By: Mantri Prasad Markandeyulu
Part – 4 A Blog Series On Cryptocurrency
Other ways to buy or invest in bitcoin
Bitcoin ATMs. These work like normal ATMs, only you can use them to buy and sell bitcoin. Coin ATM Radar shows more than 7,000 bitcoin ATMs around the U.S. Peer-to-peer bitcoin owners. You can buy bitcoins directly from other bitcoin owners, much like you would buy items on Craigslist, through peer-to-peer tools like Bisq, Bitquick and LocalBitcoins.com.
Use extreme caution if buying bitcoin directly from individuals. Bitcoin futures. TradeStation offers a way for investors to trade on bitcoin futures, but this is pro-level stuff, not for amateurs. Here’s how to get started trading futures. Grayscale funds. Grayscale Investments is a digital currency asset manager. Two of its investment trusts — Grayscale Bitcoin Trust (its ticker symbol is GBTC) and Grayscale Ethereum Classic Trust (ETCG) — are publicly traded over the counter, which means you can buy them through many discount brokers.
There are fees, and GBTC often trades at a premium, that is, GBTC shares often cost more than bitcoin, even though bitcoin is its only holding. The thinking is that some investors are willing to pay extra to buy bitcoin through a traditional exchange, without needing to worry about wallets and storage.
What to know before you buy
Have information you may need handy. Setting up a cryptocurrency account takes minutes, but you’ll need to provide some information, including your Social Security number and the number to your bank account, debit card or credit card to fund your bitcoin account. Some providers also may require you to have a picture ID. Record and safeguard any new passwords for your crypto account or digital wallet (more on those below).
Don’t use a credit card. Although some providers allow you to purchase bitcoin by credit card, making investments by borrowing from a high- interest product like a credit card is never a good idea. Bitcoin and other cryptocurrency investments are not insured by the Securities Investor Protection Corporation for exchange failures or theft, a protection that traditional stock brokerage accounts enjoy up to $500,000. Some exchanges like Coinbase provide private insurance, but that doesn’t protect against individual online breaches like someone stealing your password.
Using a secure, private internet. connection is important any time you make financial decisions online. Buying bitcoin while at the coffee shop, in your hotel room or using other public internet connections is not advised.
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