If you are interested in investing in Bitcoin, and other virtual currencies, it can often be very difficult to know where to go, and how to buy them. We will take a closer look at the different ways in which you can purchase Bitcoin and then how you can convert them into Altcoins.
Before you do anything, it is important to know what Bitcoin is being needed and where it is. To do this, you can use a service called CoinMarket Cap. This lets you easily see where all of the trading is being done. You can use any exchange anywhere in the world as long as they will let you sign up, even if this is not your own currency.
Once you have found where it is that you want to purchase them from, you will then need to know how to convert your USD into Bitcoin.
Paxful lets you buy bitcoins quickly and anonymously. You buy an Amazon gift card, for example, which then gets converted into Bitcoins; however, you do lose about 20% of the investment.
Coinbase is another option; however you have to wait approximately a week for your Bitcoins, as opposed to about 30 mins with Paxful, and a lot can happen to the price of Bitcoin in that time. This has the best reputation and is based in the US
An increasingly popular way of purchasing Bitcoins is through Craiglists, where you can buy a number of Bitcoins and pay for them in cash. You can also pay for some items in Craiglist with Bitcoin, showing that it is becoming more accepted in everyday life.
Local Bitcoin connects those who are looking to buy to those who are looking to sell.
CEXIO is another option; however, this is expensive. They are also no longer accepting new customers, so you cannot use this to purchase Bitcoins unless you already have an existing account. Coinmama is much more affordable, you can use your credit card, and can make a good alternative to Coinbase.
To change your Bitcoin into Altcoins, you will first need to withdraw your Bitcoins, and send them to an exchange; for example, Poloniex. Once they are on the exchange, you can then use them to buy Altcoins. It should be noted that on this exchange, there is a $2000 withdrawal limit. Binance on the other hand has a much larger limit of 2BTC, which amounts to about $30,000. Not only that, but it is also very fast, and boasts low fees.
Every trade that you make is taxable.
Bittrex is a great option as it offers lots of different Altcoins that you can buy.
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