The king of crypto, Bitcoin holds the largest market share in the cryptocurrency scene. The coin reached its second ATH in 2021, hitting a stellar $69,000 last November. By the end of 2022, BTC is predicted to reach around $77,000-$100,000. From veterans to the new ones, Bitcoin is the most coveted crypto asset for almost all kinds of investors out there and for all great reasons. After the May crash, Bitcoin price has taken a dip- there could not be a more convenient time to buy Bitcoin at a low price and reap phenomenal ROI in the long term. But, how do you buy BTC? Check out more at Multibank.io.
Well, the post below offers a brief on the various ways you will be able to buy Bitcoin in 2022.
Places to buy Bitcoin in 2022
There are multiple places from where you can buy Bitcoin. Previously, buying BTC was mostly limited to exchange brokers- cut to 2021-2022, you also have Bitcoin ATMs from where you can buy Bitcoin.
Crypto exchange
You can always buy Bitcoin from a crypto exchange. Crypto exchanges offer you the options to buy, trade, sell, and store Bitcoins. And Bitcoin, being the oldest and the largest, is available in all crypto exchanges out there. As BTC is available in fractions, new investors can buy Bitcoin at as little as $25.
Steps to buy Bitcoin from a crypto exchange:
- Sign up and create account with your chosen crypto exchange
- Choose your payment option- you can use credit or debit card, wire transfer etc. Some crypto exchanges
- Check the Bitcoin price before you buy Bitcoin
- Decide how many units to buy, place order, and make payment
- You will receive Bitcoin in your crypto exchange wallet. You can store it in the exchange wallet or else you can use an external wallet for storage.
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Tips to choose a crypto exchange
There are nearly 600 crypto exchanges globally but not all would be equally compatible for you. Bitcoin is a high-profile investment and you need to be extremely careful about the platform where you will buy and trade BTC.
First, look for a crypto exchange to buy Bitcoin that allows investors and traders from your location. Next, check the security measures adopted by the exchange platform. Your chosen exchange should be equipped with cutting-edge 2 Factor Authentication and also assure insurance for funds.
Depending on the type of exchange you choose to buy Bitcoin, you might have to pass through KYC clearance.
Centralized exchanges ask for KYC forms while the decentralized ones are more flexible.
Don’t forget to check the transaction, trading, and withdrawn fees charged by your chosen exchange before you register with the platform.
Brokerage platform
The other option to buy Bitcoin is through a brokerage platform. A traditional option, brokerage platforms offer Bitcoin along with conventional stocks. You should make sure to check the reputation and service approach of the broker before you buy Bitcoin from it.
The one you choose to buy Bitcoin from must be a trusted name in the market. Again, you will have to check the commission beforehand – look for a reliable broker that does not charge unnecessarily exorbitant fees. You will have to browse and wait for a while but the effort would be worth it.
P2P crypto marketplace
There are P2P marketplaces online from where you can buy Bitcoin. Here you have individual Bitcoin owners looking forward to connecting with aspiring buyers. There is no such fixed price at P2P Bitcoin marketplaces. It’s the seller who decides on the price here.
It’s advised that you should check out multiple sellers on P2P marketplaces before you buy Bitcoin. Some BTC buyers had even reported about their unwanted experiences with scam, fraud and/or unethical sellers. It’s better to look for a P2P marketplace that has been running in the market for 3 years minimum and is backed by a strong reputation.
Bitcoin ATMs
Once a rarity, Bitcoin ATMs are growing exponentially with each passing year. The number of Bitcoin ATMs around the world was something around 14,000 in 2020. By the end of 2021, the number has jumped up to an awe-inspiring 34,000!.
Bitcoin ATMs, if located close-by, would be a handy help to buy Bitcoin, especially if you are in a rush.
It’s extremely simple to buy Bitcoin through Bitcoin ATMs. But, first, you need to create your account with a Bitcoin ATM. You can conduct the process online or by visiting the physical site. To open an account, you will need to submit the KYC, ID card, and address proof. The ATM will scan your ID and verify other details thoroughly before registering your account.
After you create your account on a Bitcoin ATM, follow the steps below to buy Bitcoin-
- Go to the ATM
- You will need cash to buy Bitcoin from Bitcoin ATM
- Insert the required cash into designated slot
- Scan QR code of mobile wallet
- You will receive instructions and details on how your required amount of Bitcoin fund will be transferred into your wallet
Just two things- Bitcoin ATMs charge extremely high commissions. So, if you have to buy Bitcoin at regular intervals, ATMs would not be the primary option. The other thing is, although the number is growing, there are only a handful of Bitcoin ATMs in the whole world. It’s not likely to find Bitcoin ATMs in those countries that have either outlawed or banned cryptocurrency.
Wrapping up
So, you have different places to try out to buy Bitcoin. What would you do after buying the BTC funds? Well, if you want immediate results, you can invest a portion of the funds in day trading through your chosen crypto exchange.
The larger portion of the fund is better to be stored safely for HODL. There are various options to store Bitcoin. Almost all crypto exchanges offer storage and some of them even offer it for free. But, exchanges are often targeted by hackers- some of the topmost crypto exchanges have fallen prey to hackers in recent years. The safest storage option for your treasured BTC funds would be cold encrypted hardware wallets.
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