Where to buy Bitcoin
Any person who first encountered the purchase of cryptocurrencies immediately has a lot of questions about this.
Where is better to store bitcoins
First of all, you need to decide on the storage of cryptocurrencies, that is, where you will store what you bought.
It is best to have a cryptocurrency wallet for this purpose.
Many people store cryptocurrencies on the exchange, explaining that they do not want to spend extra money on chasing cryptocurrencies from the exchange to the wallet and vice versa, but this approach is only relevant if you store money on the exchange, which is regulated by state Bodies, that is, received a work permit. In this case, the exchange insures its responsibility for the safety of traders ‘money and indeed the traders’ deposits are quite safe. But here another problem arises. At any time, the exchange can block your account at the request of the tax authorities or at its own request, if it considers the account transactions suspicious, the exchange reports all your transactions to the tax authorities upon their request and without fail about all major transactions and banks can also block accounts That are tied to exchange accounts, for example, if you do not pay taxes or cryptocurrencies in your state are not regulated.
Therefore, it is better to store money in cryptocurrency wallets, and use exchanges exclusively for their intended purpose: to buy cryptocurrency and sell it by exchanging for fiat money.
Which wallets are better
There are a huge number of cryptocurrency wallets and it is difficult for a newcomer to understand them.
All cryptocurrency wallets are divided into multicurrency and single currency. Multi-currency wallets support many currencies, single-currency wallets – one. Multicurrency wallets may have a cryptocurrency exchange function.
There are online cryptocurrency wallets and those wallets in which you need to download the program to a computer or mobile application. Downloadable wallets are thick and thin. In thick wallets, you need to download the entire blockchain, in thin ones only the installation program.
Also, wallets are cold, that is, not connected to the Internet, hackers do not have access to such wallets, but there are hot ones connected to the Internet.
As you know, there is no perfect cryptocurrency wallet, so you need to decide for what purpose you need a wallet and install it.
One of the most convenient, reliable and time-tested cryptocurrency online wallets is http://blockchain.info/.
This is a multi-currency wallet that supports Bitcoin, Bitcoin Cash and Ethereum. It is easy to use, quite safe, time-tested and reliable. But he has a very big flaw. He is terribly expensive in commissions. Although you set the commission yourself and if you set a small one, you will have to wait a long time for confirmation of payments. But in the period of network congestion, you sometimes have to set a commission on http://blockchain.info/ yourself, since what the wallet offers is unrealistic. There have been cases when a wallet recommended a commission that is larger than the payment itself.
In general, if you need a wallet for small deposits in cryptocurrency highs, then it is better to use something less reliable and cheaper than http://blockchain.info/.
Unfortunately, it’s quite difficult to choose an option: cheap, convenient and simple.
Purchase through an exchanger
Having dealt with the wallet, we proceed to the purchase of bitcoin. It’s best to buy bitcoin through an exchanger. There are a huge number of exchangers for every taste and with different courses.
- No special knowledge needed
- No verification required
- Expensive, exchangers set their own course
- You can’t buy a lot, because there are reserves from exchangers and there may not be the right
- amount, especially if the cryptocurrency rate is growing and everyone is buying it.
Stock exchange purchase
All existing exchanges can be divided into two types: regulated and unregulated. Regulated persons have a license from a state body and a work permit; unregulated persons do not have such a permit. But this does not mean that unregulated exchanges are not legal. This means that exchanges take advantage of legislation gaps.
If you buy cryptocurrency through a regulated exchange, then you must go through the verification procedure. It takes from 2 weeks or more, depending on the workload of the exchange.
Advantages of Regulated Exchanges
- The ability to buy large amounts
- More profitable courses due to high trading volume
- Long verification
- An account on the exchange can be blocked at the request of the tax authorities if you have not reported income and paid taxes, since exchanges report major transactions to the tax authorities and, upon request of the tax authorities, provide complete information about their customers
Advantages of Unregulated Exchanges
- Do not require verification
- Quick and easy operation
- The ability to buy large amounts
- Profitable rate
- States may at any time block bank accounts of unregulated exchanges, as it considers their activity illegal
- To avoid the risks of bank account locks, many unregulated exchanges do not work with banks, but work with online payment systems, and this is a double exchange and increased costs
Forex broker purchase
All Forex brokers are subject to mandatory state regulation, so a purchase on a Forex broker is similar to a purchase on a regulated cryptocurrency exchange and accounts on a Forex broker are subject to verification. If the Forex broker does not have a license, then it is most likely a fraudster, since the legislation regarding Forex brokers is worked out in more detail than cryptocurrency legislation and Forex brokers cannot use the gaps in the legislation, as unregulated cryptocurrency exchanges do.
Buying on a P2P platform
Many people sincerely believe that cryptocurrencies should be anonymous. P2P platforms are actually a kind of unregulated cryptocurrency exchanges, only many of them are decentralized. In fact, like unregulated cryptocurrency exchanges, they take advantage of gaps in the law. And since many of these sites are also decentralized, it is very difficult for the state to control them. Typically, such platforms do not have bank accounts tied to the jurisdiction of any state and do everything possible so as not to depend on the will of the states.
- Lack of intermediaries, as the exchange takes place directly between people
- Low liquidity, it is difficult to exchange large amounts
- It takes a long time to wait for suitable conditions
- Insecurity, although some platforms use a security system to increase security
Where to buy a Bitcoin coin
In conclusion, I would like to say that neither Bitcoin nor Bitcoin notes exist. Bitcoin is a virtual cryptocurrency that does not have a single issuing center or tangible currency: coins or banknotes. All coins or bills with the image of Bitcoin symbols are exclusively souvenir products that are not circulated as cash and have material value solely as a souvenir.