Cryptocurrency has been growing for several years but majorly gained recognition after 2017, when Bitcoin first took over global news. While it had been gaining and losing its position in the market till 2020, it observed immense growth in 2021. Moreover, it has held a dominating position in the market ever since.

As different cryptocurrencies have observed dips due to several reasons over the last few years, it is essential for anyone interested to have in-depth knowledge about the technology to be successful at it. Besides, with several institutions and governments of different countries supporting cryptocurrency and making enhancements in their structure to help financial transactions using digital currency, you must learn about the latest developments in this field and avail of the several benefits this technology offers. Furthermore, making strategic investments in successful cryptocurrencies like Bitcoin and Ethereum is guaranteed to generate profitable returns, thanks to the incredible growth of the crypto market.

Keep reading to learn all you need to know about cryptocurrencies and the top 5 ways to get Bitcoin and start your journey in the technology.

What do you mean by "Cryptocurrency"?

Cryptocurrency refers to digital money that can be exchanged and used for payments on digital platforms without the need for a central monetary authority. In place of control like a government, this currency is developed using the latest blockchain technology to make secure trades and payments.

Cryptocurrencies like Bitcoin are usually used for online payments for goods and services and are also part of major financial networks that allow transactions through this technology.

Top 5 Ways To Get Bitcoin

As cryptocurrencies are a global trend right now, getting your hands on one, especially the top-runner Bitcoin, is relatively easy. You can buy Bitcoins online and offline, which allows you to do so at your convenience. Here are a few ways to get Bitcoin.

1. Face To Face Deals

The best way to start your journey in the world of cryptocurrency is by making a deal face to face with the seller. Be it a friend, relative, neighbor, or simply someone who lives nearby, you can make face-to-face deals with anyone looking to sell Bitcoin for cash. You can also check out local Bitcoin meetups set up by enthusiasts looking to learn and "mine" coins with other supporters of the technology.

If you plan to visit a Bitcoin meetup, we strongly advise conducting some research, learning a few tips and tricks, and gaining extensive knowledge about the technology to ensure you make good trades.

2. Using P2P Platforms

Peer-to-peer platforms allow buyers to connect directly with the sellers. It will enable buyers to choose the mode of payment like bank transfer, Paypal, or cash-in-person. As different users charge different rates, so you must compare the sellers and buy Bitcoin from someone with a good reputation, positive review, and history of successful transactions.

Peer-to-peer platforms allow buyers to connect directly with the sellers. It will enable buyers to choose the mode of payment like bank transfer, Paypal, or cash-in-person. As different users charge different rates, so you must compare the sellers and buy Bitcoin from someone with a good reputation, positive review, and history of successful transactions.

Here are a few things you should keep in mind when dealing with cryptocurrency on P2P platforms:

1. Check competition rate and vendor's feedback- Before you set out to earn Bitcoins and make crypto-related transactions on a P2P platform, visit the seller's profile and carefully inspect their history on the forum. From their completion rate to the average time taken by them for a transaction, you can find all this crucial information on their profile.
2. Don't give all your assets until a transaction is complete- While you should be able to quickly deduce after visiting a vendor's profile whether they are trustworthy or not, you should always hold a few cards in hand. Don't give all your assets to a vendor until you have received the entire payment for the same. Make sure to follow this practice to ensure you don't fall for any potential scam or theft.
3. Always report suspicious activity- Reporting suspicious activity on a P2P platform not only helps you stay clear of scammers but helps the platform maintain a clean and secure system for other users too. If you ever find anything suspicious about a profile or are somehow being scammed in a deal, immediately report the incident to the platform. Also, contact the authorities if you need any other help with the same issue.

Here are a few of the best P2P cryptocurrency exchange platforms available in the market today:

1. Paxful
2. Remitano
3. LocalBitcoins
4. Whalesheaven
5. Hodl Hodl
6. LocaCoinSwap
7. Binance P2P

3. Use A Bitcoin ATM

Bitcoin ATMs are being installed all over the place to make it easier for anyone to make investments and buy some cryptocurrency. These ATMs are not precisely as private as P2P platforms and direct trades. However, if you're comfortable sharing some information with the machine, it opens up a vast world of opportunities that make it incredibly easy to buy Bitcoins.

