With the popularity of cryptocurrencies, the number of ways to acquire bitcoin is growing. Consider the five most popular options for buying the first cryptocurrency.
The main ways to buy bitcoin:
• Cryptocurrency exchanges;
• Exchange services;
• Bitcoin terminals;
• Cryptocurrency wallets
• Direct purchase from individuals.
The main task of the cryptocurrency exchange is to exchange fiat funds for crypto assets and crypto assets among themselves.
Centralized exchanges are managed by a company orowner for profit. In this regard, the centralized exchanges are not very profitable courses and there are additional commissions. On the other hand, such exchanges are responsible for the safety of users' personal data and their trading information, they store assets in their accounts, controlling and answering for them.
Decentralized Exchanges (DEX) are peer-to-peer(p2p) online platforms that act as an intermediary between two interested traders. Such platforms do not store customer assets and do not have a single control center.
Pros: many options for trading pairs, various methods of buying / selling crypto assets.
Minuses: high risks of loss of funds, additional fees, mandatory registration.
Cryptocurrency online exchangers
Specialized services that exchange fiat funds for cryptocurrency online. Their main task is to quickly exchange fiat funds for crypto assets.
Pros: automatic exchange, a large selection of services, exchange rate.
Minuses: below market rate, limits on available funds.
ATMs and terminals (ATMs) work similarly to a conventional ATM, transferring cryptocurrency to a user's wallet after accepting banknotes.
pros: simplicity, availability, reliability, high speed operations
Minuses: small network of cryptomats, not a high exchange rate, additional commission.
Crypto wallet is software withwith which you can receive and send crypto assets. Numerous cryptocurrency wallets existing on the market today allow users to quickly and safely purchase and store cryptocurrency. The most popular wallets often have built-in extra protection features, such as two-factor authentication.
Pros: profitable courses, quick transaction.
Minuses: The safety of funds is completely dependent on the service provider.
Direct purchase from individuals.
The most unsafe way to acquire cryptocurrency, very attractive to criminals and scammers.
pros: anonymity of transactions.
Minuses: high risks of losing funds.