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How to buy Bitcoin. – Takarudana Mapendembe – Medium

How to buy Bitcoin. – Takarudana Mapendembe – Medium

So many people have heard about Bitcoin. Some have studied it and others have got it. However, there are many people out there who do not know how to buy Bitcoin.

Do I buy it the same way I buy bread from a supermarket? Can I buy Bitcoin from the local bank? They say Bitcoin is a store of value. Where can I store it? Where can I buy Bitcoin from? How can I buy Bitcoin?

Many people ask these questions whenever they hear about Bitcoin price going up and down.

“Oh! My God! It’s like sex. How can it go up and down like that!” One old lady exclaimed one day in the work tearoom during Bitcoin news on telly.

“Yes, there is a great difference between the Bitcoin value and it’s price. That’s what makes storing it or trading it very interesting.” Sam, a top Bitcoin trader responded to the lady.

Now, I am going to tell you how to get Bitcoin. After this article, I will publish another one on how you can safely store your Bitcoins. That’s where I will be telling you about Bitcoin wallet.

I buy Bitcoins from Coinbase. Usually, I just transfer money from my bank account to my Coinbase account and buy. Sometimes, I use my debt card or my Paypal account.

Whenever the Bitcoin price goes up, I exchange my Bitcoin for fiat currency and withdraw it from Coinbase to my bank account or my Paypal account.

At the moment, you can only buy Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic and Litecoin. However, word has it that they are planning to add some more cryptocurrencies soon.

The other place where I buy Bitcoins from is Wirex. It’s like your local bank and around November 2018 they were granted an e-money license by the UK Financial Contact Authority (FCA). Registering with Wirex is like opening a UK bank account.

They give you a SWIFT code and IBAN to use for international transfers. They also give you a bank contactless VISA debt card. On their website and app there is an exchange where you can exchange your cash for Bitcoin or your Bitcoin for cash and do whatever you want to do with it. For every penny you spend using the Wirex card, they give you a reward in bitcoin.

Sometimes, I also buy and sell Bitcoins on the Local Bitcoins website. On this platform, you find people selling Bitcoins and buy them by depositing money into the person’s bank or Paypal account. If you are selling, the buyer deposits money into your bank account. The platform owners make sure everything goes transparently, smoothly and perfectly without any scams, theft or robbery.

Another place to get Bitcoins from is Blockchain.info. You can buy using your debt card. At the time I am writing this article, there is only Bitcoin, Ethereum, Bitcoin Cash and Stella. They are also giving away free Stellar worth about $52.

I also buy my Bitcoins from Coinify. I usually buy using my debt card. They also have got software that allows you as a business person to accept cryptocurrencies as a form of payment.

There are many other places and websites where you can buy Bitcoin from that I haven’t mentioned here. I have only told you the five that I have been using for the past three or more years. My next article will be on how to securely keep your Bitcoins and I will be telling you about private keys, different types of wallets and wallet address.

Published at Sat, 06 Apr 2019 17:04:11 +0000

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