As the blockchain revolution goes on, it is impossible just to stand by and watch. The price of bitcoin has increased almost 100 times (from $700 per coin to about $60,000) since 2017, so whether you would decide to accumulate some for your retirement or to profit from trading, now is not too late to join.
Looking for the best ways to buy bitcoin now is reasonable because none of the banks or private savings companies will offer such an income percentage on the savings.
Best ways to buy and store bitcoin
Considering an online exchange account the safest place to store large deposits of crypto is indeed a mistake. The relatively recent experience of hundreds of unfortunate holders proves that. But do the banks themselves, which are considered safe institutions, go bust from time to time? Absolutely!
Storing bitcoin on a personal computer hard drive is probably safest. However, it takes great pains to merely download the full blockchain. The wallet software verifies blocks in the process of downloading, so you are not waiting for the download itself to finish, but for the whole verification process.
Unless you prune the blockchain, it will occupy 300GB+ of space. You won’t be able to make a single transaction until the local copy is synchronized with the rest of the network. Overall, keeping a bitcoin wallet on a PC is inconvenient.
Best ways to buy and store bitcoin: Hardware wallets
Did we even mention that, to protect oneself from an unforeseen hard drive failure, a local bitcoin wallet user would have to create a backup one?
If there is always a possibility of an HDD/SSD failure, and one always should back up any data (especially digital assets) then why not use hardware wallets right away?
True, these devices are expensive in comparison to a regular drive. Nonetheless, they are designed to store multiple cryptocurrencies safely and conveniently. The market leaders in this domain are Trezor and Ledger.
Best ways to buy and store bitcoin: Trustee Wallet
Trustee Wallet is a mobile app, which means you can take your wallet everywhere. It supports all mainstream cryptocurrencies like Ethereum, Bitcoin, and Litecoin, and does not require you to run a full node.
The list of supported altcoins grows day by day, so it would be pointless to mention all of them in this article.
It also serves as a single place to buy, sell, or exchange coins, aggregating multiple available exchanges and offering you the best price from the list.
Best ways to buy bitcoin online
Now that you know it is possible to buy bitcoin using the Trustee app, there is no reason why it should be one of your best ways to purchase bitcoin safely. It links to your credit card just like any other exchange online does, allowing to encash crypto without any issues as fast as a blockchain network allows it.
Anyway, seasoned traders like to keep their alternatives open, and their actively traded assets are scattered between a few traditional exchanges.
Best ways to buy bitcoin online: mainstream exchanges
Unless the funds you intend to store in an exchange website account must be limited, diversified, and divided across other exchanges. Hackers can circumvent the most advanced security measures, which they successfully do with the help of social engineering, fake accounts, fraud, and whatever else is there in their arsenal.
A very popular and trusted exchange, Binance, got broken into as well.
It can’t be stressed enough how important the precautions are. If you consider mainstream exchanges among the best ways to buy bitcoin fast, go beyond the security primer, especially if you work with large sums.
Best ways to buy bitcoin online: the list
Even after the aforementioned bitcoin theft, Binance remains one of the best places to buy bitcoin and about 200 more coins and tokens. It is widely adopted: hackers did elaborate work exactly because of its popularity.
We are not at liberty to decide which of the exchanges is the best. You would usually notice that the reviews are biased and that whoever invested more in the marketing campaign seems “best” in the end because they got the most exposure.
The choice is all yours then. You know that large and successful exchanges boast the highest liquidity, a mind-boggling number of exchange pairs, and the lowest commissions. Yet you know that they attract unwanted attention, too, even though their executives spend some pretty penny on security.
Coinbase is another giant crypto exchange often described as the best, on par with Binance.
You may have also heard about interesting features of eToro’s learning account or repeating a followed trader’s purchases. However, the trading fees are comparably high there.
Also on the top-5 are Bittrex and Poloniex.
Truth is, you would look for an exchange that fits your own acceptance criteria.
- Does it trade your native fiat currency in sufficient volume?
- Does it trade a specific token that is used in your favorite blockchain game?
- Is the math of trade commissions acceptable for you?
- Does it have any other value for you or your community?
- Do you have reasons to be content about privacy and security?
If you got all the positive answers evaluating a seemingly inconspicuous exchange, go for it. Don’t forget to divide the funds anyway.
Best ways to purchase bitcoin summary
There is a subtle art of making money and having fun in the world of cryptocurrencies, and the knowledge of this art does come for granted to those who merely express the desire to succeed.
The key to success is not exclusively the knowledge of the best ways to purchase bitcoin. The basics of economics and pure common sense, among dozens of other tiny things, must get involved to make one an accomplished crypto expert.
It will take time but the potential gains are worth it.