If you’re ready to dive into the world of Bitcoin in 2024 but are not sure where to start, you have clicked on the right article. Bitcoin boasts a staggering market cap of approximately $850 billion and stands as the leading cryptocurrency globally. Its popularity has soared over recent years and has attracted mainstream investors from all walks of life. With the rise in popularity more and more people want to dip their toe into the crypto markets and want to acquire Bitcoin for both short-term and long-term investments. Below, we will take a look at some of the top methods that you can use to buy Bitcoin in 2024.
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What is Bitcoin?
Bitcoin, also known as BTC, is a digital currency that operates independently on its network. This decentralized system enables secure online transactions directly between users, eliminating the need for intermediaries like banks or credit card companies. With Bitcoin, individuals can transfer funds worldwide at any time without relying on traditional financial institutions. Bitcoin was created in 2009 by a mysterious figure called Satoshi Nakamoto. Today, there are thousands of cryptocurrencies out there, but Bitcoin was not only the pioneer but still remains the most talked about cryptocurrency. Today, it reigns as the largest cryptocurrency by market capitalization and is revolutionizing the finance world in multiple ways.
Different Methods to Buy Bitcoin
If you are looking to buy Bitcoin in 2024, the good news is you have multiple options to choose from. Let’s take a look at different methods using which you can purchase Bitcoin.
Centralized Cryptocurrency Exchanges
BITFLEX – Centralized cryptocurrency exchange
Crypto exchanges are great platforms for purchasing Bitcoin as they offer several advantages to traders. Firstly, they often provide competitive trading costs, making them a cost-effective choice. This is ideal for those who are looking to purchase a large amount and don’t want to spend too much on the fee.
Additionally, many exchanges refrain from imposing spread mark-ups, which are concealed fees hidden within trading prices. Furthermore, these platforms typically furnish users with wallets, which not only eliminates the need for external wallets but also puts the responsibility of security on the exchange.
Fees across different crypto exchanges can vary significantly. Users are advised to compare offerings based on pricing, cryptocurrency selection, and service quality. Certain exchanges like BITFLEX offer a convenient quick buy feature that allows swift conversion of USDT to BTC. Other reputable exchanges such as Binance and Coinbase are also noteworthy options for Bitcoin buyers.
When it comes to choosing a cryptocurrency exchange, always do your research and choose the one that suits your needs and will help you meet your investment goals. If you are looking to purchase Bitcoin with a debit/credit card, make sure to opt for an exchange that supports these payment methods.
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Online Payment Apps
Financial apps like PayPal, Venmo, and Cash App now offer convenient options for cryptocurrency purchases. PayPal streamlines the process and allows you to buy or sell bitcoins directly within the app. Transaction fees start at $0.49 for trades under $5 and increase based on the amount. Trades within the range of $200 to $1,000 incur a 1.8% fee, while those exceeding $1,000 have a 1.5% fee. Although there’s a spread markup on trades, holding cryptocurrency in your account doesn’t attract additional fees. Besides Bitcoin, PayPal supports trading in Ethereum, Litecoin, and Bitcoin Cash and has recently introduced its stablecoin. Venmo follows a similar fee structure as it’s a subsidiary of PayPal. Given their user-friendly interfaces and widespread trust, these apps are considered among the best methods for buying Bitcoin in 2024.
P2P buying provides one of the simplest ways to acquire Bitcoin in 2024. These exchanges cut out intermediaries like Binance or Coinbase and enable users to buy and sell directly with each other.
For example, someone is interested in buying Bitcoin. Instead of going to a cryptocurrency exchange that requires identity verification, they can connect with another user who wants to sell Bitcoin through a P2P platform. This could be done to avoid fees associated with centralized platforms. Through a P2P exchange, both parties can effortlessly trade Bitcoin without incurring additional fees or disclosing their identities. It’s a straightforward solution for investors looking for a more direct and fee-efficient method for Bitcoin purchases. The main example of a P2P platform is LocalBitcoins. All you have to do is create an account and look for Bitcoin sellers on the market. It is kind of like Craiglist but for Bitcoin only.
