Every day, new cryptocurrencies like Bitcoin are launched. Some succeed, others fail. Bitcoin remains the gold standard for beginner and veteran buyers. Its popularity is so universal that Bitcoin and cryptocurrency might be interchangeable. In North America, around 5-6% of the population will either buy or sell a cryptocurrency like Bitcoin this year. More and more people are entering the market, looking to capitalize in skyrocketing valuations.
There isn’t only one centralized place to buy Bitcoins and cryptocurrency. In fact, more than a dozen marketplaces and methods exist, allowing Bitcoins to be purchased anywhere. As cryptocurrency is more accepted into mainstream society, its accessibility becomes more prominent.
Fortunately, there are many ways to jump on board and partake in buying Bitcoin. Here are the best ways to buy Bitcoin this year:
Yes, that’s right, PayPal can help you buy and sell Bitcoin. Any trades do have a fee or commission. You can trade very small or very high. Not only does PayPal allow you to trade Bitcoin, but the platform allows other cryptocurrencies like Bitcoin Cash, Ethereum, and Litecoin. For beginners, this platform is a fast way to complete your first purchase. All you need is a PayPal account, and you are good to go.
2. Bitcoin ETF
A Bitcoin ETF is an investment that allows you to track the performance of an asset, like Bitcoin. An exchange-traded fund means you buy into the exchange rather than purchasing the Bitcoin yourself. It’s a way to own Bitcoin without being directly tied to its ownership, something which not everyone will want. With that said, ETFs can be advantageous at finding some stability and profit from cryptocurrencies without much effort involved.
3. Bitcoin ATM
A Bitcoin ATM allows you to buy and sell cryptocurrency anonymously. The method is very safe, secure, and fast. There are Bitcoin ATMs across the country in convenient locations near you. All you need is your Bitcoin wallet to get started.
Bitcoin ATMs are ideal when you want to make quick transactions. Plus, these machines are helpful for their privacy benefits, especially if you feel cautious about the exposure of data. Unlike trading cryptocurrency online through your smartphone or computer, a Bitcoin ATM won’t require your personal information.
4. Bitcoin Exchanges
Bitcoin trading exchanges are one of the most popular places to buy and sell Bitcoin. It works similarly to buying and selling stocks. You look at the available cryptocurrencies, buying and selling accordingly.
New cryptocurrencies are added regularly. You can periodically check out the latest currencies to hit the market. You may potentially find the opportunity to make a profit off future valuations.
5. Peer-to-Peer Networks
Peer-to-peer markets exist where Bitcoin can be sold and bought. You can buy Bitcoin here utilizing gift cards, PayPal, credit cards, or other means. The advantage of using peer-to-peer networks is that you don’t necessarily need to offer cash.
There is some flexibility and room to negotiate the interaction. This method protects your personal information, allowing you to collect cryptocurrency anonymously.
6. Trading Apps
You can buy and sell Bitcoin with little to no commission through several cryptocurrency trading apps. Robinhood and Webull are two of the best-known ones. However, the market for smartphone-based crypto trading continues to grow.
You can purchase Bitcoin directly alongside stocks, EFTs, and other investment options with these trading apps. Most apps usually impose some limits on how much you can buy and sell. Even so, it provides an easy way to get going with Bitcoin.
7. Active Crypto Funds
When you buy an active cryptocurrency fund, you give the responsibility to a fund manager to buy Bitcoin on your behalf. Due to the cryptocurrency market’s volatility, an active fund can prove slightly more profitable than a passive fund. To buy Bitcoin in an active crypto fund, the buy-in is relatively high. These options are primarily reserved for those serious about trading in cryptocurrencies.
8. Bitcoin Trusts
A Bitcoin trust is another way to invest in Bitcoin by buying cryptocurrency through an open-ended private trust. There are several trusts that can be used to buy Bitcoin. However, the buy-in is exceptionally high.
By comparison, an active crypto fund may charge somewhere around $100,000. Bitcoin trusts tend to come in at roughly $50,000 and sometimes far, far more. If you have the financial ability, these exchanges, funds, and trusts can provide more stability, which is not usually associated with cryptocurrency.
9. Bitcoin Mining
Bitcoin mining is a way to acquire Bitcoin without buying any. Bitcoin mining uses computers to record and secure transactions, helping to regulate the buying and selling of cryptocurrency. Unfortunately, most of us do not have the computer power to mine successfully, rendering this option unachievable. However, those with computer resources can perform this intensive work and explore a worthwhile option.