Imaginative Ways to Buy Crypto, Explained

Neutral Imaginative Ways to Buy Crypto, Explained

1.

What is the best way to buy crypto?

A lot of this depends on which cryptocurrency you're buying, how much you want, and where you are based.

As long as you are in a country which hasn't banned purchasing digital currencies ( attitudes vary around the world,) you'll probably be able to use a crypto exchange. There are dozens of outlets to pick from, and each support different fiat currencies - meaning you can get your hands on Bitcoin, Ethereum and others irrespective of whether you use US dollars, euros, pounds or Japanese yen as a payment method.

Many of these centralized exchanges claim that they make purchasing cryptocurrencies as easy as splashing out on a pair of socks on Amazon. Although this is true to some extent, there are some legal requirements to bear in mind. Depending on the payment method you use, and the quantity of crypto you are buying, photo ID is needed to verify your identity. Decentralized exchanges are another option, with smart contracts and atomic swaps used to facilitate peer-to-peer transfers and eliminate the need for a middleman.

It's also crucial to research whether an exchange's transaction fees are higher than the market average - and double check that an organization is reputable. Paying too much to acquire crypto is one thing, but losing your funds to a devastating hack is quite another. Even big brands such as Mt. Gox have fallen victim to cyberattacks in the past, so do bear in mind that convenience doesn't necessarily absolve risk.

2.

I can get other currencies from ATMs. Can I get Bitcoin?

Yes - there are now thousands of cash machines offering Bitcoin worldwide, and prospects for growth are promising.

As reported by Cointelegraph, the market for crypto ATMs is expected to soar to $144.5 million by 2023 - that's compared with a meagre $16.3 million in 2018. Demand is likely to be spurred on by so-called "two way" machines which enable users to convert digital currencies to fiat, and vice versa.

However, coverage of crypto ATMs is not geographically universal - and if you're not in a major city, your nearest machine could be many hundreds of miles away. You're most likely to be able to pop to a machine if you're based in North America, which is forecast to have the biggest market share in five years' time. There's also good news if you're based in Germany and Japan, where crypto adoption is considerable.

That said, there are hurdles - especially from a regulation viewpoint. Last year, two Bitcoin ATMs in St Petersburg vanished inexplicably amid tensions with the authorities. Meanwhile, back in August, a Japanese security specialist uncovered malware designed to exploit vulnerabilities in these ATMs which would allow hackers to steal Bitcoin worth $6,750 without a cardholder's knowledge.

3.

Can't I just get paid in cryptocurrencies to begin with?

Potentially in the future - but mainstream adoption seems premature right now.

Tax implications vary vastly depending on where you live, and the dramatic shifts in a cryptocurrency's value can make employers and employees alike nervous. Statistics help to paint the mood: in Germany, just 6 percent of the public believes that it will be feasible to purchase a car using crypto in two years' time - and indeed, a poll of 300 financial experts from major corporations found that most were skeptical that the likes of Bitcoin would even be used for buying a cup of coffee come 2020.

To summarize, as things stand right now, getting paid in crypto really is imaginative - but that's not to say it isn't happening, nor that there isn't an appetite for it. A poll of 1,000 people by Sage in South Africa revealed 31 percent are happy to receive all or part of their salary in crypto - with men and millennials most likely to agree to it. Several companies have launched voluntary schemes enabling workers to join the crypto revolution, with one Australian outlet describing the payment method as "awesome" because they can pay international employees instantly without fees.

4.

Do I always have to use cash to buy crypto?

New methods for purchasing cryptocurrencies are emerging all the time - including iTunes gift cards.

This could prove particularly useful if you were given one of these vouchers for your birthday or Christmas but would rather invest in cryptocurrency instead.

Usually, websites that enable you to complete these transactions operate on a peer-to-peer marketplace, where the would-be buyers of iTunes gift cards set out how much they would be willing to pay in Bitcoin. In some cases, these buyers may have a minimum amount of vouchers they're prepared to purchase, along with a maximum. The exchange rates you're offered can vary wildly - and it's important to check whether or not a buyer is reputable before committing to a transaction.

Paxful, a platform which specializes in enabling customers to convert their gift cards into Bitcoin, claims it offers about 300 different payment methods for Bitcoin. Along with iTunes vouchers, purchases can be made with gift cards for an array of well-known brands including Banana Republic, Dunkin' Donuts, Forever 21, Nintendo and Pizza Hut. The only hurdle is finding somebody who is willing to swap with you.

5.

Can I use text messages and social networks to get paid?

Absolutely - but it's worth proceeding with caution.

Given how it's become popular to send and receive old-fashioned currencies on our phones, it's somewhat inevitable that crypto would follow suit.

Back in August, the US software giant Intuit was awarded a patent for processing Bitcoin payments via SMS - a boon for businesses which focus on crypto. This could have a plethora of benefits, especially for the unbanked, who often rely on their phones for transactions. It's fair to argue that such easy ways of sending or receiving Bitcoin are instrumental in achieving that mythical milestone: mainstream adoption.

