Bitcoin is not some alien term anymore in this 2019, most of you already heard about it at the very least, even if you haven’t actually got any. However, buying and selling bitcoin is a tedious process for most of us, and those who are the beginners, the whole process can be very frustrating if you don’t know from where to start and how the system works. In this article, we will tell you how to purchase and sell some bitcoins quickly without much hassle. There are multiple ways to buy bitcoins, such as a conventional bitcoin exchange, peer-to-peer exchange, bitcoin ATM, etc. To know which one would be best for you, you want to compare their pros and cons and factor in many related things to make an informed decision, and this guide will help you in that.
This is the most popular and convenient way to buy bitcoin, and it works great for both the beginners and the experienced traders equally. However, if you’re new to cryptocurrency, you must know that it’s not the quickest way to buy or sell bitcoin. Registering yourself in exchange, getting the account verified by submitting required KYC documents, depositing the initial fund to buy bitcoin, could take you from few days to even few weeks based on how popular that exchange is and how much backlogged they are already. Having said that, if you’re not in a hurry and don’t mind waiting a few days by following a simple (sometimes tedious, of course) process, a reputable bitcoin exchange should be your first choice. Why? Because only a reputable exchange would be able to offer the best rate and security of your fund. There are many such exchanges to choose from, like Coinbase, Kraken, Bitstamp, Gemini, Binance, etc. Depending on your country and currency, you can select any one of them without any hesitation – they all are the big names when it comes to buy or sell bitcoin.
Buying bitcoin from an ATM sounds terrific, and it really is. The problem is it’s not available all over the world like normal ATMs. Only in a selected few locations in some countries, you can buy bitcoin from an ATM instantly with your debit or credit card. Though you should remember that it’s a rather “costly” way to buy bitcoin as the card transaction fee can be very high. So, unless you have some urgent needs to buy some bitcoins instantly, you better avoid it and look for another way.
This can be very useful for the ones who want to buy or sell some bitcoins without going through the hassle of registration and verification process of a standard bitcoin exchange. Here, depending on your payment method, you can buy/sell bitcoin almost instantly. The fee cost will be a bit higher than the regular exchanges, but also lower than an ATM. Meaning it actually offers the best of both worlds and recommended for the people who don’t want to go through a long waiting period. Some good example of such sites can be LocalBitcoins, Paxful, etc. Let’s see how these sites work.
Let’s take Localbitcoins as an instance, and it’s probably the best peer-to-peer site for dealing in bitcoins. It is peer-to-peer, meaning you’re not buying from or selling to the company really, all the transactions will be done between third-party individuals from all over the world. If you want to buy or sell some bitcoins, you have to choose an offer from the numerous listed on the site based on your choice of currency, transaction method (bank deposit, instant transfer, credit/debit card, etc.), and of course, the fee.