There is a saying that goes by the best time to buy Bitcoin was ten years ago, but the second-best time to buy is now. Every year, Bitcoin has continued to prove that it is here to stay, and crypto will soon rule the world of decentralized finances.
If you’re planning to buy crypto, there are plenty of platforms where you can do so. In this article, we will help you understand how to convert cash to bitcoin. Besides that, we will discuss using both exchange accounts and P2P platforms.
Crypto Exchange Platforms
Crypto exchange platforms are the easiest method if you are looking to convert money to bitcoin. Almost all crypto exchange platforms have a web app, Android and iOS apps, and a PC application. This means that you can do transactions from any device on the fly.
You will need to sign up for an account first so that you can use the services. After signing up for an account, some websites will require you to verify your account. So, you will probably have to upload your ID or DL as proof of your identity.
Some exchange account platforms such as Nakitcoins will not ask you to verify your account. If you’re a newbie looking for how to convert money to bitcoin, we would recommend you sign up with Nakitcoins. Their web platform is easy to use and features a great user interface, which makes it easier for newbies looking to buy, sell, or swap crypto coins.
P2P websites are quite similar to exchange accounts. In fact, some exchange accounts offer P2P services on the same platform. The process of using the services available on the platform is quite simple, too. You will need to sign up for an account, and the good thing here is you do not need to verify your identity.
Once your account is set up, you can then buy cryptocurrency with no id. P2P websites or services are much faster compared to using centralized crypto exchange platforms. Your transactions are also kept anonymous. P2P websites usually mimic a marketplace with merchants selling different coins at different prices. Most merchants sell the coins at a lower price than the market rate to attract more clients. However, before you engage a merchant, make sure you preview their rating and customer response rate.
Buying and selling crypto is much simpler nowadays thanks to the various centralized and decentralized trading platforms available. If you are planning to invest in huge sums of crypto, make sure you invest in a premium crypto wallet service. When you convert money to bitcoin and store it in a hot wallet, you’re always vulnerable to attacks from hackers.
It is not always advisable to use wallet services provided by crypto exchange service platforms. The reason why is that you do not have complete ownership of your private keys. You also stand the risk of losing all of your assets if the platform is attacked or goes rogue.