Buying bitcoin from a bitcoin exchange is the most common method that people are aware about. People usually buy bitcoin from exchange and then use it on different trading platforms such as Bitcoin Supreme software to prosper. But, do you know there are different other ways of buying bitcoins? Here are the top 4 ways you can get your hands on bitcoin apart from buying from any major exchange.
Bitcoin ATMs
Bitcoin ATMs are booths that appear same as conventional ATMs, but rather than linking to a bank account, they link to the web and facilitate credit card and cash transactions for bitcoin. Some bitcoin ATMs provide bi-directional features, which lets consumers to both sell and purchase bitcoins with the help of the booths. Most bitcoin ATMs now need some type of AML/KYC identity verification before finalizing a payment. Therefore, you need to be prepared to scan your IDs into the ATM machine. Common locations for bitcoin ATMs comprise of shops, retail stores, restaurants, bars, airports, and malls. In exchange for the convenience of employing a bitcoin ATM, transaction charges applied by the machines can be more as compared to the rates on exchanges—almost 7% more.
OTC Desks
One of the major reasons of employing an OTC (over-the-counter) desk is to avoid impacting the cost of bitcoin. Practically, an OTC desk acts as a meditator for sellers and buyers to complete bitcoin payments of custom sizes outside the range of an exchange’s order book.
Rather than employing an order book, OTC desks link sell and buy orders directly among users. Desks are most usually employed for selling or buying incredibly huge amounts of BTC, often crossing millions of dollars in money. Some OTC desks even need a minimum threshold value. If a huge order was to be filled on an order book of an exchange, it might significantly impact the cost of bitcoin. This is sometimes unfavorable for somebody seeking to sell or buy bitcoin without drawing attention to the transaction or without shifting the market value.
PayPal
PayPal is an online transactions system that allows digital money payments over the internet. It is similar to Bitcoin, but it digitally transfers fiat holdings instead of bitcoin and you require a bank account or credit card to send payments. Due to their similarities, many consumers are interested in mixing Bitcoin and PayPal by employing the later to purchase BTC. While the options for doing this are comparatively limited, it is not impossible. Normally, the procedure for purchasing bitcoin with PayPal is same as purchasing bitcoin with a credit card or fiat.
First, and foremost, you will need an account on PayPal. Then you will require to find an exchange or marketplace that allows these kinds of purchase and to generate an account on this platform too. Lastly, you will need a bitcoin wallet so that your transaction can be somewhere secured.
Earning Bitcoin
Earning bitcoin in return of services and goods is just as practical an option as investing or mining in the digital currency. There are companies that allow users to earn bitcoin in exchange for services. In addition to this, there are some freelance jobs listing websites where users are paid in bitcoin. Also, there are businesses that accumulate bitcoin by accepting it as a method of payment. In some instances, earning bitcoin is the most feasible option for somebody if their business is already working. There is no real transition most companies require to undergo so as to earn bitcoin: It is as easy as offering the option for users to pay with it actual services.
Earning bitcoin in this way has some variables related to it, like whether the company is directly accepting bitcoin or via micropayments. Options such as this are essential to take into consideration for a business owner for reasons surrounding level of privacy and ease of use
Now that you know different ways of buying bitcoin, we hope you will purchase some and start trading.
