5 ways to buy Bitcoin for beginners

5 ways to buy Bitcoin for beginners
5 ways to buy Bitcoin for beginners

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Bitcoin is an increasingly popular cryptocurrency that has seen some drastic price swings over the decade.

If you consider this decentralized version of digital money, you have a few different ways to buy bitcoins.

You can buy it directly or indirectly from some traditional brokers as well as some beginners.

In fact, buying bitcoins is easier than ever and you can also do it at a lower cost than before.

Here are five ways to buy bitcoin and some of the main factors to pay attention to. But before moving on to the main discussion, it is good to know what Bitcoin is beforehand.

What are bitcoins?

Bitcoin is a type of digital currency or cryptocurrency, a way to pay for things that exist only virtually.

The coin debuted in 2009 and really entered the mainstream in 2017 with a boom that year.

Coins are created, or “mined,” when the computers that manage the currency processes and legitimize currency transactions.

Bitcoin uses a decentralized network of computers to manage everything. A distributed ledger called a blockchain that tracks currency transactions.

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It is like a huge public record of every transaction made in currency. And the network monitors everything, ensuring the integrity of the currency and bitcoin holdings.

5 ways to buy bitcoin

If you want to trade Bitcoin, the good news is that you now have several options. You may not even need to open a separate dedicated account to do so, as many major brokers offer a way to purchase one.

These are some of the best brokers for cryptocurrency trading. Each of the methods below offers a different combination of cost, safety, and potential advantages/disadvantages.

1.PayPal

PayPal makes it easy to buy or sell bitcoin directly using the same apps you trust for your online payments.

You’ll pay $0.50 for trades involving less than $25, and from there PayPal uses a sliding fee scale that starts at 2.30 percent for trades over $25 and drops to 1.50 percent for trades over $1,000.

Even if there is a markup margin, you will not pay a fee for storing crypto in your account, and you can trade for as little as $1 each time. Ethereum, Litecoin, and Bitcoin Cash can also be traded here.

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2. Base Currency

Coinbase is a dedicated cryptocurrency exchange that allows you to own digital currency directly.

You will be able to trade dozens of the most popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. For added security, Coinbase also allows you to store your coins in a vault with pending withdrawals.

It charges a 0.50 percent margin fee and then adds a transaction fee that varies depending on the funding source and the size of the transaction. Typically, these fees add 1.49 percent or more to your costs.

The fee structure is confusing, to say the least, though Coinbase promises to show you what you’re paying for before you have to make a payment.

3. Commercial applications

You can pick up some commission-free bitcoins right away using a trading app like Webull or Robinhood, though it will eventually make it up to you with a markup.

Robinhood takes its best no-fee tricks and applies them to cryptocurrencies. You will be able to buy bitcoins directly and you will also have access to more than a dozen other digital currencies, features that other brokers do not offer.

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Of course, you can buy stocks, ETFs, and options when you use the easy-to-use platform.

Webull allows you to trade various cryptocurrencies, including Bitcoin. However, you will pay a 1 percent markup on each transaction. You can also trade stocks, ETFs, and options.

4. Interactive corridor

At Interactive Brokers, you can buy Bitcoin futures contracts, but you cannot own the currency directly. The broker charges $15.01 per contract, which gives you exposure to five bitcoins.

Interactive Brokers also offers a wide variety of other tradable securities, giving you access to securities around the world. Learn more about Interactive Brokers.

5. Bitcoin ATM

Another option is to buy bitcoins directly through Bitcoin ATMs, although they tend to pay more fees than elsewhere.

You will be able to buy bitcoins and some ATMs allow you to sell them too, using cash or a debit card.

But you may need a Bitcoin wallet to make transactions. Fees can be expensive, with some ATMs charging around 7 percent per transaction, while fees at other ATMs can reach teenagers.

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