What Are The Safest Ways To Purchase Bitcoin

Sep 17 (PR): So, you’ve done your research on cryptocurrencies, saw that bitcoin is the best cryptocurrency for you, read up on bitcoin and its value, and now, it’s time to make your first bitcoin purchase.

Now, you just have to figure out how to safely buy bitcoin. You don’t want to fall into a trap and end up giving your money to a scammer. This article aims to provide you with the needed information on how to safely buy bitcoin!

Buying With A Prepaid Card

Prepaid cards, also known as pay-as-you-go or daily cards, can be used in a similar manner to debit and credit cards in order to pay for products and services. Nevertheless, there are significant distinctions between prepaid cards and credit or debit cards that contribute to the former’s greater use for day-to-day activities than the latter.

In recent years, people have started to use prepaid card to buy BTC and it has gained popularity with several investors. Prepaid cards typically incur greater costs at cryptocurrency exchanges than other payment methods do; however, prepaid cards offer a number of significant benefits that other payment methods do not:

? In contrast to wire transfers, you can instantly purchase bitcoin using a prepaid card,
? It’s a more practical and open way to purchase cryptocurrencies,
? The risk of incurring debt is reduced because you can only use the money that is on your card,
? As a result, it’s a more safe approach to purchase BTC since you reveal less information about yourself,
? Even if your prepaid card is compromised, the money on it can only be used; your bank accounts are safe.

Buying With A Credit Card

When paying with a credit card, the buyer may be required to pay additional processing fees in addition to the transaction fees that the exchange has already paid. Credit card companies consider purchases made with bitcoin to be cash advances, and as a result, they increase interest rates and surcharges on cash advances.

Buying With PayPal

PayPal allows you to purchase bitcoin in two ways: either by transferring funds from your credit or debit card into your PayPal account or by using the balance you have in your account to fund the cryptocurrency purchase.

If you purchase bitcoin straight through PayPal, the company makes money off of the cryptocurrency spread, which is the difference between the price of bitcoin on the market and the price of bitcoin when converted to your native currency. Additionally, the business charges a transaction fee on each and every purchase. These charges are based on a percentage of the total purchase cost.

One of the disadvantages of purchasing cryptocurrencies via PayPal is that an investor is unable to transfer the cryptocurrency outside of the platform of the payment processor to an external crypto wallet or personal wallet. Additionally, only a small number of online traders and exchanges permit the use of the payment processor to purchase payment.

Steps Taken To Buy Bitcoin

1. Choose Between An Exchange Or Broker

Exchanges frequently have low fees, but they typically have more complicated user interfaces, a wide variety of transaction types, and sophisticated performance charts, which can be intimidating to novice cryptocurrency investors.

The ease of use, however, does not come without a cost, as the beginner-friendly options charge far more than it would cost to buy the same cryptocurrency using each site’s standard trading interface. You should probably strive to study enough to be able to use the conventional trading platforms before you make your first bitcoin purchase—or not too long after. This will help you save money.

Cryptocurrency brokers, who offer user-friendly interfaces and manage all essential interactions with exchanges on your behalf, greatly simplify the process of buying cryptocurrency. Some of them charge higher fees than exchanges do.

Others will claim to be “free,” but they will profit from you in one of two ways: either they will sell large brokerages or fund the…