Bitcoin is basically a crypto currency, it is a digital currency and it is completely virtual. You can use Bitcoin like you do online banking. You can pay for products and services with Bitcoins or you can even sell Bitcoins. The world is starting to accept the importance of Bitcoins as it is the age of technologies all around and most of the business have shifted towards online businesses. But as some countries are accepting Bitcoins, there are also a few countries that are banning them. Each Bitcoin is basically a computer file which is stored in a digital wallet app on a smart phone or computer.
One year ago, PayPal announced that it would be allowing its customers to buy and sell Bitcoin. So, now you can buy BTC with PayPal. You must be wondering how Bitcoins work and how are they exchanged.
Well, PayPal allows its customers to convert their PayPal money into Bitcoins. All you have to do is find an authentic trading platform and marketplace and buy Bitcoins from there. It is important to find a reliable platform because PayPal transactions are irreversible.
Platforms to buy Bitcoins
Some of the most reliable platforms are as follows:
Etoro is a multi-asset platform that offers both investing in stocks and cryptocurrencies, as well as trading CFD assets. The Etoro platform is regarded as one of the easiest ways to buy Bitcoin with PayPal.
Paxful gives vendors the ability to create offers in all currencies. To use Paxful on PayPal, the buyer needs a verified USA PayPal account. Once you have that, the rest of the procedure is simple.
XCOINS is a peer to peer lending platform on which buyers can buy Bitcoins from sellers. They accept payments in USD. This platform is very simple to use and is great for making extra money on the side.
LocalBitcoins is a person to person Bitcoin trading platform that specializes in connecting buyers and sellers. Its plus point is that this platform is available in every country of the world. It’s a private platform and buyers get their Bitcoins fast.
Wirex is a debit card that automatically converts multiple cryptocurrencies at the point of sale, letting you spend money from your Wirex account in real life, anytime, anywhere. It has multiple funding methods.
Pros and Cons Bitcoins
Pros of Bitcoins
Bitcoins are very useful as they are very liquid. It is very easy to cash out and sell your bitcoins when needed. Also, they are secure because you always know where your bitcoins come from and where they go. Moreover, you are more likely to make profit from them than to go at loss. They are also very accessible because cryptocurrency make it easy to buy bitcoins.
Cons of Bitcoins
The cons of buying Bitcoins are that they limited use. You have to convert them to money first if you want to buy things from Bitcoins because there are a lot of companies which have not yet accepted Bitcoin payments. And also once you’ve made a transaction, there is no way to reverse that transaction.
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The general rule of thumb is: invest as much as you can afford to lose. Also, do not invest money you would need in the next year or two.
Generally Bitcoin is the safest for the longer term. Others include Ethereum, BNB etc.
Generally the safer coins offer little risk but with that comes lesser profit as well. Good altcoins may offer more profit in the shorter period but it is generally more risky to invest in them