Cryptocurrency

Crypto Ownership in Cyberspace – How Does It Work?

Did you know that Bitcoin was introduced to the public in 2009 and to this day we don’t quite know who invented it? Over a decade later cryptocurrency has become more popular than ever before. If you are ready to get into the world of crypto but are not 100% sure about moving forward with crypto ownership, we are here to help.

Our guide below will explain the most common ways to become a crypto owner. Read on to learn more.

Buying Bitcoin with an ATM

One way to own some cryptocurrency is via a Bitcoin ATM. They are quickly spreading from town to town, so with a simple search, you should be able to locate one close to your area.

With a Bitcoin ATM, you simply insert cash into a machine and use your smartphone to verify some information, and then it allows you to purchase the amount you want, and it transfers your crypto to your digital wallet. 

If you opt to buy via an ATM you will have to pay a conversion fee along with a purchase fee. Usually, the fees are a bit higher than other buying options. 

Buy with a Debit Card

You can also opt to buy a digital asset such as coins or digital artwork through an exchange online. If you purchase an exchange you can use either a debit card, or a transfer right from your bank (ACH transfer) if you link your bank account, or some exchanges allow you to use a credit card. 

The least expensive way is a bank transfer because usually, an exchange will charge zero fees or a very nominal fee for opting to purchase crypto this way. If you use a credit card this is sometimes treated like a cash advance, so your credit card company might charge you a cash advance fee along with higher interest charges. 

If you want to buy NFTs we recommend you check out this Cryptoart for a better idea of the costs. 

PayPal

Another option is to buy crypto with your PayPal account. You can either connect your account to a bank account or a debit card or use your PayPal balance to fund your purchase. As of the writing of this post, you can purchase Litecoin, Bitcoin, Ethereum, and Bitcoin Cash directly through PayPal.

Keep in mind that if you purchase via PayPal you do not own the keys to your digital wallet. This means that in essence, PayPal has control over how they keep your money safe. Not owning your wallet also means that you can’t send your crypto to someone else’s wallet. 

Feeling Like a Crypto Ownership Pro?

Now that you learned the ins and outs of crypto ownership, you can make an informed decision on whether you also want to invest some money in digital currency and the method you want to use to buy your crypto. 

Did our guide come in handy today? Please continue browsing this section for our latest guides.




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