Bitcoin & Cryptocurrency Trading: The Ultimate Guide
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There are many ways to purchase bitcoins, but none are as easy as could be hoped. There is no website you can go to and use your credit card and immediately get some bitcoins in return at market value which is whatever Bitcoin is selling for on the exchanges.
Those require you to provide a lot of information about yourself and take several days to transfer money into. Unfortunately, you only get to choose one. Coinbase is a startup based in Silicon Valley founded back inand was received funding from some of the most well known venture capitalist firms in the business. As far as trustworthiness goes, Coinbase is the gold standard. Coinbase lets you buy using a credit card or a bank account. Either method will require you to provide some authentication.
This method can take up to a day to go through. You can save money by setting up Coinbase to use your bank account.
Coinbase will ask you for your online bank login username and password, which may make you hesitate since providing anyone with the login to your bank account is generally a bad idea.
If you do proceed with this method, your account will be instantly verified. This method is slower and can take days. Using your bank account to make purchases will cost you 1.
After you make a purchase, you can store your Bitcoins with Coinbase, or transfer them to your own wallet. If you do keep your Bitcoins on Coinbase, consider storing them in a Coinbase Vault. Those price swings take place on cryptocurrency exchanges, which work like the stock market - matching buy orders with sell orders from users. You can find a list of which exchanges let you buy and sell for your currency on Coin Market Cap. There are exchanges that sell for most major world currencies, including the Euro, Yen, Won, and many others.
On an exchange, this will usually mean providing your full name and address, and often also providing a picture of a government issued photo id. Usually this will require a bank transfer, which will take time and incur a fee depending on your bank. The interface can be intimidating. Buying anonymously means getting offline and meeting someone to sell you Bitcoin in person. The easiest way to find someone to sell you bitcoins is to head over to Local Bitcoinsa site that matches buyers and sellers who meet up in person to complete the sale.
There are also people selling Bitcoin online using Local Bitcoins, but those sales will require you to send money via a bank wire. Buying Bitcoin Anonymously Buying anonymously means getting offline and meeting someone to sell you Bitcoin in person.