The value of Bitcoin has been steadily increasing ever since it first came to the market in 2008. They are used all around the world and are the easiest way to make cross border payments instantly. It is also not affected by any economy or the global financial situation, making it a great investment for the future. Industry experts feel that its value will grow even more in the coming years. But despite the popularity of Bitcoin, most people are worried about the best ways to buy Bitcoin. While the process may seem easy for seasoned cryptocurrency enthusiasts, beginners might find all the different information overwhelming.
Factors to Consider When Buying Bitcoin in 2020
The third halvening event to be held in 2020 is expected to reduce the award for miners by almost half. The previous two halvening events have been very beneficial as the value of Bitcoin has considerably increased, and the third one is expected to be even better. When people think of Bitcoin, most people fear to lose their money to scams. But, there is certainly a safe way to buy Bitcoin. There are plenty of companies out there that allow you to buy Bitcoin safely. The availability of these companies will depend on the country you are located in. It is all about being careful and considering the following factors when picking the right companies to choose from –
- Registered Company – It is important to look for a registered company to purchase Bitcoin from. It should be trusted and should have proper licensing to operate in your country. You should also check how long they have been in business in the country.
- Transparent Processing Fees – Transparency in fees is another factor that is essential when buying Bitcoin. The rates and the processing fees should be clearly displayed on the page before you hit the ‘buy’ button. You do not want to pay more than you had previously imagined.
- 24/7 Customer Support – The company should provide 24/7 customer support to assist their customers. There should be multiple options such as email, live chat, messages, or contact numbers so that customers can reach out in the best way possible.
- Payment Methods – Most companies provide different payment method options for their customers to choose from. Some of the popular options include debit/credit card, Skrill, bank transfer, PayPal, wallets, and others.
Evaluating the best way to buy Bitcoin may take some time and patience. It is important not to rush things as the mistakes might be irreversible. Thus, you need to be absolutely sure when and where you would buy Bitcoin from.
Types of Platforms to Buy Bitcoin Safely
There are three different ways for you to purchase Bitcoin from. Here is a detail of the different platforms you can buy Bitcoin from –
- Brokers – Brokers are websites through which you can purchase Bitcoin at a price set by them. Even though they have high processing fees, they are usually the most simplest to use. It is the reason why they are the most popular ways to buy Bitcoin.
- Trading Platforms – Trading platforms are websites or apps that connect the sellers and buyers. They do not directly deal with Bitcoins. The sellers sell their cryptocurrency, and the buyers pick them without directly communicating with each other. The platform charges a small fee for the service. It is also the cheapest way to buy Bitcoin, but there might be some limitations too.
- Peer-to-Peer Platforms – P2P platforms allow buyers to contact the sellers directly and vice versa. They have the option to negotiate on the price. But, these also come with a little risk as you will be dealing with an anonymous seller. But, P2P platforms are available in different countries; offer several payment options and others.
Irrespective of the way you choose to buy Bitcoin from, you need to be happy with the service and the price you get. There is no reason why you should worry about paying a little more if you get a quick and reliable service. If you have been worried about the best way to buy Bitcoin from, remember that it is much easier than you think. It is all about making the right choices.