There’s a lot of talk about bitcoin and its rising prices lately. If you’ve been home more than usual during the COVID-19 pandemic, you’ve probably had the time to think about it and research it. Maybe you’ve even seen the financial experts predicting that it will 10x.
When you hear about how much bitcoin is worth, and how much it could be worth in the future, it’s natural to think about buying some. But where can you purchase it? And where is the best place to buy it?
There are various ways to buy bitcoin, and all have their pros and cons. The one that’s best for you is going to depend on your needs.
1. Online Exchange: If you want to do everything from the comfort of your home, one option is to use some kind of online exchange. If you don’t have an account, you’ll need to connect your banking info and wait for verification. If you do have an account, there’s often still a delay in transferring your funds from your bank account to the exchange.
2. Coin Cloud Website: A faster way to buy online is through the Coin Cloud website. Did you know you could buy bitcoin online from a Bitcoin ATM company? Well, now you know! It’s quick and easy, as well as convenient — and still from the comfort of home!
3. P2P Exchange: With peer-to-peer (P2P) trading, you’ll be making a deal with another person to buy their bitcoin. The challenge with this is that you have to trust they’re going to deliver, and that you’ll be safe … because you’re probably going to be meeting them in a coffee shop or street corner somewhere. If that makes your skin crawl … yeah, we get it!
4. Bitcoin ATM: If you want the fastest way to buy bitcoin, it’s going to be a Bitcoin ATM. These machines, including CoinClouds, can be found in convenience stores, gas stations, grocery stores, casinos and more. You just insert cash and immediately receive your bitcoin, within about 10 minutes.
Everything in life comes with a cost, and it’s usually weighed in time or money. If you opt for the cheaper route it takes more time, and the fast route costs more money. This principle applies to travel (toll roads are faster but you have to pay for them; the nonstop airline route probably costs more than the one with three stopovers; sports cars are super-fast but also super-expensive), to marketing (you can do website SEO, which takes a long time, or pay for ads to bring fast results; you can pay for postcard mailings or rely on word of mouth, which takes longer), and almost anything else you can think of.
It’s the same with buying bitcoin … you’re either going to pay a bit more, or wait longer to get it done. So yes, a Bitcoin ATM might have slightly higher exchange rates than an online platform, but it’s also much faster and easier, so you can buy your bitcoin now (when you know the price) and not three days from now (when it might be higher).
The other things to consider with a Bitcoin ATM is the compliance costs. The companies pay for registration, licensing, a fulltime compliance officer and customer service team, cash handling, security, machine maintenance and repair … all those things cost more than running an online exchange. But, again … it’s much faster and easier, too.
(The best of both worlds is going to be the Coin Cloud website, which is kind of a secret hybrid method.)
So now you know your different options, and can choose based on your needs. You might use all of them at one time or another, since they all have benefits over the others.
If speed and ease of use are the most important factors for you, we invite you to find your nearest CoinCloud today. You can try it for as little as $1.
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.
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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