Between the stock market and cryptosphere, a parallel has always been drawn. When the stock market changes from bullish to bearish, investors say it is time to buy, why not follow the same approach with cryptocurrencies? When you buy a stock or a crypto for lesser price, you end up getting more return on your investment. Do note, this might be the reason why big investors like Rockefeller Family, George Soros and Rothschild Family are now keen to invest in cryptocurrencies.
Unfortunately, it is not so easy now to buy crypto-currency as it once was. A substantial number of banks have blocked their customers from using their credit cards to buy cryptocurrencies. Bank of America, Citigroup Inc., JP Morgan Chase & Co., Capital One and Discover are a few biggies on the list. So now, when you can’t purchase cryptocurrency directly from your debit card, then what’s the way?
Let’s explore from a few easy to difficult methods of buying cryptocurrency: –
- Buy Bitcoin or Ether with a debit card from the centralized exchange: Buying cryptos from exchanges like Coinbase and Bitfinex have the minimal difficulty level. The exchanges usually ask the user to register themselves and verify their identity. Post the registration and verification, a registered user can buy with their debit card.
- Buying cryptocurrency from an exchange/trading app: Not just exchanges, there are exchange trading apps from where one can buy cryptocurrency. Exchange/trading apps such as Robinhood, Shapeshift enables the user to buy cryptos right from their phone with no trading fee compared around 1.49-3.99% fees from the user for every purchase. While these platforms are not fully functional yet, there are still a few cities where their service is available.
- To buy cryptocurrency, you need cryptocurrency: There are 1,546 cryptocurrencies registered at exchanges. In order to buy these cryptocurrencies, also known as ‘altcoins’ listed on Coinmarketcap, one needs to trade BTC/ETH. In general, altcoins have BTC/crypto pair, and most have ETH pairs as well.
- The Bitcoin ATMs: Bitcoin ATMs gained traction when the price of this cryptocurrency was registering a meteoric high. In March 2018, the number of Bitcoin ATM machines worldwide rose to 2,393. With these machines, a buyer can purchase/sell cryptocurrency physically instead of using the internet. These machines can be used in two ways; either a buyer can exchange FIAT for Bitcoins and have it sent to their wallet or sell Bitcoins from the ATM and withdraw FIAT money.