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Ask Cryptovantage: What’s the Fastest Way to Buy Bitcoin?
Bitcoin is the undisputed king of the cryptocurrency world. It’s an asset that non-investors and non-participating crypto enthusiasts track to know which way the market of digital assets is shifting. The world of cryptocurrencies is a fragmented and heavily populated one, with more than 11,300 assets traded at present across 400 exchanges. Yet, Bitcoin alone occupies more than 40% of the market share, while Ethereum comes second on the list with roughly a 18% market share.
According to the latest reports, the number of Bitcoin owners worldwide is nearly 100 million. Out of the 100 million, a total of 400,000 people say they use Bitcoin daily. There are around 200 million Bitcoin wallets globally, and the number of Bitcoin traders is close to 53 million.
But what’s the fastest way to actually buy Bitcoin? In this article we’ll take a look at the options.
Credit or Debit Card
Numerous crypto exchanges allow buying Bitcoin with debit or credit cards. Most of the well-known exchanges in the crypto world support both VISA and Mastercard. The transaction process is generally the same at each exchange. First, you need to sign up on the exchange by providing your email address and creating a secure password. The next step is verifying your identity or corporate account. Here, you need to fill out your personal information and confirm your rightful ownership. This verification process can take as little as 30 minutes but up to a few days.
The third step is to buy Bitcoin or any other cryptocurrency with the card. On average, Buying a Bitcoin with a credit or debit card will only take you 10 minutes. You will be receiving the asset in your wallet in the next 20 minutes.
The safety aspects of Bitcoin purchase with a credit or debit card often looms large on a user’s mind. But you should not worry as long as you are using a trusted exchange to process your transaction. Another vital rule to follow here is that you should not keep your Bitcoins on the exchange once you have bought them. You should move them to your Bitcoin wallet.
Bitcoin ATM
A Bitcoin ATM is called a BTM as well. These ATMs are available across multiple locations in the world. For instance, the United States has the maximum number of 22,235 Bitcoin ATMs, followed by Canada (1,776), the UK (166), Austria (157), and Hong Kong (130).
A Bitcoin ATM consists of a monitor, a QR code scanner, a bill acceptor, and a dispenser. The software running on the backend ties all these components together to keep the process quick, easy, and secure. One crucial distinction between a Bitcoin ATM and a traditional ATM is that Bitcoin ATMs are not connected to a bank account but a crypto exchange via the Internet.
To use a Bitcoin ATM, all you need to do is first verify your identity. The verification can be done easily and quickly by entering the user’s mobile phone number into the machine and entering the verification code received via text message.
There are two purposes that any Bitcoin ATM serves. The first is to help buy Bitcoin by feeding cash into the machine and generating a QR code from the crypto wallet on the mobile device. The code is then scanned to receive the Bitcoin purchased. The second purpose is to sell Bitcoin. Here, a user sends Bitcoins from their digital wallet to the QR code provided by the Bitcoin ATM. Depending on the process, some ATMs will readily dispense cash, while others may take some time to process the transaction.
The downside of Bitcoin ATMs is that the fees tend to be very expensive.
Person to Person
Some platforms facilitate a fast person-to-person purchase of Bitcoin.
Pick one from any of these platforms and register your account with it. Next, you need to provide the required details, like the amount you want to buy in your currency, your location, and the payment method the seller prefers. Depending on all this information, the platform will generate suitable results for you with the trader’s username, response time, preferred payment method, price of sale, and sell limit.
If you are content with the details that show up, choose your seller and pay him/her. You have the advantage of choosing a trader with a good reputation score and a high amount of trades. Also, you can select a trader with an appropriate response time that can go anywhere from within five minutes to within 30 minutes.
