Waiting for $28,000. How to buy bitcoin cheaply and safely now

Waiting for $28,000. How to buy bitcoin cheaply and safely now

The BTC rate climbed above $11,000 for the first time since August. Perhaps the coin will continue to rise in value. We talk about the simplest ways to purchase cryptocurrency and the risks associated with it

In recent months, the price of bitcoin has been squeezed in a narrow range. But yesterday, July 27, she overcame the psychological level of $10,000 and rushed up, rising to $11,400 per day and updating the annual maximum. Experts interviewed by RBC-crypto allowed the continuation of the growth of cryptocurrency quotes, and billionaire and founder of Heisenberg Capital Max Kaiser predicted its rise to $28,000. Perhaps now is the right time to buy digital assets. We talk about the simplest ways.

Exchangers

The traditional way of acquiring cryptocurrency is through special exchange services. They offer the buying and selling services of most popular cryptocurrencies such as Bitcoin, Ethereum, XRP and others. There are usually many payment options. You can exchange currency for digital coins using payment systems, bank cards, ATMs, cash and phone numbers.

When using exchangers to buy cryptocurrency, the user must perform the following steps:

choose cryptocurrency
choose a payment method
specify the amount of purchase
specify the address to which the cryptocurrency will be sent. It can be a cold or stock wallet
transfer money. In most cases, after the transfer, you need to confirm the payment on the service page. Without it, the funds will not reach.
Exchangers charge a commission for their services. Its size is usually 1-3%, but in some cases can exceed 5% and reach 10%. It is also extremely important to choose a service with prices as close as possible to the market. If the exchanger has few reserves of some cryptocurrency, he will inflate its rate for sale.

The aggregators will help to pick up the exchanger. They collect data from most services and allow you to sort it out by the best offer, reputation and other parameters.

Using an exchanger to buy cryptocurrency is not the safest way. First, there is a risk to use the services of fraudsters. To level it, we recommend you work with an unfamiliar service to start with a small amount, to check.

Second, the user may make a mistake in filling out the data while purchasing digital assets. This will lead to a loss of funds. Blockchain does not allow you to cancel the operation.

Third, the price of digital assets is extremely volatile. It can collapse dramatically in a matter of minutes. In this case, the user who bought the cryptocurrency may lose on the fall of its rate, while the coins will move from the exchanger to the wallet.

How to buy bitcoin cheaply and safely now

Exchange

Exchangers were one of the first ways to buy cryptocurrency. Now the opportunity to acquire digital assets is available on most large trading platforms. There are pros and cons.

On the one hand, it's safer. If you buy a cryptocurrency on the exchange, which you have been trading on for a long time, you exclude from the transaction an extra participant. In this way, you reduce the risk of using the services of the exchanger, behind which the scammers are behind.

On the other hand, commissions when buying cryptocurrencies can be higher than those set by exchangers. Trading platforms in most cases do not sell digital assets on their own, for this they work with third-party services. In other words, the user buys bitcoin or other coins not directly from the exchange, but through the exchange from another company. In this case, the client can pay a double commission, so you should carefully check the terms of the transaction.

It is important to bear in mind that exchanges are also not a guarantor of reliability. The trading floor can embezzle the client's money, be hacked or go bankrupt. In our previous article, we detailed which platforms to store money on.


Other ways

Exchanges and exchangers are intermediaries. There is an opportunity to buy cryptocurrency without their participation. The easiest way and probably the most unreliable is to buy bitcoin with your hands. For example, to agree with the person about the transaction and at the meeting to give him cash. This is an extremely risky way, only with people you trust. Otherwise, there is a risk that the counterparty will sell coins more expensive than the market, cheat in translation, citing a technical error, or even rob.

Special p2p services have been developed to address such risks. These are platforms where users exchange with each other, and the system ensures that one of the participants in the transaction will not deceive the other. The most popular of these sites is LocalBitcoins.

Another way to buy bitcoin is through Telegram bots. In the messenger you can find special programs, create your wallet on them and store cryptocurrency on it or, buying it, send it to another address. It's a convenient way, but also risky. In this case, you trust not even a person, but a service that can stop working at any time, and the chances of finding its founders are minimal.




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