Best Way to Buy Bitcoin

With so much competition already in the bitcoin trading space, everyone seems to be looking for the best way to buy bitcoin. Well, it’s certainly not easy, given that there are hundreds of exchanges and platforms out there providing this service. In order to compete to be the best, these exchanges are constantly improving in terms of security, transaction fee, flexibility, ease of buying, reachability, and other things. Now, it’s your job to find the best exchange to buy Bitcoin from according to your particular preferences and needs.

Here, we will talk about some of the best ways to buy bitcoin in India.

Buy Bitcoin from a Regular Centralized Exchange

A centralized crypto exchange is generally controlled by a third party, i.e. the platform owner. These types of exchanges can further be divided into two categories:

regular centralized exchange
P2P centralized exchange

The owner and the team of a regular crypto exchange will be in full control of the users’ money, data and transactions. While they use algorithm-backed order books to match buy-sell orders, all transactions are processed by the platform itself, for which it charges a commission or transaction fee.

Regular bitcoin exchanges are easy to use and they have good security, but they might support your local currencies to buy bitcoin. If you are looking for more privacy and better payment options, a P2P exchange would be a better option.

Buying Bitcoin through a P2P Exchange

A P2P bitcoin exchange is also a centralized exchange, but the owner or team has limited control over user trades. The major role of such an exchange is to help traders find and connect with each other so that they can trade in a private and secure manner. The platform plays a negligible role in actual trading. It only comes into the picture when there is a trade despite or security issue.

For instance, the Shiftal P2P exchange allows traders looking to buy/sell bitcoin to connect and trade directly with each other. For quick resolution of disputes, the platform has a robust support system, including the industry-first callback request feature for immediate dispute resolution.

Shiftal is also the best way to buy Bitcoin using fiat currencies and other regional payment options. All in all, the platform supports over 70 global payment methods.

Buying bitcoin on Shiftal is also very easy. All you have to do is create an account on the Shiftal website, and then you can start exploring available offers to buy bitcoin at the best price. And Bitcoin trading on Shiftal is completely FREE, as long as you do not create a new ad.

Buy Bitcoin from a Decentralized Exchange

The third option to buy Bitcoin is through a decentralized exchange, which is a peer-to-peer crypto exchange that allows buyers and sellers to connect and trade directly. I know it sounds exactly like the P2P exchange, but there are minor differences. On a decentralized platform, there is no owner or third party. All transactions are 100% automated and executed by Smart Contracts. While this may seem like the most secure and private way to buy Bitcoin, this method is prone to technical errors, as a smart contract is simply ‘code’ that can often go wrong and may also be hacked.

Also, trading on a decentralized exchange is not simple and/or flexible, especially for beginners. They might need you to have some technical knowledge beforehand.

Conclusion

If we compare the above three, P2P Shiftal exchange certainly seems like the best way to buy Bitcoin. It’s secure, flexible and has a robust support system to manage trade disputes. Moreover, it enables traders to buy Bitcoin using multiple fiat and digital payment options, effectively expanding its reach to developing and underdeveloped countries with limited digital access.

Users are advised to do their due diligence and invest only after verifying the authenticity of a Bitcoin exchange. Compare different exchanges in terms of support, security, trading fee and other things before selecting the right Bitcoin exchange for your needs.

Source: https://medium.com/