When it comes to buying Bitcoin, there are a few options. Generally, cryptocurrencies are being traded at bitcoin trading software. Do you want to know if bitcoin can help marginalized communities generate wealth? If that’s the case, here’s an example of how bitcoin has helped some marginalized communities. But what if you’re looking for a more traditional way to get your hands on some cryptocurrency? What about buying it through a bank account? In this guide, we’ll go over all the different ways you can purchase Bitcoin and other cryptocurrencies in 2019, from cash exchanges to credit card purchases.
Where Can I Buy Bitcoin (BTC) Legitimately?
It’s not hard to find places where you can legally purchase Bitcoin these days. The good news is it’s not hard to find places where you can legally purchase Bitcoin these days. While it might have been difficult or impossible to buy Bitcoin a few years ago, that’s no longer the case. These days, there are many ways to do so legitimately. You can:
- Use certain traditional financial institutions.
- Sign up for a cryptocurrency exchange account. Then deposit funds into that account and use those funds to buy bitcoins from other users on the platform who want them sold there.
You can buy bitcoin from a bitcoin exchange or use certain traditional financial institutions. Bitcoin exchanges offer an easy way to buy bitcoin with a credit or debit card. They are similar to foreign exchange markets, which allow you to swap one currency for another at a specific price.
For example, you can open a cryptocurrency exchange account and use it to buy bitcoins, which then go into your wallet. In addition, some exchanges allow you to use PayPal and other payment methods like cash deposits at convenience stores and Western Union services. Cryptocurrency exchanges are websites that allow people to buy and sell cryptocurrencies. Some exchanges also let you trade one cryptocurrency for another or fiat currency.
Some people prefer an exchange because it’s easy: you register on the site and can go about your business immediately. But many large banks and financial institutions don’t allow customers to buy cryptocurrencies at their exchange. This is why some countries have banned exchanges outright, while others have imposed restrictions on them. Moreover, there are drawbacks if you’re in a country where it’s legal to use an exchange. Notably, they charge high transaction fees.
If your bank does not allow you to buy bitcoins directly, or if you don’t have a bank account, another option is to open an account with an online brokerage. You can then deposit cash into the brokerage account and use that cash to purchase bitcoin. The upside of this approach is that there are no fees associated with depositing money into the brokerage account. However, there will be a fee for buying bitcoin using those funds, typically around $10.
Some online brokers offer this service for free, while others charge a small fee. However, it’s important to note that many exchanges charge additional fees on their base rate. For example, Coinbase charges 1% per transaction plus a 3% credit card transaction fee; Kraken charges 0% trading commission but takes 15 cents per dollar traded. Gemini charges only a .25% maker-taker fee. Still, it takes a 1% processing fee on all crypto-to-crypto conversions made through the GDAX exchange platform.
Some big banks have begun helping customers buy cryptocurrencies, while some online brokerages have begun to offer bitcoin trading. These developments are significant because they mean you can safely buy and sell bitcoin on major exchanges without breaking laws or violating rules.
Cryptocurrency trading is legal in the United States, just as long as you don’t use it for criminal purposes like drug trafficking or money laundering. Of course, you must know these laws if you plan to buy and sell cryptocurrency in the State. Still, there’s no reason to worry about them if all your transactions are legitimate!
In the end, there are many different ways to buy bitcoin legally. You can do it with a credit card or debit card, as well as through an online brokerage account or even by buying gold bullion and converting that into cryptocurrency. Of course, there are other methods, but those aren’t relatively as easy. Regardless of which method works best for you, we hope this article helped you find some inspiration.