When you purchase the bitcoins, you must store them safely in the wallet. It comes in a wide variety of forms. Each wallet would have different storage capacity, security, and access options. However, the wallet would not physically store the bitcoins, but it keeps the private keys that allow you to access the bitcoins’ addresses and spend them. You would need the keys to sign the transaction. If you lose the keys, then you would lose the bitcoins stored in the wallet.
ATM
The ATM is an ideal place to buy bitcoins. It gives the best and incredible experience while giving you high privacy. There are many Bitcoin ATMs found across the globe and in different cities. The number of ATMs is also increasing day by day. If you want to buy the coins from these ATMs, you would need to pay a fee that would be five to eight percent on the bitcoin rate, but it gives the best bitcoin buying experience.
You must insert cash in the ATM or scan the QR code using your mobile or get paper receipts with codes and instructions to transfer the amount to the bitcoin wallet. With the increase in demand for Bitcoins, there is also a massive demand for its ATM centers. It is found to be the best and easiest way to buy cryptocurrency. You cannot find these ATM centers in the countries where bitcoins are banned.
Gift Cards
You can use bitcoins to buy gift cards. These are cost-effective compared to cash. You can also trade gift cards for bitcoins. You must buy the gift cards from the retailer and then log in to the best bitcoin exchange to look for the sellers who will accept the gift cards and pay you some bitcoins. The seller may look at the gift card and its code on the back—the receipt from where the bitcoins are purchased. Few sellers will take a look at the e-code or online code. When you open the trade, the number of bitcoins you would like to buy the gift card will go to the website.
It is secure for you to provide the gift card details to the seller.
Many sellers would be selling the gift cards for just 60% of the value. However, you can get this gift card for this value only when you pay through bitcoins. It helps you to save a hefty amount of money. Gift cards are the best and easiest way to store the Bitcoins. However, the value of bitcoin keeps on fluctuating. It is recommended to buy gift cards only from trusted sellers since a few people will scam and steal your money.
Exchanges
The bitcoin buyer can buy bitcoins from different exchanges. You must choose the best and most reliable exchange to purchase bitcoins. However, selecting the exchange would rely on various factors such as location. The exchange with which you are purchasing the bitcoin must be government regulated and meet the anti-money laundering requirements. There is a lengthy process that you must go through to start trading the bitcoins on exchanges. For instance, the exchanges would request you to connect the account to the personal banking account to begin the trading process. These exchanges you request you to provide all the personal information, thus putting a dent in your anonymity.
The exchanges offer different trading options. Be it you are looking for a platform where there would be institutional traders or one-time trading activity, you will find the exchange that suits your requirements. The best thing is that you can access the exchanges using mobile or desktops. It allows you to carry out the trade anywhere. The payment options would vary from one exchange to another exchange in terms of buying limits and fees.
P2P
If you want to keep the bitcoin transactions secure and private without any banking complications, you can contact the local sellers to buy bitcoins. There are many websites where you can carry out such transactions. There will be an escrow service that protects the interest of both parties.
Featured image: CoinDesk
