There are different ways to buy bitcoin that differ in cost, reliability, and privacy. There is no one way better than another but each person must choose the one that best suits his or her needs.
What is the easiest way to buy bitcoin?
The most common and easiest way is to use an exchange, which is an online platform to which you send money by bank transfer or using your credit card and on which you then make your purchase. There are many exchanges of different sizes, from real giants to simple start-ups, clearly with varying degrees of reliability and also different authorizations to operate in specific countries.
Where to buy bitcoin and other cryptocurrencies?
Before choosing where to make the purchase, it is advisable to make a comparison of the fees charged, which, especially for the most well-known exchanges, it can reach significant percentages. In order to have the most up to date information it’s recommended to look directly on the exchange’s website.
In case you are interested in buying cryptocurrencies other than bitcoin, another discriminating factor is which cryptocurrencies you want to buy since exchanges offer a limited and often very different choice.
Almost all exchanges now require account identification through an ID to be sent digitally and it can take up to a week to verify the information and to open the account. Once the account has been verified, the crediting of the money to the account depends on the method of deposit: it can be done immediately in the case of instant transfer or take a few days in the case of classic transfer.
What to do immediately after buying bitcoin?
Once you have credited the funds to your account and used them to buy bitcoin or other cryptocurrencies, it is important to secure them as soon as possible by moving them to another account of which you control the private keys, preferably a hardware wallet.
How to buy bitcoin anonymously?
There are ways that provide a greater degree of privacy although often less practical than the typical exchange.
The best way is to buy them from a trusted person who already holds bitcoin and that is willing to do you a favor and accept money in exchange to avoid the hassle of opening an account with an exchange.
Another possible way is to buy them through a peer-to-peer exchange, such as, for example, Relai or Bisq. Relai allows up to a certain amount not to go through the KYC procedure, although the funds have to be sent to Relai by bank transfer or card and therefore it is not a truly anonymous form. The interface is very intuitive and suitable even for novices. Bisq puts buyer and seller in direct communication and thus provides a greater degree of anonymity (data are shared only with the person receiving or sending the money). It is, however, more complex to use and is therefore suitable primarily for experienced users.
Finally, ATMs are appearing in more and more countries where it is possible to deposit cash to be credited directly to your bitcoin wallet, although the fees here are usually higher than in the other modes.
Image Credits: Yegor Petrov
