How And Where To Buy Bitcoin In 2024

Bitcoin is the cryptocurrency market pioneer, and is still the most popular digital coin. Therefore, it is possible to perform transactions in hundreds of ways using Bitcoin. In this article, we will tell you how and where you can buy Bitcoin in 2024, and also explore ways to sell, send and store the crypto. Study this guide to know everything about the profitable and safe interaction with Bitcoin.

What is Bitcoin?

Bitcoin is essentially a decentralized digital currency. Due to its independence from central banks, BTC is protected from inflation, that makes it an attractive investment option. Therefore, even over time, this cryptocurrency will not lose its value despite the high volatility.

Bitcoin is often compared to gold because of its permanence. Nevertheless, unlike gold, BTC is also more convenient to utilize and store, so it can be kept and transferred digitally. Another advantage of Bitcoin for investing is its divisibility: coins can be purchased in the form of satoshi. Therefore, investing in this cryptocurrency becomes possible even for beginning investors with a small budget.

Ways To Buy Bitcoin

Bitcoin as an investment tool is becoming more and more popular every day, so it is essential to know which ways you can buy this crypto most profitably and safely.

The best services for buying Bitcoin should be secure and easy to use. They also should have reasonable commissions and wide acceptance of different payment methods. Therefore, when you make a choice of the suitable platform, you have to pay attention to these factors.

Among the most relevant ways to buy Bitcoin in 2024 are crypto exchanges, P2P-exchanges, crypto ATMs and Telegram bots. Let's take a detailed look at each of them.

Cryptocurrency Exchanges

On crypto exchanges you can pay for the purchase with bank cards, other supported specific payments services, such as Neteller or Chime, or cryptocurrency wallets. However, the Bitcoin rate at each exchange can differ, so before choosing a platform, firstly you need to study the crypto market dynamics to find the most favorable moment. Some exchanges give the opportunity to use a discount system for regular customers. What is more, there are some crypto exchanges that don’t charge any fee while buying Bitcoins and other crypto, so you may use them in order to save money.

Bitcoin exchanges don’t require verification for buyers sometimes. For making a purchase it’s enough to create an application, where you need to specify your email address, then pay for coins, and receive a return payment. The process usually takes about 15 minutes if you’ve found the suitable offer quickly. So, using crypto exchanges is the easiest way for buying Bitcoin even for beginners.

Among the popular Bitcoin exchanges are Binance, KuCoin and Cryptomus.

P2P exchanges

You can buy Bitcoins directly from the seller on these platforms. P2P exchanges have the vital advantage of allowing you to find sellers whose conditions for exchanging fiat for crypto are most suitable.

To do it, you need to create an account on the exchange and pass verification and KYC. After that, you can set filters on the amount of crypto and payment methods. Among the proposed options, choose the most favorable and suitable for you, leave a trade request, contact the seller to discuss the deal, verify the information and confirm the transaction. And if you haven't found any suitable offers, you can create your own ad and wait for responses.

Another advantage of P2P-platforms is that you can use different payment methods. It’s enough to choose the one that suits your preferences, link it to your account on the exchange, and pay for the purchase in your usual way. After making a payment, your Bitcoins will be credited to your crypto wallet.

Examples of the reliable P2P-exchanges are ByBit P2P, Binance P2P and Cryptomus P2P. All of them thoroughly check sellers, so the risk of running into scammers is minimized. By the way, on Cryptomus P2P you may find specific icons near sellers usernames that confirm their verification, and also you can see their successful trades numbers. It is very helpful when selecting offers.

Telegram bots

Telegram bots for buying crypto are launched by crypto exchanges in order to increase the convenience and expand the audience. The process of buying crypto is simple and intuitive, so you can handle it quickly. However, you should carefully select the platform by learning other users’ reviews, since fraudsters can disguise themselves as bots. It is connected with the fact that the method is quite young and still unexplored totally.

Crypto ATMs

These are devices that externally and functionally resemble usual ATMs, but work with cryptocurrency. Using crypto ATMs you can buy Bitcoins both with a card and cash. The difference from usual fiat ATMs is that before the transaction, you need to register on the crypto platform that the machine is connected to. There you need to enter personal information and go through the KYC procedure sometimes.

