Quickest Way to Buy Bitcoins: An Overview
Introduction:
The notion of computer codes as a legitimate currency is garnering momentum by the day. Industry heavyweights like Elon Musk and Bill Gates are weighing in the conversation. In the wake of this catastrophic pandemic, disillusioned by the efficiency of both the government and the corporations, the idea of a financial sector unmediated by any institution appears more and more lucrative. However, there is a lot of initial reservation against indulging in this new model of finance, primarily due to lack of exposure. Understandably the layman would be daunted by the very first question that arises - Where do I go to buy Bitcoins? This blog would attempt to shed some light on the options and possibilities for the uninitiated to take the very first step.
- What do you need before buying Bitcoins:
Before plunging into the business of investing and transacting in Bitcoin, the investor needs to ensure several things. First and foremost is a Cryptocurrency Exchange Account that is Blockchain Wallet that will allow the user to store and manage Bitcoins. Personal Identification Documents are essential in case one is using a Know Your Customer (KYC) service and of course secure internet connection. To know more, click here.
A valid mode of payment is important like a debit card or a credit card. There are specialized Bitcoin ATMs available but oftentimes they ask for government authorized identification. The investor must note that the Blockchain technology is completely transparent which allows anyone to view transaction history. Therefore it is essential to ensure the safety of the private key of the Blockchain Wallet. Only the private key holder can authorize the transaction from a certain account.
- Where can you buy Bitcoins:
With the rise of Bitcoins as a legitimate currency, developers all around the world are working to produce some of the most user-friendly applications for the quick and easy transaction of Bitcoins. It is considered smart to sign up for a service that allows withdrawal of crypto to a personal online wallet. Coinbase is the leading cryptocurrency exchange in the United States. Established in 2012, it is a fully regulated and licensed cryptocurrency exchange that offers a wide range of services to its users, including cryptocurrency investing, an advanced trading platform, custodial accounts for institutions, and a wallet for retail investors.
- About the Availability:
It is available in application form compatible with both IOS and Android operating systems. The lucid interface of Coinbase makes it a fan favourite. Another application with global popularity is Kraken. Established in 2011, Kraken is a cryptocurrency exchange where participants can trade with Bitcoins. Krakens global popularity makes it compatible with the US Dollar, Euro for the Euro Zone and the Japanese Yen. Kraken is known for its cautious approach towards this fragile of trading and its relentless adherence to protocol. Kraken provides exciting opportunities for individual investors as well as large trading firms. A direct competitor of the above-mentioned services is Gemini.
Gemini's Rise:
A comparatively new private company launched in 2015, Geminis rise to popularity has been sensational. Gemini offers to buy, sell and store Bitcoins. However, the major selling point of Gemini is the security that they ensure. It offers a first of its kind custodian service that guarantees security like no one else. Gemini also has a tiered interface. That is one interface for casual investors and another for hardcore traders. This ensures that the novice does not get lost in the complications and the pro does not miss out on essential information. Gemini also provides its coin known as the Gemini dollar, which is a stable currency as it is tied to the US Dollar. Gemini is available in application form compatible with both IOS and Android.
Conclusion:
The aforementioned applications are the easiest, smoothest and safest way to buy Bitcoins to trade or store. Their simple interface does not patronize the novice and applications compatible with the most popular operating systems ensure that the user can buy Bitcoins from the comfort of anywhere.