to these exchanges, Bitcoin has a reliable price against the U.S. dollar. It’s estimated that there are over 500 exchanges to choose from. The best cryptocurrency exchanges make it easy to purchase bitcoin with clear and simple guidelines, low fees and strong security features.
To help you pick the right one, Forbes Advisor combed through the web traffic, liquidity, trading volume, and collectedR more than 20 data points including the types of cryptocurrencies available, fees, security features, user reviews and more. As a result, their TOP 10 crypto exchanges include Binance.US, Coinbase, Kraken, Crypto.com, Gemini, Gate.io, KuCoin, Bitstamp, Bittrex and bitFlyer.
2. Mainstream Brokerages
Millennial-friendly investment platform Robinhood is best known as a commission-free stockbroker, but you can buy and sell bitcoin with no commissions as well. You can set up your purchase as a “market order” to buy bitcoin at its current price, or a “limit order” to decide the price it should reach before purchasing. Like Robinhood, eToro doesn’t charge a direct commission but rather a spread markup of 0.75% for Bitcoin. You can start with a $100,000 virtual account with no risk to your actual money when you sign up and the CopyTrader system which allows you to mimic trades from others on the platform.
3. Payment Apps
You can also buy bitcoin through payment platforms including PayPal, Venmo, and Square's Cash App. PayPal offers users of the PayPal and Venmo (owned by PayPal) apps the ability to buy Bitcoin and other digital coins.There are two ways to purchase bitcoin using PayPal. The first and most convenient method is using your PayPal account that is connected to a payment mechanism. The second option is to use the balance of your PayPal account from a third-party provider. Cash App allows you to buy as little as $1 worth of Bitcoin at a time, and the app has an entirely separate tab for managing your coins.
4. Bitcoin ATMs
Another option is to buy bitcoins directly through a Bitcoin ATM. A Bitcoin ATM is an Internet-connected kiosk that enables customers to buy bitcoins using fiat currencies. Bitcoin ATMs have become increasingly popular in recent years, even retail giant Walmart has installed 200 Bitcoin ATMs at its various locations across the United States. The number of Bitcoin ATMs worldwide has grown with every passing month since 2015. Recent data obtained from CoinATMRadar, a major cryptocurrency data compiling site, has revealed that as of December, 2021, there were nearly 34,000 Bitcoin ATMs all over the world.
Another wave of interest has appeared following the surge of Bitcoin price. If you’re also considering buying the famous cryptocurrency, you should consider that Bitcoin can swing wildly, producing significant gains for you or big losses at each interval. However, the good news is, you have a variety of ways to purchase bitcoins. In fact, it’s easier now than ever to buy bitcoins, and you can even buy at a lower commission than before.
The Most Popular Ways To Buy Bitcoins
1. Cryptocurrency Exchanges
Bitcoin became available on exchanges in 2010, and thanks to these exchanges, Bitcoin has a reliable price against the U.S. dollar. It’s estimated that there are over 500 exchanges to choose from. The best cryptocurrency exchanges make it easy to purchase bitcoin with clear and simple guidelines, low fees and strong security features.
To help you pick the right one, Forbes Advisor combed through the web traffic, liquidity, trading volume, and collectedR more than 20 data points including the types of cryptocurrencies available, fees, security features, user reviews and more. As a result, their TOP 10 crypto exchanges include Binance.US, Coinbase, Kraken, Crypto.com, Gemini, Gate.io, KuCoin, Bitstamp, Bittrex and bitFlyer.
2. Mainstream Brokerages
Millennial-friendly investment platform Robinhood is best known as a commission-free stockbroker, but you can buy and sell bitcoin with no commissions as well. You can set up your purchase as a “market order” to buy bitcoin at its current price, or a “limit order” to decide the price it should reach before purchasing. Like Robinhood, eToro doesn’t charge a direct commission but rather a spread markup of 0.75% for Bitcoin. You can start with a $100,000 virtual account with no risk to your actual money when you sign up and the CopyTrader system which allows you to mimic trades from others on the platform.
3. Payment Apps
You can also buy bitcoin through payment platforms including PayPal, Venmo, and Square's Cash App. PayPal offers users of the PayPal and Venmo (owned by PayPal) apps the ability to buy Bitcoin and other digital coins.There are two ways to purchase bitcoin using PayPal. The first and most convenient method is using your PayPal account that is connected to a payment mechanism. The second option is to use the balance of your PayPal account from a third-party provider. Cash App allows you to buy as little as $1 worth of Bitcoin at a time, and the app has an entirely separate tab for managing your coins.
4. Bitcoin ATMs
Another option is to buy bitcoins directly through a Bitcoin ATM. A Bitcoin ATM is an Internet-connected kiosk that enables customers to buy bitcoins using fiat currencies. Bitcoin ATMs have become increasingly popular in recent years, even retail giant Walmart has installed 200 Bitcoin ATMs at its various locations across the United States. The number of Bitcoin ATMs worldwide has grown with every passing month since 2015. Recent data obtained from CoinATMRadar, a major cryptocurrency data compiling site, has revealed that as of December, 2021, there were nearly 34,000 Bitcoin ATMs all over the world.
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