Bitcoin prices are rocketing and making everyone go haywire with the unwillingness to buy it earlier. Now that Bitcoin has reached $15000, people are considering the option of buying it at this peak price. The larger question is, however, wtherher it is prudent to buy Bitcoin at this stage?
Although it is very easy to buy Bitcoin on apps, here is what you must know about Bitcoin and other currencies. Apps such as Coinbase and Blockchain are most commonly used for purchasing Bitcoin.
These apps facilitate credit or debit cards as a medium of exchanging pounds for Bitcoin. The user may buy bitcoins equivalent to their cash availability. Once you have placed the request to buy Bitcoin, it is upto the discretion of the online “miners” to grant you the transaction.
In case of buying, bitcoins are approved from the miner, the user’s account will be accordingly debited. On selling, the same process is to be followed. Bitcoins can be sold in return for the cash value of those bitcoins. The difference of cash paid and earned estimates the real income from the transaction.
How to buy Bitcoins?
However, when you are processing the transaction on website, you will be charged higher transaction fees than if you transact on other websites. However, this method is a tad bit riskier. Another way to buy bitcoins is by depositing cash at a nearby bitcoin ATM.
Investors can also buy Bitcoins by depositing cash at a nearby Bitcoin ATM.
These have been popping up in newsagents and can be found by Googling them or visiting Coin ATM Radar.
Precaution is better than cure
Because the cash is online, there is a high risk of hacking and stealing. There are various hackers who are accumulating a lot of fortune by stealing the crypto-currency.
Extra attention should be given if you are transacting through direct platforms involved in buying or selling cryptocurrencies.
