What is the Safest Way to Buy Bitcoin?

The Most Secure Way to Buy Bitcoin
By 
Coin Cloud Team
, published on 
March 5, 2021
What is the Safest Way to Buy Bitcoin?

It seems like there’s a lot of stigma surrounding digital currency. Lots of people associate it with sketchy transactions and even sketchier people. This leads to an unnecessary fear of digital currency and, more specifically, Bitcoin. Luckily, we have one big combatant for fear: education. Which is exactly what we’re here to provide.

So let’s talk about the safest and most secure way to purchase Bitcoin. To start off, we all know to avoid scammers. For that reason, it’s best not to purchase or sell any Bitcoin with a stranger who messages you about it on social media, email or any other communication platform. I mean, you wouldn’t do that with your cash or credit card, so why do it with your digital currency? Scammers love to prey on people who don’t know any better, so just like with your personal information, don’t trust strangers on the internet.

P2P Trading

Surprisingly enough, in the early days of Bitcoin, trading with strangers was one of the only ways to trade at all. Existing long before the dawn of online exchanges and digital currency machines, this is called peer-to-peer (P2P) trading.

Bitcoin holders would find each other online and meet up in places like coffee shops to trade their Bitcoin for cash or, honestly, anything they deemed of equal value. But let’s be real; planning a meeting with someone every time you want to trade your digital currency isn’t the most efficient of methods, let alone the safest.

Online Exchanges

So, people started moving on to platforms like online exchanges. Online exchanges cut out the middleman of peer-to-peer trading. They allow you to purchase directly from the website and are significantly faster than traditional P2P trading.

But, there are a few potential flaws with online exchanges. There have been incidents of these online exchanges getting hacked, leading to lost funds for its users. That’s pretty concerning to someone looking for the safest way to buy Bitcoin. Plus, you have to submit a fair amount of personal information, including your bank account.

Digital Currency Machines

Luckily, there is an alternative: Digital currency machines (DCMs). Digital currency machines are far less prone to hacking than online exchanges because of the difference in nature between the two trading methods. DCM companies like Coin Cloud have a lot of safety measures in place to ensure the safety of your funds. Verification codes for trading small amounts of money and identity verification for larger purchases are among the protective processes.

To take it a step further, if you’re ever concerned about the safety of your funds, Coin Cloud has a live support team ready to pick up your call, answer any questions you have, and even issue you a refund. And as a bonus, unlike online exchanges, digital currency machines like Coin Cloud allow you to purchase your bitcoin with cash, and even sell it to get cash in return.

All-in-all, buying and selling Bitcoin can be a stress-free and secure process so long as you know where to trade (which definitely isn’t with strangers messaging you online).

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

What is Coin Cloud?

Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,500 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.

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