After registration, you can buy Bitcoins. For doing it, you need to select the currency purchase option and specify the desired amount of BTC or fiat currency amount that you plan to spend. You also have to enter the Bitcoin wallet address by scanning the QR code. After that, you only have to wait for the Bitcoins to be credited to your wallet.

How To Store, Send And Sell Bitcoin?

Before buying Bitcoin, you need to decide how and where to store your crypto safely. You may also need to sell or transfer cryptocurrency over time, so you should know how to do it right.

Let's look at each process in more detail:

• Storing Bitcoin. After buying, BTC is stored in digital wallets — a type of software that connects to the Bitcoin network. Cryptocurrency wallets have their own address that can be shared with others. Wallets are divided into two types: hot and cold. Hot ones connect to the Internet and can be accessed on any device that has Internet connection. In turn, cold ones are opened using physical devices such as a USB drive. There your BTC can be stored offline.

• Selling Bitcoin. In order to sell your Bitcoin, you can use crypto exchanges or P2P platforms. In the first case, you need to log in to your account, go to the "Sell" section, select Bitcoin in the list of cryptocurrencies, enter the amount of BTC to sell and confirm the transaction. At the same time, the most popular way is to sell crypto on P2P exchanges where the transaction fee will be much lower. For example, selling or buying Bitcoin on Cryptomus P2P exchange charges a fee of only 0.1%. So, P2P platforms are the cheapest options for both buying and selling Bitcoin.

• Sending Bitcoin. For transfering your Bitcoin you can use a cryptocurrency wallet directly. This process is quite simple: you need to select the "Send" option, choose Bitcoin and enter the recipient's wallet address. After that, enter the amount of BTC you want to send and confirm the transaction.

Choosing the right method and platform to buy Bitcoin always depends on your personal preferences and priorities. Anyway, the key issue is to choose a reliable service to make your cryptocurrency investment successful.

We suggest you study popular questions about buying Bitcoin in order to better navigate the cryptocurrency market.

FAQ

Can I Get Bitcoin For Free?

You can earn free Bitcoins in several ways. The most popular one is mining, where miners receive BTC as a reward for their efforts. However, it’s worth remembering that mining entails high costs and high energy consumption. You can also get Bitcoins for completing microtasks or surveys from companies, or by staking. However, the amount earned in these cases can be quite small.

Where Can I Spend Bitcoin?

You can spend your BTC wherever this cryptocurrency is accepted as a payment. For example, you can leave tips in Bitcoins or send funds to charity. You can also buy things for your home with Bitcoins at Overstock or store for video games like Minecraft. Some airlines, restaurants and hotels accept Bitcoin, so check their policy before visiting.

Can I Buy A House With Bitcoin?

Yes, you can buy a house with Bitcoins if you have enough. You need to find a seller who is willing to accept BTC as a payment. In this case, Bitcoins can be transferred to his crypto wallet address directly.

How Can I Trade Bitcoin?

Bitcoin trading involves buying and selling digital coins on exchange platforms. For doing it, you need to register on a crypto exchange, fund your account or link your card or payment service, which will act as your payment method. After that, you can purchase the required amount of Bitcoins and start trading by placing an ad on the P2P platform.

What Is The Safest Way To Buy Bitcoin?

The safest way to buy Bitcoin is using only licensed trading services such as crypto exchanges and peer-to-peer trading platforms. Basically, most of them thoroughly verify their users with KYC procedures,identification and more. So, these measures greatly reduce the risk of fraud.

How Did People Buy Bitcoin Back In The Early Days?

During Bitcoin's early generation, in 2009-2010, there were several options available to buy it. In the beginning, trading was implemented personally between people or through online forums, without any intermediaries. Over time, people started using the first cryptocurrency exchange called Bitcoinmarket.com.

When Was The First Bitcoin Exchange Opened?

The first cryptocurrency exchange was a platform called Bitcoinmarket.com. The site was offered to release on the Bitcointalk forum on 15 January 2010 and started working on 17 March. Initially, the site accepted Paypal as a means of exchanging BTC to fiat, and only then, more diverse payment methods began to appear. Bitcoin's popularity grew and it led to the growth of the number of scammers, too. Because of it, PayPal was removed from the exchange, and the site itself no longer exists.