The importance of crypto-currencies in the modern world is a topic worthy of multiple conversations, discussions and disputes. In this case, theoretical details can be put aside. If you are looking for how to buy and sell bitcoin, you are interested in purely practical aspects, which we will talk about in detail in this text.
How to buy Bitcoin
The topic of mining will be left to enthusiasts: to sell bitcoin (with profit, in the future), you must buy bitcoin as the first step. What is needed for this? Let’s start with the zero situation, meaning that you have never encountered a crypto-currency topic.
Selecting a Bitcoin-wallet
To buy bitcoin, you must get a wallet for storing crypto currency. Choose the most appropriate option for your needs and install or register a wallet. For example, you may visit:
https://blockchain.info/
Now you need to find and press “Get a Free Wallet” button and then follow the simple instructions to register. Also you will find instructions on how to protect it on any selected site.
Now you have a line with the code, which is the wallet. Do not be mistaken, indicating these numbers! Any mistake leads to the fact that the pointed amount of funds will disappear forever.
Bear in mind that you is able to buy crypto currency for any amount. It is not necessary to buy 1 bitcoin; you can buy every time a smaller part of it. This means that you can buy 1/2 bitcoin, 1/4 bitcoin, or even 1/100 part of it.
Ways to add money to your Bitcoin wallet
Now we have a wallet to store Bitcoin, and we also have a certain amount of money to buy crypto currency. Where to find these Bitcoins?
The set of available methods depends on the country. For example, in North Korea, none of the options listed below will work for you. But there is more serious to say, the main ways to buy Bitcoin are:
- Online exchange services;
- Terminals and ATMs;
- Direct exchange with other people for real money or gift coupons.
Let’s consider each item separately.
Online exchangers
There are two types of online exchangers: private exchange websites and crypto currency exchanges.
First ones can have a course that is convenient to the owner. And the owner of such a site can earn good money on ongoing operations. It is possible to maximize revenues by integrating mutual exchange between all payment services, crypto-currencies and crypto-currency platforms. Some sites even have options for exchanging cash for crypto currency, which are usually available only in large cities.
The drawback of such exchangers is that the rate is less profitable than in other places. Commissions also take a significant portion of the amount paid. But on the other hand, this is the easiest and quickest way to buy our coveted digital “hot pies”.
This is a good example of such an exchange:
https://paxful.com/roots/buy-bitcoin/index
The second type of crypto-exchanges is a trading platform. They have clean course of exchange that is formed by a market proposal.
A good service for tracking stock crypto currency exchanges is Crosslytics.
https://www.crosslytics.com
It contains information on the amount of trades on each site, as well as on the current exchange rate. When buying, it is better to focus on exchanges with the lowest rate, because we can get BTC at the best price in this case.
The advantage of the crypto currency exchange is the fact you have flexible course here. The cost of BTC fluctuates, so it is possible to conclude a deal on better terms. Although, conditions may deteriorate. So this is a double-edged sword.
While withdrawing to wallet here, only the network commission will be charged.
Terminals and ATMs
ATMs and terminals with the possibility of buying Bitcoin are common in a number of countries, but are not a ubiquitous thing. Such devices are simple in operation. It is enough for several operations with the credit card and crypto currency will be credited to your wallet. Terminals work with paper money.
Direct exchange between two persons
Nobody canceled such an option as a direct purchase of Bitcoin. If you do this with your friend, it’s enough just to agree on a convenient method of payment, as well as the course.
For other situations, there are even specialized services for P2P-exchanges. For example:
https://localbitcoins.com/
Roughly speaking, this is such a crypto-analogue of a simple online bulletin board. Someone is selling bitcoin, but someone is buying. There’s also feedback about users and their statistics. Probability to have a contact with a fraudster is quite low. There are no commissions, real market course only.
In countries such as Austria, South Korea, Mexico, there is an interesting option for buying BTC. People there can do this using gift cards. You just need to refill them at face value, and then enter the code on a specialized site. “Vendors” of such cards make good profit on commissions that reach 3-8%. However, the method is still in demand because of its simplicity.
How to sell Bitcoin
As you can guess now, there’s the same ways of how to sell bitcoin in comparison with how to buy bitcoin:
- 2 types of online exchanges;
- Terminals and ATMs;
- Direct exchange between two persons.
You need to do everything the same, only vice versa. Using private exchanges choose, for example, BTC – USD pair (or everything you need). Terminals and ATMs provide you a way to enter wallet number and get real money. With the interaction with those who want to buy your bitcoins directly, everything is as clear as possible too.
That is, you can use the same services and tools for reverse actions.
While the process, you will have to face commissions, and also, maybe, scammers too. All you need is to know the address of your wallet and not give anyone a password.
If you bought BTC at the exchange had not yet managed to send it to your wallet, try to make money on trading. The rate at these sites is dynamic, so it’s realistic to get extra profit in a fiat currency on an equal footing. Either in the crypto currency, if the trades are conducted in crypto-currency pairs. The standard principle is to “buy cheap – sell more.” And then withdraw money in a convenient way.
As you can see, buying and selling bitcoin is very simple. Be attentive in the described details, and get benefits from these actions!
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