Buying Bitcoin with Fiat Currency Is Simpler Than You Think

Buy Bitcoin with Fiat Currency

The lure of Bitcoin is slowly starting to take hold of people around the world. Now that digital currency is accepted as a viable form of trade and not only a volatile investment, cryptocurrency start-ups are hitting the market in force. As a result more and more consumers are turning to e-currency to make their daily purchases. One of the more notable additions to this craze are online casinos, who have found Bitcoin and other popular cryptocurrencies a great fit for the needs of their customers.

Maybe that’s the very reason you are reading this article? Are you interested in Bitcoin gambling, but are not quite sure how to get your hands-on cryptocurrency? Well, you have come to the right place! In this article we offer you an easy to follow guide for buying Bitcoin, as well as what to steer clear of in the process.

PURCHASE OVER EXCAVATION

In the early days of cryptocurrency, mining was the most direct way of getting your hands-on Bitcoin. Excavating algorithmic codes from the blockchain by way of high-powered GPU machines was a costly yet very rewarding venture. However, competition in the mining sphere combined with price fluctuations have made this a less viable option for the average Joe. As such, many investors and consumers have turned to buying, and trading, cryptocurrency with fiat currency as a revenue generator.

As with any investment purchasing Bitcoin with fiat currency comes with its own challenges, and it is wise to spend time watching and learning about this emerging market before jumping in with both feet. On the mining front Bitcoin evangelists are predicting a strong growth in value over the next 12-24 months, perhaps some light mining might be worth considering?

BEST BUYING METHODS

The best way to buy Bitcoin with fiat currency is to make use of a reliable cryptocurrency exchange. If you’re not sure where to start when you deposit via your Vegas Casino account we have links to: Coinbase, Gemini and the Cash App for our US customers. Internationally we recommend ShapeShift. Each of these companies offer affordable and reliable fiat to crypto trades and vice versa.

You will need to bear in mind, that whenever fiat currency is involved, there will be some form of regulation imposed. Some the compromises included in trading fiat currency for e-currency are:

  • Pesky Fees: When trading fiat currency for cryptocurrency there is always a cost involved. Mining avoids these fees, as there is no middle man needed to load the wealth to your wallet. When purchasing the crypto with money, a middle man is required to fulfil the process, and they don’t work for free.
  • Restricted Trade: There are certain regions in the world that outlaw trade in cryptocurrency. Most legitimate traders will respect these laws and therefore not allow you to buy e-currency if you fall within the exclusion zones.
  • Fiat Currency Is Not Anonymous: One of the advertised perks of being able to trade on various Bitcoin platforms is the advantage of being able to remain anonymous and shield your private details from enquiring eyes. If you purchase through a registered exchange, you will need to provide KYC Documents. These document requirements include having to submit a positive form of identification for yourself, as well as provide proof of address by way of your latest utility bill. This way, regulators can trace your steps and keep an eye on your trades.

Irrespective of the above, trades at verified exchanges are still the most reliable and secure way to get into the crypto game. You can also approach a trusted financial advisory business and chat to them about Bitcoin Futures. These sorts of investments can be a little riskier than traditional trade, as you do not keep the cryptocurrency in your own account.

BYPASS THE KYC

If anonymity is a must for you, there are other legitimate ways of buying Bitcoin without using an Exchange. Person to person trades can be done, though you better trust the person you are paying, or else you could be left in a world of hurt. There are many heart sore stories of people paying money for Bitcoin and then never having the cryptocurrency transferred to them. In these sorts of cases, there is very little you can do to recover your funds.

Rather approach a platform, like LocalBitcoins.com. This site is in the business of pairing up legitimate buyers and sellers of Bitcoin and other popular e-currencies. Buyers and seller are rated from previous transaction histories to establish their trustworthiness – think of it as a Yelp score for person to person BTC transactions. A verified user is generally a safer approach option, even if the trade is slightly heavier on your pocket then an unverified user’s price. Purchases take place via bank transfer with speedy and convenient transaction times. Be aware though, that your bank may become suspicious of frequent purchases. Investigation on their part may see some red tape crossing skills needing to be employed.

You may also approach online Bitcoin ATMS. These software programs are designed to trade without knowing who you are. These ATMS can be easy to find, but this depends mostly on the region you are living in. Many of these are quite reliable, but this practice does not come without risks. We advise that if you do go this route, ensure that you use a protected browser with a VPN to avoid criminal elements.

THE THINGS TO BE AWARE OF

For the most part cryptocurrency exchanges rely on purchasing Bitcoin via direct bank deposits or with smaller cryptocurrencies (oddly enough). There are a few international exchanges which allow the use of credits like the previously mentioned ShapeShift.

However should you stumble across an unverified seller or private entity, or even unverified exchange and they push for you to purchase Bitcoin from them using your credit card it might be best to avoid them. In our experience, many of the unverified sites promoting credit card payments for Bitcoin may be a bit dubious. We hate to paint everyone with the same brush, but in this case, the statistics speak for themselves.

Another strategy of the dodgy dealer is to demand payment via PayPal. While some people have been known to trade small amounts of Bitcoin via PayPal, we do not advise this at all. Paying for e-currency is actually against the rules of the platform. If you are caught doing so, you may be reported, and your account will most probably be frozen and closed.

BEDROCK BASICS

If you are new to the industry, then we implore you to keep to the basics and not to try and skirt around regulations. Regulated business is always the safe way and is the best business to do. Choose a reputable exchange name in the industry, with an easy to use interface and great security. Keep it simple and the rewards could be infinitely more soothing to the soul. Bitcoin exchanges will insure far less frustration, as they are easy to access and use.