Home Bitcoin News Bitcoin, remittance transfers and different ways of buying BTC. – Cryptoline News

Bitcoin, remittance transfers and different ways of buying BTC. – Cryptoline News

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Bitcoin has now become the “SUN” of the Digital Currency Solar system and is going nowhere despite multiple predictions of it zeroing out or disappearing like most digital goods and services. Buying BTC has, however, been proving popular these days.

Bitcoin is here to stay, and given the way people are adopting BTC, it has provided it with new momentum for its growth.

The current adoption is coming not only from individuals but also from big corporations. Being faster and less costly than traditional money remittance companies has attracted many people to the coin especially from third world countries.

Using Bitcoin for cross border remittance transfers.

Sending funds on the blockchain is very fast. This is because it is decentralised and uses peer to peer transference as the method of propagation.

With Bitcoin, peers become nodes who verify each transaction passing through them, hence multiple checks making centralised platforms like Money Gram and Western Union not necessary.

These platforms have several security layers and manual overlooking which slows down the process.

You may want to use Bitcoin for your next remittance transfer. If so, below I will walk you through how to buy Bitcoin.

Different ways of buying BTC

Bitcoin ATM’s:

Bitcoin ATM’s are currently trending in many countries as they provide great user experience and are similar to traditional ATM’s which many people are already accustomed to in daily life.

The slight difference with traditional ATM’s is that Bitcoin ATM‘s accept cryptocurrencies through a step by step guidance on the screen.

This is one of the best options of buying BTC without the hassle exchanges some times put investors through with a con being that ATM’s require physical location and there are only a handful available ATM’s.

Also, the option of converting digital coins to fiat is not available across all machines.

OTC Exchanges:

Buying BTC anonymously through OTC’s has been a regular practice which again depended upon a physical location and a trusted party or broker authorising the deal.

This was transformed by the introductions of online OTC’s supporting ESCROW methods which hold the digital currency while both parties confirm the transaction status.

It was a grand success in terms of fiat conversions to Bitcoin and boasted Bitcoin’s usage in third world countries where crypto laws are vague or have already been banned.

Using Payment Gateways:

Some exchanges now allow investors and traders to use payment gateways to buy Bitcoins.

Some popular gateways used include services like Paypal. Using alternative payment methods like Paypal to buy Bitcoin could be a good idea given the fact that the payment service operates in many countries around the world.

Through other Crypto Assets:

Traders can use these centralised exchanges to trade coins and accumulate gains or store their coins, though storing coins on an exchange is extremely risky.

Final Note

Be KYC ready before using most of these sites as Crypto regulations now require most of them to collect and keep customer data.

Although these platforms and the Bitcoin itself may seem confusing to a first time user, the growing number of services, websites and applications make it now easier to buy, store or trade bitcoins.

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