(6) Purchase Bitcoins Using Bitcoin ATMs Near Your Location
It is one of the most convenient methods to buy and sell Bitcoins instantly with cash. Bitcoin ATMs are internet machines or kiosks that allow an individual to exchange bitcoin with cash. They also provide a paper receipt for every transaction to move money to a public key on Blockchain.
However, some ATM providers may require users to open an account before starting to transact on the machine.
According to a post published in Business Insider, a typical Bitcoin ATM requires you to put mobile number to verify your identity then you will receive a verification code to enter into the machine.
You may also be asked to scan the back of your ID. Once all verification is done, you might be given the option to scan your Bitcoin wallet code or enter its address manually.
You can now buy Bitcoins as per transaction limit by inserting your cash into the machine. After few minutes, your Bitcoin wallet will start showing Bitcoins.
Although, Bitcoin ATMs look like traditional ATMs but they do not connect user to a bank account. They instead connect the user directly to a Bitcoin exchange for the purpose of transaction. They may also charge a higher transaction fee of around 5% to 10% per transaction from users.
Some of the various applications of Bitcoin ATMs include exchanging Bitcoin with cash, redemption of Bitcoin for cash, performing Bitcoin transactions online, & many more.
You can find the nearby location of Bitcoin ATMs by using the services of websites such as CoinATMRadar, etc. Thus, users should be aware of the associated cost & entire process before buying Bitcoins.
(7) Buy & Accumulate Physical Bitcoins
It is one of the most risky methods to buy and sell Bitcoins instantly. Bitcoin is a digital currency that can be mined electronically by a process known as Bitcoin mining. It involves solving complex mathematical calculations through peer-to-peer computer process.
Bitcoin mining is usually done to create & release newly formed Bitcoins into the system. But, there are some organizations who are introducing physical Bitcoins, metal coins with a Bitcoin private key embedded inside.
Investors or traders can buy and accumulate physical Bitcoins in safe place of their own choice. However, the idea of buying physical form of this digital currency will force you to trust the honesty of the creator of the coin.
Unless you immediately open & withdraw the digital Bitcoins from its physical form, the creator of the coin could steal your Bitcoin funds anytime. Thus, you should go for this method of investing in cryptocurrency only if you trust the creator else not.
- Buy, Trade And Invest In Bitcoins: Shutterstock