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No-hassle Way to Buy Cryptocurrencies Immediately

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(Credit: No-hassle Way to Buy Cryptocurrencies Immediately) No-hassle Way to Buy Cryptocurrencies Immediately
February 13
11:11 AM 2021

To begin buying cryptocurrencies, you will need to determine where you can do so. There are now over 300 registered exchanges that you can buy and sell cryptocurrencies on, in addition to peer-to-peer exchanges and bitcoin ATMs. This guide will help you gain an understanding of how these platforms or services work and some of the pros and cons of each. 

A cryptocurrency exchange

One of the easiest ways to buy crypto is through a cryptocurrency exchange. An exchange is an online website that lets you purchase cryptocurrencies using fiat money in your area. Since many of these platforms are designed for an easy to use experience and are quick to set up (oftentimes only requiring an email and password), these are some of the most popular methods to use.

Once your account has been set up on an exchange of your choice, you can begin purchasing cryptocurrency in a similar manner to that of a stock-trading platform. Transfers can often be made through a credit or debit card, bank transfer, or a third party payment system. Each transaction will likely cost you a small fee (0.1% - 0.9%) that will be paid at the expense of the user.

Using a bitcoin ATM

Similar to a normal cash ATM is a bitcoin ATM. This is a hassle-free way to purchase cryptocurrency since you don't need to register or create an account, and no money transfers are needed. Instead, all users need to do is locate an ATM, deposit their cash, verify their phone number (depending on the ATM) and submit a cryptocurrency wallet if they have one. If you are a first-time cryptocurrency buyer, the ATM will automatically create a cryptocurrency wallet for you. The details of your public and private keys will be printed out on your receipt!

This is a great method to buy cryptocurrencies since it is simple, can be purchased instantly, and transfers coins immediately. In most cases, your identity will not be needed in the transaction either. That said, a bitcoin ATM will also have high transaction fees (sometimes nearly 10%), and locating an ATM might prove challenging.

Peer-to-Peer (P2P) exchange

Another one of the easiest ways to buy cryptocurrency is a P2P exchange. In comparison to a standard cryptocurrency exchange, peer-to-peer exchanges remove the company middleman to allow users to buy and sell cryptocurrency from each other. Unfortunately, this is typically only an option for coins with large daily transaction volumes like bitcoin (BTC) or Ether (ETH). Some examples of P2P accounts include LocalBitcoins and LocalEthereum.

Once an account is created, you can find a listing for a cryptocurrency you want to transact with. Like eBay, a seller will list a price they want to sell their coins for, and buyers will list a price they want to purchase tokens for. Each listing will also include the payment method the buyer/seller wants to receive, any ID requirements they may have, and reviews about their previous dealings. 

After browsing the available offerings, users can submit their request with how much they want to spend or pay, the currency they want to pay with, and the payment method (which will need to be one of the methods specified). Once the request is confirmed, the cryptocurrency will be stored in a secure location in the website's escrow. Coins are held here until the terms and conditions of the trade are verified. After verification, the transaction is made. If conditions are not met, the coins are returned to their owner from escrow. 

Using a P2P service is a great option for hassle-free cryptocurrency purchases. Since there are no fees, currencies can be paid for in cash, and anonymity is protected (in most cases). On the other hand, users must be aware that fewer users use this method as compared to a cryptocurrency exchange, so a transaction may take longer. Like any other P2P site, reviews must be carefully reviewed, so users know if the other party is trustworthy.

Determining the best method to buy cryptocurrencies

There really is no best or easiest way to purchase cryptocurrencies. With more ways to make purchases becoming available each year, users now have more options than ever before. These methods are all relatively hassle-free if you abide by the guidelines of the platform and do the necessary research beforehand.

The bottom line is choosing a method will be based on where you are located (bitcoin ATM's can't be found everywhere) and what cryptocurrencies you are hoping to purchase. For many lesser-known altcoins, using an exchange or the token creator's website may be the only options.

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