Where to buy Bitcoins?

The Bitcoin or [BTC] popularity is increasing to gain the attention of people who become interested in it and use cryptocurrencies in everyday life. However, there are still many people who do not know how and where to buy such digital assets.

What is Bitcoin?

Bitcoin is a digital currency or cryptocurrency that you can use to buy and sell goods and services, as well as to purchase alternative cryptocurrencies, better known as altcoins. Bitcoin is like any other currency, that just looks differently. It has the same functions and properties as other currencies which is successfully used by society and not only digital uses.

The main distinguishing feature of cryptocurrencies from all other ones is the ability to transfer information about all transactions over the entire period of existence.

Even having the usual currency features, BTC has a significant difference from physical money, since it is completely digital. Bitcoin is issued through mining (the process of creating cryptocurrency units), and BTC itself could help to create the first payment system infrastructure, which is not controlled by the government.

There are several ways to buy cryptocurrencies and each of them has its own advantages and disadvantages. Potential cryptocurrency investors are often confused and don’t understand which platform to use for a Bitcoin purchase.

In the beginning, to make your choice easier, you should know all possible ways to buy the world’s top cryptocurrency.

How to buy Bitcoin?

Bitcoin can be purchased in an online or offline cryptocurrency exchange, in cryptomats (in those countries where they are allowed) or directly from another person. For now, Simba.Storage storage doesn’t provide the opportunity to purchase Bitcoin directly for subsequent storage, but it is considered as a possibility in future. You can use your credit card with the following account setup on the selected platform or service. In some cases it will be necessary to go through the KYC process (information about the identity). By using cryptomats, offline exchange or the option of direct exchange with a friend ( well, or also an unfamiliar person) you can purchase cryptocurrency for cash.

When choosing one of the ways to buy BTC, you need to be very careful and avoid getting to a phishing site, to a clone of one of the real platforms or to other fraud websites where thieves can get your funds. To be careful will also help you to avoid unpleasant situations with cybercriminals who can rob you when you are getting your cash (which has already happened many times, both in Russia and in the CIS countries).

Cryptocurrency exchanges

A cryptocurrency exchange is a platform that allows you to purchase digital assets, store them in one of the wallets provided by it, and trade their own or borrowed assets online.

The Bitcoin purchase on an exchange is more suitable for traders who trade cryptocurrencies on an ongoing basis. They store their funds on the trading platform to make the process of buying or selling as quick as possible.

The exchanges have greatly developed their function for P2P (Peer-to-Peer) transactions in the cryptocurrency market and some of them create their own exchange services. A good example is Binance exchange (the largest one for today), which has integrated with some of such services and got a large number of buyers and sellers with their help. This process still continues now.

This option involves certain risks, namely, the chosen exchange can be engaged in fraud, or it can be hacked and then the perpetrators will get access to your account. In all of these cases, you may lose your money.

Moreover, for some transactions, for example, the purchase of cryptocurrency using your bank card or to withdraw money, the exchange may oblige users to go through the KYC process, which is the collection of the information about your identity. Despite the fact that this process is aimed to provide additional security, if the platform is hacked, fraudsters can get access not only to your assets but also personal data such as passport number, address. Yet it is unlikely to happen if you use the security-enhanced Simba.Storage, located on Swiss servers that have never been hacked so far.

Exchangers

A convenient way of buying BTC for storage are exchangers. One of the most popular services for monitoring cryptocurrency online exchangers is the famous Bestchange portal.

After reading the information on the Bestchange website, any user can choose the most convenient exchanger for him/her. Still, you should keep in mind that some exchangers may also require your personal data (such as your full name). You need it for making the exchanges, in particular for the acquisition of large volumes of BTC.

Another popular platform for cryptocurrency purchase is LocalBitcoins. This exchange platform acts as an intermediary for users who request a purchase or a currency sale and indicates possible payment methods and maximum transaction volumes.

You need to register at LocalBitcoins for starting the exchange. First, you have to find a suitable deal offer, then indicate the number of Bitcoins for a purchase and send a request for a transaction. Afterwords you just have to make a payment and wait for BTC to arrive on the wallet that is provided by the platform.

Subsequently, you can send the money to your wallet, to the exchange or simply leave them on the platform. The most reliable option would be to use a professional storage. For example, Simba.Storage, which provides custodial services for cryptocurrencies in hardware wallets with the highest level of security.

Cryptomats

Cryptomats are cryptocurrency ATMs that are only gaining popularity as they become legalized and digital currencies become accepted worldwide. At the moment, there are globally about 8 thousand cryptocurrencies which you can use to sell or buy Bitcoins and other cryptocurrencies both for cash and with bank cards.

The main advantages of this method are the confidentiality of operations, the exchange speed, in particular, the ability to get cash quickly when you sell your digital assets.

Today, this method of buying Bitcoins can’t be called safe, convenient or universal. There are not enough cryptomats yet, they can’t be found in every country. The fees for operations are high while the risk of becoming victims of intruders is too high. And such people won’t miss the opportunity to steal your money.

Buying Bitcoins Directly from Other Users

This method is the least secure. Often fraudsters offer such an exchange scheme, attracting naive investors with good exchange rates or lack of commissions. In the end, they usually receive your money and disappear with it.

The only possible option to buy BTC from another user directly is to purchase it from a friend or a close person who you can fully trust.

Bitcoin Storage

The centralized storage Simba.Storage doesn’t provide the opportunity to purchase cryptocurrencies directly yet but recommends that its customers purchase cryptocurrencies on platforms that have the appropriate licenses from financial regulators such as Lykke and Bitcoin Suisse. It is also good to use reliable exchanges, for example, Binance, which has established a hedge fund to cover the costs of hacking, theft and hacker attacks. It is also recommended to use the services of trusted exchangers of Bestchange (select them according to the number of positive reviews and DYOR before making any transactions). Use LocalBitcoins when working with larger volumes, for which you can choose proven OTC platforms (over-the-counter exchanges). One of the reliable OTC platforms is ROXY.exchange which will soon launch a full-fledged platform, satisfying all the needs of customers by providing the necessary volumes and liquidity for over-the-counter transactions for buying or selling Bitcoins.

When you become the owner of an asset such as Bitcoin, the next important step will be to ensure its safe and secure storage. Cold storage will protect your asset from online hacking of wallets, hot storage will allow you to trade, to make quick transfers and exchanges.

The reliability of the Simba.Storage can be proved by its hardware wallets with a multi-signature algorithm. They are located in Switzerland and Liechtenstein and provide storage of your Bitcoins with the highest protection level. By putting your assets to this storage you will receive stable SIMBA coins baked by Bitcoin, which can be instantly used for cross-border transfers and payment for goods and services when you need it.

Read more about the ways to store your Bitcoins in our article.