When purchasing Bitcoins, there are a number of things you should pay attention to in order to buy them cheaply. Earlier we wrote a practical guide to buy Bitcoin. In this article we will take a closer look at how to buy Bitcoin as cheaply as possible, without the risk of being scammed. Of course it depends on a number of factors, such as ease of use, payment options, speed and language. As you Buy and sell bitcoin Australia you can expect the best outcome.
Exchange versus Marketplace
There are several places to buy Bitcoins. This varies from buying from a company, buying directly from another person or buying through an Exchange (trading platform).
Buy From a Company
With this option you buy Bitcoins directly from a company. You can often pay with convenient payment methods such as ideal, credit card and bank transfer. Often it is also completed within minutes, although it can sometimes take several hours.
This company usually does not have any bitcoins in stock at all, but only buys them in when you buy them from them. They can do this by automatically purchasing Bitcoin from the cheapest exchange and then sending it to you at a profit. Because this company also has to make a profit, the price you pay will always be higher than the actual exchange price. With this method you pay for the convenience and reliability.
Buy Directly From a Person (Over the Counter)
This is actually very rare and has shrunk even further with the rise of exchanges. In this way you buy directly from a person, online or offline. It is important that you make sure that you work with a reliable website with this method of buying, so that you are not scammed. The person-to-person purchase is also popular for money laundering practices and the like. We advise never to respond to a private message from someone who wants to buy or sell your bitcoins for a good price. Often it is a scam, and if you get something it will often have a criminal background. A kind of crossover between an exchange and purchase from people is via online Bitcoin site. This is an online platform that guarantees the transfer between two people.
Exchanges
Often the cheapest way to buy Bitcoin is through Exchanges. These online trading platforms automate the buying and selling between people, removing the risk. Sometimes you do not even realize that you are trading with others, but in principle when you place a ‘buy order’ someone else’s ‘sell order’ will be executed. Exchanges come in all shapes and sizes, from billion dollar companies to small ones targeting specific coins. Before signing up with a particular Exchange, do your research to see if it is trustworthy. Need to know more? Then Find out more now.
Timing
The purchase of Bitcoin and Cryptocurrencies is all about timing. This can be day trading, medium or long term. You make a distinction based on hours, weeks, months or even years. Each technique requires a different kind of analysis. When you day trade you will look at a few tens of difference, where with long term you often look at thousands of dollars. In June 2017, the value was still 2500 dollars, in January 2018 it was 15,000 dollars and in June 2018 it was 6000 dollars.