Alas, every time the crypto world takes one step forward, it can feel like it takes two steps back. With new advancements come scams - and last year, it was reported that fraudsters were texting people to say that they have Bitcoins waiting for them in an account. Following the link in such messages puts victims at risk of losing their personal details and becoming a victim of identity theft. With any exotic method of acquiring crypto, it's crucial to do your due diligence and rely on common sense to avoid being swindled.

Using secure messaging platforms can help - and indeed, it was recently announced that Litecoin holders can start checking their balance and transferring funds via Telegram.

6.

Are there any methods which don't come recommended?

Cash in the mail is ill advised for buying crypto unless you're only dealing in small amounts.

There's always the risk of it being lost or even stolen - and the people who are selling you crypto might not be all they are cracked up to be.

Generally, people who send cash in the mail are motivated by the prospect of greater levels of anonymity - and the ability to receive funds without having to go through ID checks.

Whatever the method, always check to see if there is an escrow service, as these can offer protections for buyers and sellers alike.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

11/20/2018 / 10:40:00 Source: cointelegraph

BTC
1 BTC=$3,940.26
XRP
1 XRP=$0.3224
ETH
1 ETH=$146.41
EOS
1 EOS=$3.90
BCH
1 BCH=$141.84
XUC
1 XUC=$2.14

News Feed 50

Ccn Neutral - Vanguard CIO Greg Davis Just Issued a Dire Warning for the US Stock Market read more.
02/12/2019 / 20:32:35
Bitcoin.Com Neutral - Two US Public Pension Funds Back New $40 Million Crypto VC read more.
02/12/2019 / 20:32:33
Ambcrypto Neutral - Bitcoin SV’s [BSV] Craig Wright hits back at WikiLeaks as Twitter feud escalates read more.
02/12/2019 / 20:30:20
Cointelegraph Neutral - Top 20 Cryptos Make Small Gains While Stock Futures and Oil Indexes See Green read more.
02/12/2019 / 20:29:00
Cointelegraph Neutral - Japanese IT Giant GMO Confirms Launch of Yen-Backed Stablecoin GYEN in 2019 read more.
02/12/2019 / 20:22:00
Cryptobriefing Neutral - Blockchain Advances In Africa, Overcoming Funding Hurdles read more.
02/12/2019 / 20:03:52
Newsbtc Neutral - Police Mistake Crypto Mining Rigs For Drug Den in Raid Gone Wrong read more.
02/12/2019 / 20:01:30
Dailyhodl Neutral - Bitcoin Lightning Torch Hits Tron CEO Justin Sun – Will Kobe Bryant Grab the Crypto Bounty Next? read more.
02/12/2019 / 19:58:54
Ccn Neutral - Exclusive: Bitcoin Cash Developer Amaury Sechet Comes Clean on Satoshi Claims read more.
02/12/2019 / 19:53:47
Cointelegraph Neutral - China: New Guidance to Implement Blockchain in Agriculture Finance Sector read more.
02/12/2019 / 19:51:00
Ambcrypto Neutral - #XRP/USD Price Analysis: Coin could soon go for a bullish ride read more.
02/12/2019 / 19:30:38
Cryptoslate Neutral - Morgan Creek’s Venture Fund Raised $40 Million to Invest in Blockchain and Cryptocurrency read more.
02/12/2019 / 19:30:19
Cryptobriefing Neutral - Western Union Acknowledges Experiments With Ripple Tech read more.
02/12/2019 / 19:14:03
Trustnodes Neutral - Former Prime Minister Bigs Up Bitcoin Amid Power Struggle in Bangkok read more.
02/12/2019 / 19:13:38
Newsbtc Neutral - XRP and Ripple Stand to Benefit if the World Bank and McKinsey Projections are True read more.
02/12/2019 / 19:00:56
Bitcoinist Neutral - Santander Bank Ordered to Keep Brazilian Bitcoin Exchange Account Open read more.
02/12/2019 / 19:00:47
Ambcrypto Neutral - Cryptocurrency News – 12th Feb – Ripple partner raises $1.7M, Coingate adds LTC LN support and more read more.
02/12/2019 / 19:00:32
Cryptoglobe Neutral - 'It's Virtually Certain': Bitcoin ETF Will Be Approved, Prominent Analyst Argues read more.
02/12/2019 / 18:50:00
Ccn Neutral - This US Senator Wants to Legalize Weed, Should Investors Get High on Pot Stocks? read more.
02/12/2019 / 18:30:33
Ambcrypto Neutral - Bitcoin [BTC] volatility works to investors’ advantage, says Financial advisor read more.