Bitcoin ATMs are a relatively new but increasingly popular concept. They operate similarly to traditional cash ATMs used for withdrawing USD, EUR, AUD, and other currencies. The key difference is that with a Bitcoin ATM, you deposit cash to acquire Bitcoin rather than withdrawing physical currency.
Opting for a Bitcoin ATM is a quick way to buy Bitcoin, especially if you want a quick transaction. However, they’re not widely available yet and are relatively rare. If you’re in a major city, there’s a higher chance of finding one nearby. You can check this Bitcoin ATM map to locate the nearest Bitcoin ATM.
The process is straightforward: no need to register, create an account or transfer money. Visit the Bitcoin ATM, deposit your cash, and you’ll have your Bitcoin in no time.
Trusts or Exchange-traded Funds (ETFs)
In addition to direct Bitcoin purchases, another avenue for investment is through crypto-focused trust funds, specifically Bitcoin-based exchange-traded funds (ETFs). These funds are investment portfolios comprised of cryptocurrencies and track the value of one or a group of digital tokens. The daily fluctuation in the share price of Bitcoin ETFs is influenced by investor buying and selling activities.
It’s important to note that there are two types of Bitcoin ETFs: those based on physical cryptocurrency (spot ETFs) and those relying on cryptocurrency derivatives (futures ETFs). As of January 10, 2024, the Securities and Exchange Commission (SEC) has approved spot Bitcoin ETFs. These ETFs, tracking Bitcoin prices, are now tradable on major exchanges and have made things easier for traditional investors entering the Bitcoin market. Before this approval, Bitcoin funds like ProShares already existed. It is advised you do thorough research before choosing an ETF fund for your Bitcoin purchases.
How to Store Your Bitcoin?
Choosing where to store your bitcoins depends on your intended use and goals. For trading purposes, keeping them with the crypto exchange or broker you use is practical, as you will be buying and selling on short notice. On the other hand, if you plan to spend it outside an exchange or secure your cryptocurrency, a crypto wallet is an ideal option. However, remember that taking custody of your assets comes with complete responsibility. You alone will be solely responsible for your Bitcoin.
Crypto wallets are divided into two main types:
A hot wallet facilitates easy use and movement of your cryptocurrency. Since it relies on software security and stays connected to the internet, it is less secure than cold wallets. However, if your aim is to actively use cryptocurrency, opting for a hot wallet like a desktop wallet, mobile wallet, or web wallet makes sense. The wallets most exchanges offer are also hot wallets.
On the other hand, a cold wallet is ideal for enhanced security. It relies on hardware, a physical device resembling a USB thumb drive, to secure your holdings. Being disconnected from the internet makes cold wallets highly secure. When you need to transact, you can connect it and proceed with your transactions. Another form of a cold wallet is a paper wallet, which involves storing your Bitcoin key on paper. If you are investing in Bitcoin for the long term and want to keep it secure, a cold wallet could be the way to go.
If you are looking to buy Bitcoin in 2024, you have a multitude of options at your disposal. From crypto exchanges to financial apps, go for the option that suits you the most. However, make sure to watch out for fees that brokers may charge. These fees can eat into your profits, so choose exchanges with low fees. You can also use Bitcoin ETFs for a cheaper and safer way to get into cryptocurrency trading. Keep costs down, pick exchanges wisely, and you are good to go.
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DISCLAIMER: All content on cryptokid.com is provided for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any product, service, or investment. The opinions expressed on cryptokid.com do not constitute investment advice, and independent financial advice should be sought where appropriate. Trading is a highly risky activity that can lead to major losses; therefore, please consult your financial advisor before making any decision. Cryptokid.com will not be held liable for any of your personal trading or investing decisions. Cryptokid.com will not be held liable for any losses you may incur by speculating in the market.