And if you operate a business, you can accept bitcoin as payment for goods or services. Or you can go the high finance route. And Bloomberg reports that Goldman Sachs is planning to launch a bitcoin trading desk in You can do the bitcoin thing without owning it outright. For now, the most popular way to purchase bitcoins remains an exchange like Coinbase or CEX.
That noted, even Coinbase, the most established platform, is struggling to keep pace with demand. There are frequent outages that can make it difficult or impossible to buy -- and, perhaps more frustratingly, sell -- and there is no shortage of customers, investors and speculators with nightmare stories to tell.
So, as with everything cryptocurrency-related: do some research and caveat emptor. As the price of bitcoin has ascended, sporadic service and full-on outages have become more common. It has the largest volume of trading, venture backing and makes a complicated process fairly simple and user-friendly. Still, every cryptocurrency and exchange has its own protocols and rules, some of which are more stringent than others.
Some require that you verify your identity before buying and selling. With the price of bitcoin fluctuating dramatically from hour to hour, the transaction time -- how quickly currency is transferred from your bank account or credit card to your bitcoin wallet -- can vary widely depending on which exchange you use and your payment type. And then there is the matter of fees, which can quickly erode your balance. That said, those transactions are associated with a bitcoin address -- not a name or account number -- so there are ways to trade while keeping your identity obscured.
This is why Silk Road, the dark web marketplace for drugs and other illicit goods and services, was an early and ardent adopter of bitcoin. If privacy is important to you, buying bitcoin with cash is your best bet. There are many sites that connect buyers and sellers -- including Paxful and LocalBitcoins -- that will enable you to trade cash or even a gift card , in person or online , for bitcoin.
If you choose to go a more mainstream route, after all, the process can be rather invasive. The major exchanges require a good deal of identification and sensitive financial information to establish and fund an account. Exchanges that are registered with regulators are required to verify your identify before doing business with you in an effort to protect against fraud and money laundering.
And there is risk whenever you provide personal and financial information to any entity, especially online. You can use virtually any funding source to buy bitcoin; other cryptocurrencies may offer less flexibility and fewer options. Most exchanges accept credit cards and debit cards, and those are generally the fastest ways to buy bitcoin. Other funding options include a bank account or wire transfer, which may require a longer time -- somewhere between a few minutes and a few days -- to clear.
PayPal, cash and other cryptocurrencies are also viable options. Now imagine if you guy and sell this few times. OR if you buy and sell other crypto currencies from Bitcoin, they all going to cost you. So, Bitcoin and cryptocurrencies are free or cheap to trade is a myth. It cost way more higher than regular stocks trading or wire transfers.
No unread comment. No unread message. No unread notification. Remember me. Forgot password? Login using. Amanda Allen Sep 13 Story. Step 1. Just be careful when you buy. Buy Bitcoin Coinbase Sell Bitcoin.
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