Of course this is the crypto era and unlike various things that exist we can’t even see is our latest form of currency, Shocked! That is why I am here. Since humans have created the currency in the form of codes, it is not easy to trust weather the way we are exploring is safe or not.
Well, remembering the words of late Steve Jobs, “Innovation is the only way to win”, the world had seriously played its part. Innovation is great in any field but had anyone ever imagined any innovation in money? Currency?
And here we are, welcoming the new age money — Cryptocurrency into our lives. With the emergence of Cryptocurrency in the world, the eyes are now wide awake to see what will its course be in the future and how will cryptocurrency affects the monetary system around the world.
Unlike traditional money that we call fiat currency, which you can find everywhere. Only you need to do is search your pockets. On the other hand, unlike fiat currencies ‘Bitcoins’ are not available so extensively. There are not a lot of places where we can trade crypto, to be honest. And since it is connected to the internet, it surely attracts unwanted guests. You need to find the right source to buy Bitcoins so that you don’t get to welcome hackers and thefts.
This is what we will be talking about here — What is the safest way to buy Bitcoins from?
How Can you buy Bitcoins?
According to the cryptocurrency experts and Blockchain developers. Several important sources facilitate the process of buying bitcoins and various other digital assets, mentioned below —
1. Cryptocurrency Wallet
Just like for handling traditional paper money you need a wallet; you will be required to enroll in a digital wallet to store and keep your bitcoin balances intact. To maintain bitcoin balances, public and private “keys” are used which are strings of numbers and letters linked with an encryption algorithm.
The public key denotes the digital signature of the user on the blockchain ledger and the location where bitcoin transactions are deposited or withdrawn.
The private key is more like a password to conduct and complete a transaction in a wallet.
2. Verification Documents
These documents are used by the wallets to verify the identity of the person registering with the wallet. First, you create an account and upload your documents for the wallet authorities to complete the KYC procedure.
3. Bitcoin Exchange
Once your identity is confirmed, you are all set to purchase your first bitcoin (or a part of it). But if wallets are for storing bitcoins, then where do you buy bitcoins from? — From Bitcoin Exchanges or any Cryptocurrency exchanges.
These are much like the traditional marketplaces people buy stocks from, just with a different currency. These forums connect you to the actual bitcoin market where you can trade in cryptocurrencies including bitcoins.
All you need to do is just select the amount or number of bitcoins to buy and pay! Major Crypto Exchanges in India are — btcex.pro, wazirx.com, unocoin.com, etc.
4. Payment Methods
But how do you make the payment? There are several ways to do that! You can use regular payment methods like Credit cards, debit cards, bank transfers, etc. The desired number of bitcoins you pay for will be credited to your bitcoin wallet.
But remember, these payment methods vary with the rules and regulations of the respective area and exchange you trade with.
Are Bitcoin Exchanges the Only Way of Buying Bitcoins in India?
We mentioned above that you can buy bitcoins from bitcoin exchanges or cryptocurrency exchanges like BtcEX, but are these exchanges the only place to buy?
They are not. There are many other ways with which you can buy the Bitcoins you need.
1. Peer-to-Peer Exchanges
This peer to peer exchange service is a more direct method between the users. Here, after creating an account, you let out requests to buy or sell bitcoins along with price, contact information, payment methods, and other necessary information you want. Users can browse through different offers posted by users and then select and proceed with the one they wish to.
But these exchanges are not like the giant decentralized exchanges but yes, they offer their users good deals to trade with. Examples of p2p exchanges are — Bisq, Local Bitcoins, and BitQuick.
2. OTC (Over-the-Counter) Bitcoin trading
OTC or Over-the-Counter transactions are generally used to execute large bitcoin trades, involving millions of worth of currency. Since most of the exchanges do not have enough liquidity to cope up with these orders, OTC comes to aid.
What you do, is instead of dealing for smaller orders on the exchange, you can trade the complete amount at a negotiated price. This negotiated price is somewhat better than the price you would have received by executing the order on an exchange.
3. Bitcoins ATMs
Yes, there are ATMs for Bitcoins out there. All you have to do is just insert cash and purchase the desired number of bitcoins. The purchased bitcoins are then transferred to your digital wallets.
In recent times, the Bitcoin ATMs have grown a lot in popularity and convenience. You can see nearby Bitcoin ATMs using tools like coin atm radar.
And the Safest?
In our opinion, the safest way of purchasing Bitcoins today is Bitcoin Exchange. You see, these exchanges are safe, fast, and maintain a secured network of buying and selling bitcoins that you can find.
There are many issues that you can encounter while using other forms of bitcoin purchase. For instance, buying bitcoins physically involves a lot of risk of infringements or thefts.
While on the other hand, OTCs are quite vulnerable in terms of prices. Also, they take quite a bit of time while executing the trades. Dealing with cryptocurrency involves a great deal of concern because a lot of money is involved. You have to be precise, on a safe network while executing the trades in a quickly and safely.
You can’t find all of these traits in anything else other than Crypto exchanges. And for debutants, it is highly recommended to use Crypto exchange for some time until you get accustomed to the means of this industry.
We hope that now you know that using Crypto Exchanges will not only help in executing safe and smooth transactions but also keep your money safe ensuring that your stuff is yours only!
Start trading in cryptocurrencies with BtcEX — Click here. And avail the maximum benefits from their latest offers.
Stay Tuned for more of such amazing cryptocurrency and Bitcoin-related posts. See you next time!