Cryptocurrencies provide an excellent way to earn money and earn increasing returns. For example, the price of Bitcoin has gone from under $5 in 2009 to over $40,000 today. Likewise, Ethereum jumped from under $10 to over $3,000. Altogether, cryptocurrencies came out of nowhere to become an asset class worth over $2 trillion. In this article, we will see the easiest way to buy cryptocurrencies.
Using digital wallets
Online wallets are popular financial products that allow people to save, send and receive money from their loved ones or business partners. These wallets are popular because of their ease of use and the fact that they have low fees. The number of digital wallets is on a strong uptrend as the fintech revolution continues. Some of the most popular wallets are PayPal, Cash App, Skrill, Neteller, Revolut, and Venmo, among others. As part of their strategies, many online wallets have made it possible to buy cryptocurrencies within their ecosystems. The aim is to simplify the way people access financial services and also make money from it. In fact, cryptocurrencies have become central to the Cash App business. For example, Cash App generated over $2 billion in cryptocurrency revenue in Q4 2021. These wallets offer one of the easiest ways to buy cryptocurrencies. For example, in 2021, PayPal introduced a way to buy, save and send a select number of cryptocurrencies on their platform. Today, Americans and Brits can easily use the platform to buy Bitcoin, Bitcoin Cash, Ethereum and other currencies directly using PayPal and Venmo. The process of buying Bitcoin with PayPal is easy. First, you need to have a PayPal account. Second, select the cryptocurrency you want to buy and the amount you want to spend. Second, you must execute the trade. PayPal will deduct the money you have from your account. Alternatively, he will make the purchase directly using his linked bank account. The process is similar with other online wallets like Cash App. You just need to select the currency you want to buy and execute the trade. There are several benefits of using these apps to buy cryptocurrency. First, the process is easy and takes a few seconds. Second, most apps do not charge a fee to execute the trade. Finally, they are safe options. The only downside is that these apps don’t have a wide variety of currencies.
Using cryptocurrency exchanges
The other easiest way to buy cryptocurrency is through a centralized exchange. An exchange is a company that provides different cryptocurrencies for people to trade. In most cases, exchanges provide a website and mobile apps that allow people to buy coins. They also offer other tools that help them make better, more informed choices. Cryptocurrency exchanges work in a relatively similar way. They provide a marketplace where you can buy coins. After purchasing the currency, you can easily save them to your online wallets. When needed, a person can convert their coins into cash and withdraw to their online wallets or bank accounts. Furthermore, it is possible for people to move their cryptocurrencies from the exchange to their cold wallets in just a few steps. The cryptocurrency exchange industry has become significantly saturated. CoinMarketCap tracks 511 exchanges from around the world. In total, these exchanges help move more than $100 billion worth of cryptocurrencies every day. Some of the biggest exchanges in terms of volume are Binance, Coinbase, KuCoin, Huobi Global, Gate, and Crypto.com. It is easy to buy cryptocurrency using an exchange. First, you need to find a credible exchange that guarantees the security of your funds. In most cases, we recommend that you focus on popular exchanges like Binance and Coinbase rather than smaller, unknown ones. You can read our eToro review, CEX review and Binance review. Second, you must create your account by providing your name and email address. After that, to comply with the law, many exchanges will seek to verify your account by confirming your location. In the next step, you will need to select a cash deposit option. Many companies allow you to deposit your money using various options such as PayPal, credit and debit card, Neteller and bank transfer. You can now buy your coins after completing your deposit process. Bank transfers take longer, while card transactions are instant. Using exchanges like Coinbase, Binance and eToro is recommended because they are safe and provide more coins. They also provide more solutions like staking, leverage token trading and perpetual futures trading.
Using peer-to-peer exchanges
Another easy option to buy cryptocurrency is to use a peer-to-peer exchange platform. These are companies that provide a platform where people can buy and sell cryptocurrencies with each other in an easier way. A P2P exchange provides a platform that guarantees security. They work in an easier way. After creating and verifying your account, you will select whether to buy or sell a currency. When buying, you will see numerous people who are selling coins and their prices. Select your preferred one and then make a payment directly to them. Once they receive your funds, the coins deposited in Escrow will be transferred to you. There are several reasons to use a P2P exchange. First, they are easy to use. Second, you can use arbitrage by buying a currency at cheap prices and then instantly selling it at a higher price. Third, you can use your preferred option to complete the transaction. Examples of P2P payment platforms are Paxful, Local Bitcoins and Binance P2P