02/12/2019 / 18:30:05
Coinspeaker Neutral - SEC to Clarify ‘Overly Broad’ Regulation for Crypto Token Sales read more.
02/12/2019 / 18:30:02
Cryptobriefing Neutral - Pensions Count On Bitcoin Eggs For Retirement read more.
02/12/2019 / 18:24:55
Bitcoin.Com Neutral - Crypto Broker Voyager Digital Lists on Canada’s TSX Venture Exchange read more.
02/12/2019 / 18:21:57
Coingape Neutral - BitMEX Research On Next Global Crisis: Retail Banking & Payment System Unlikely to be Under Threat read more.
02/12/2019 / 18:21:13
Cryptopotato Neutral - Crypto Market Update Feb.12: Bitcoin Dominance Declines as Altcoins Skyrocket read more.
02/12/2019 / 18:15:52
Ethereumworldnews Neutral - EOS (EOS) Price Initiating Break Above the Daily Range Bound read more.
02/12/2019 / 18:11:41
Cryptoslate Neutral - Ripple Grants $2 Million to University of Kansas, Funds 29 Universities to Conduct Blockchain and Crypto Research read more.
02/12/2019 / 18:08:54
Cointelegraph Neutral - Mt. Gox Trustee May Have Crashed Bitcoin in 2018 by Dumping It on an Exchange, but There is Still Hope read more.
02/12/2019 / 18:08:00
Cryptonewsreview Neutral - Australian police mistake crypto mining rig for suspected pot farm read more.
02/12/2019 / 18:03:55
Newsbtc Neutral - Are TRX Prices Dumping Because “Changpeng Zhao and Justin Sun are Scheming”? read more.
02/12/2019 / 18:00:58
Ambcrypto Neutral - Cryptocurrency-hijacking malware ‘Clipper’ discovered on Google’s Play Store read more.
02/12/2019 / 18:00:16
Ccn Neutral - Gaming Giant Activision Blizzard Stock Could Get Crushed [Again] Tonight read more.
02/12/2019 / 17:59:00
Cryptopotato Neutral - #Weekly Price Analysis Overview Feb.12: Bitcoin, Ethereum, Ripple, Dash and Monero read more.
02/12/2019 / 17:58:39
Bitcoinmagazine Neutral - Morgan Creek Bags $40M Raise, Attracts Industry First Funding From Pensions read more.
02/12/2019 / 17:51:05
Cointelegraph Neutral - Software Giant Oracle Expands Its Enterprise Blockchain Platform read more.
02/12/2019 / 17:50:00
Cryptonewsreview Neutral - Firefox to offer cryptomining blocking in May release read more.
02/12/2019 / 17:36:48
Livebitcoinnews Neutral - Ethereum (ETH) Up 3 Pct at $120, as Bitcoin (BTC) Rallies 5 Pct at $3,600, Litecoin Also Poised to Rise read more.
02/12/2019 / 17:36:29
Cointelegraph Neutral - Payment Processor Netpay to Integrate Blockchain-Based Tool: Report read more.
02/12/2019 / 17:32:00
Ambcrypto Neutral - Tron [TRX/USD] Technical Analysis: Cryptocurrency succumbs to the bear again as prices stagnate read more.
02/12/2019 / 17:30:21
Ethnews.Com Neutral - Distributed Digest: Tuesday, February 12, 2019 read more.
02/12/2019 / 17:30:12
Dailyhodl Neutral - Payments Giant Western Union Preparing for Crypto, Tests Ripple and XRP read more.
02/12/2019 / 17:20:41
Cryptoglobe Neutral - Cryptocurrency Analysis Firm Chainalysis Raises $30 Million read more.
02/12/2019 / 17:20:00
Ccn Neutral - Did TRON Acquire a Liability in $126 Million Purchase of BitTorrent? A Record 3,300 Lawsuits Hit Platform’s Users read more.
02/12/2019 / 17:16:51
Ambcrypto Neutral - Bitcoin [BTC]: WikiLeaks provides evidence debunking Craig Wright’s claim to be Satoshi Nakamoto read more.
02/12/2019 / 17:15:47
Ccn Neutral - Why Asset Manager Canaccord Says Tesla Stock Will Explode by 40% in 2019 read more.
02/12/2019 / 17:15:08
Cryptobriefing Neutral - Bitcoin Cash / USD Technical Analysis: Still Going Down read more.
02/12/2019 / 17:02:39
Ambcrypto Neutral - Ripple’s CTO clarifies that Interledger Protocol [ILP] is not connected to the RippleNet yet read more.
02/12/2019 / 17:00:29
Bitcoinist Neutral - Binance Chain Decentralize Exchange Testnet Will Launch Next Week read more.
02/12/2019 / 17:00:06
Coindesk Neutral - Co-Founder Quits Avalon Mining Chip Maker Canaan Over ‘Differences’ read more.
02/12/2019 / 17:00:06
Newsbtc Neutral - Bitmain S15 Firmware “Very Buggy”, Will This Claim Affect BTC Prices? read more.
02/12/2019 / 16:58:38
Negative
3.2%
Neutral
96.0%
Positive
0.8%
Mixed
0%

Latest comments: