The use and importance of bitcoin is growing almost every day because of its anonymity. Sometimes you can even use bitcoin for basic transactions, like in the UK, some pubs, universities and other services accept bitcoin. Some popular exchanges let you exchange British pounds for bitcoins, though some less popular exchanges might lack this feature. Make sure to do an ample amount of research on each and every method mentioned below so that you know which one is the best for you.
1. Bitcoin exchanges: most bitcoin exchanges have developed their services into websites or apps for much easier transactions. Usually they ask for your bank details, like credit and debit card details, net banking details etc. Ideally, credit cards are used for higher limit transactions and debit cards are used for lower limit transactions. The best feature about bitcoin exchanges is that you don’t have to buy or sell a minimum of a one full bitcoin, buyers and sellers can buy and sell even some fractions of a bitcoin. Some exchanges tend to have a high transaction fee, so be careful of that. The basic steps you have to follow before you start purchasing bitcoin through exchanges are:
- Open a digital wallet. A digital wallet is basically a place where you can hold your bitcoins and have all the information about your transactions. Make sure you have done a deep research on various apps and websites, and then chosen the one.
- Register and open an account on the website or app which you have chosen and start trading!
2. Crypto ATMs: this method is for traders who do not want any human contact, but you will have to find a bitcoin ATM to proceed with this method. The basic idea behind these ATMs are, that a person can go to a bitcoin ATM that is situated somewhere near to them, and swap their currency for an equivalent amount of bitcoins that will be deposited in the address of their choice. This method is the safest since these kinds of ATMs are loaded with many CCTVs and so many other types of security. Also whichever crypto wallet the trader will use; it will be accessed and scrutinized over the public internet. For small and anonymous bitcoin transactions, a bitcoin ATM is very well suited. Bitcoin ATMs are the best option for people who want bitcoins in exchange of their cash.
Right now banks in UK do not provide any necessary services for trading bitcoins, but this is going to change very soon. Bitcoin is something which has grabbed the attention of many investors. Bitcoin can be considered as both, a long and short investment. Remember to check the price of bitcoin, it is different for different websites and apps hence go for something which offers you the best price. Many foreign transactions can be easily carried out with bitcoin. Read the terms and conditions of the transaction and the website on which you are trading very well before starting.