The people of the world have become busier, lazier, crazier, and security conscious, and by that, any product or service that isn't fast, easy, innovative, and safe isn't worth giving a cent. Now, let's bring it to Cryptocurrency and how speed, innovation, and safety benefits the crypto space.
In as much as individuals are faced with their busy schedules, with the current global pandemic, and crash in stock, Forex, and oil market, there seems to be one thing holding the centre together, Bitcoin and other cryptocurrencies, as they provide a hedge against inflation & recession which seem inevitable as the aftermath of the ongoing global economic crisis.
Prior to the BTC halving that took place in May 2020, there has been a high demand for it - due to its potential surge in price and an inflation-proof store of value. The cryptocurrency trend this year so far is quite similar to that which was witnessed prior to the bullrun of 2017. Enthusiasts argue that we may have yet another 2017 ICO boom upon us, although in decentralized finance (DeFi) clothing. A notable trend that supports this observation is the high influx of new users in the blockchain/crypto ecosystem and a volume of newly created wallet addresses.
For newbies in the crypto space, the most widely asked question has always centred around “How do I buy crypto”? The fear of every new bitcoiner is finding a legitimate stress-free platform to easily exchange their fiat to BTC or other alts. While the question of common ways to buy Bitcoin or other coins will be answered in this post, you would also gain an extra knowledge of what platform is good for Cryptocurrency exchange, Account-free, worry-free, and faster than light - you would have to read till the end though.
Let me give a quick background on what Cryptocurrency exchange is on a regular basis.
Crypto exchange works in a similar manner as the regular stock exchange where traders buy and sell shares or derivatives for profit from changing rates. However, in a simpler definition, this is where you exchange one cryptocurrency for another or fiat money for a cryptocurrency.
Now, let's get back to common ways to buy Cryptocurrency.
As you may already know, Bitcoin, like other crypto, is an electronic virtual currency which can't be touched. Although there has been news of bitcoin ATMs in certain parts of the world, it hasn't circulated to all regions and as such, that option is ruled out for most individuals, especially where I come from. But there are other safe options any newbie coming into the crypto space can leverage on.
- The Peer to Peer (P2P) - this is an easy way around, most especially if you are new to the space with little or no knowledge of how exchanges work. This platform takes a decentralized approach to exchange between individuals or groups. Unfortunately - I just have to mention this - it's not a guaranteed secure means of transaction. You have to be sure of where your cash is going so as not to fall victim of the dark lords of the Internet. Aside from this, if your merchant is verified and recommended by trusted sources, then you have my blessings.
- Over-The-Counter (OTC) - Just like the P2P, OTC is also a decentralized platform but this time, you know who you are dealing with. These ones do not meet the requirements to be listed on a standard crypto exchange platform. They are just a walk-in crypto exchange.
- The Centralized Exchange (CEX) - this may be a little confusing as the channel in which cryptocurrency exists is often known as decentralized. However, the idea of centralization means that there's a central authority controlling the affairs of what goes on in the exchange, also responsible for keeping users funds and information. Examples include: Binance, Bithumb, Bittrex, Mercatox, etc. On these exchanges, both buyers and sellers transact p2p without having to worry about trusting who’s at the other end of the screen as orders are systematically handled by smart contracts. However, trading on these exchanges requires some degree of technical trading-know-how. It is essential to have learnt the skills of order creation, funds transfer etc before deciding on using these exchange platforms.
- The Cards - this would be the fastest and most secure way of purchasing BTC or any other coin, but I should mention upfront that it has its challenges, however I've got the solution up my sleeve - it would be dropped soon. When you purchase any coin of your choice, it gets added to your wallet the moment your deposit is confirmed. Buying BTC with a credit or debit card also offers convenience since it is a method of payment many are already familiar with. A number of exchanges accept credit/debit cards as means of payment, some of which are Binance, Bitpanda, Coinbase, CHANGENOW, and so many others.
Let's talk about the challenge with cards and exchanges. This is the issue of region restriction as some of these exchanges are limited to some regions or countries. For instance, Coinbase is exclusive to the USA, Europe, Canada and Singapore, and the same with Bitpanda which is exclusive to Europeans. Although Binance has a wider coverage, there is a need for a KYC to use their fiat gateway, which is good but a longer and stressful way for those without an international passport or other government regulated ID specific to the region - that's real.
The issues with the various available methods of buying crypto has necessitated the need for a platform that does/offers limitless exchanges in absolute safety.
And so far, ChangeNOW has been a better option. This cryptocurrency exchange platform accepts credit/debit cards as means of payment, account free.
ChangeNOW is a non-custodial exchange platform created for easy, fast, safe, and efficient cryptocurrency exchanges. The innovative platform does not require any form of account creation or paperwork to use and it makes available for its users fiat gateway which makes it easy for users to buy and swap between over 200 cryptocurrencies with Visa or Mastercard without limits.
And aside from the ease of payment, ChangeNow also provides these services: Asset listing, Token Swap, Lightning Now, Premium Lounge, Now Nodes, Telegram Bot, and the NOWAcademy that is available to beginners where they can learn all about Blockchain and Cryptocurrency.
Getting to know that is mind-blowing for me and you can get to know more here.