Just look for a Bitcoin ATM near you on the Internet and visit it to make your first investment today. Here are seven simple steps you must follow to carry out smooth transactions at Bitcoin ATMs:

1. Create a crypto wallet before visiting a Bitcoin ATM to store your purchases.
2. Create a crypto wallet before visiting a Bitcoin ATM to store your purchases.
3. Visit a Bitcoin ATM.
4. Set up an account with the ATM operator by entering some personal details.
5. Enter your digital wallet details in the ATM.
6. Insert cash in the ATM that will convert it to cryptocurrency after charging, if any, the provider's operating fee and, sometimes, the miner's fee.
7. Confirm your purchase on the system, and you're done. The Bitcoins bought by you will be transferred directly to your digital wallet.

4. Investment Brokerage Firms

Several brokerage firms allow investors to buy and sell cryptocurrencies and make payments using digital currency. Such firms will enable you to make commission-free investments and make secure trades of cryptocurrencies on their platform. All you need to do is find a trustworthy investment brokerage firm with good reviews, create an account, and have the money to buy Bitcoin.

Here are a few rules every new investor should follow to ensure they don't face a huge loss:

1. Make and grow small investments rather than investing huge sums of money straight away. While the crypto market is attractive, you cannot earn Bitcoin without being careful. For example, if you plan on buying Bitcoin worth $2000, start with $200 and invest more if you observe growth.
2. Buy and sell only at extremes to make the most of your investments. Being impatient and rushing into attractive deals early on will only lead to you losing all your assets sooner or later. Even if you have a profitable sale at hand, don't sell all your assets and keep something for later.
3. It would help if you preferred making small trades. Although huge deals seem much more attractive, you are prone to lose vast amounts of money quicker as well.
4. Don't get stuck and hold a losing position. An investor needs to avoid turning minor setbacks into huge losses. For example, if you sell your assets for $15,000 while seeing someone else get around $20,000, don't lose hope.
5. Create a trading plan for yourself and strictly adhere to it to avoid getting stuck in situations mentioned in rule number 4. Even if you observe incredible growth in the value of your assets, trade it or some part of it as per your trading plan. Waiting for more development doesn't guarantee profitable returns, and as it is said- a bird in the hand is worth two in the bush.
6. Don't stick to a single financial product. You must distribute your money and use the money for other kinds of non-crypto investments. If you aren't familiar with other investment options, start small, just like you should in crypto, and increase your holdings as you learn.

Payment Services

Different payment services like Paypal, Venmo, and CashApp have recently introduced new features that allow users to buy, sell, and store cryptocurrencies on these platforms. For example, there is an entire section dedicated to Bitcoin trades on the CashApp. In addition, the platform offers an opportunity, known as Bitcoin Boost, to earn Bitcoin for cash back on purchases made with the CashApp card.

Thanks to the wide range of options now available in the market, buying cryptocurrencies is quite a simple task. First, however, you must have a digital wallet to store your cryptocurrency. Read on to learn more about digital wallets.

What is a Blockchain Wallet?

As cryptocurrencies are managed on a public ledger system and accessed through the Internet, top-grade security is needed for anyone planning to buy and store it for the long term. Blockchain wallets are a solution to this issue, and creating one is considered the most critical task for an investor before making any cryptocurrency transactions.

While the wallet doesn't literally store your crypto, it acts as the key to securely access the cryptos you own. So although the crypto remains in the blockchain, you own it and are the only person that has access to it.

There are two types of blockchain wallets- software wallets and hardware wallets. As the name suggests, software wallets let you access your crypto through the web like web wallets, mobile wallets, and desktop wallets. On the other hand, hardware wallets are physical devices with secure access to your digital money. Here are some details about each of the wallets mentioned above:

1. Web Wallets- These easy-to-use wallets are usually hosted by the exchange platforms you use to buy and sell crypto. Although there is some risk of using such wallets, including the potential case of the entire platform getting hacked, it is arguably the easiest way to manage digital currency.
2. Mobile Wallets- A mobile wallet is simple software on a phone or a tablet. As some of these wallets are non-hosted, you are responsible for safely storing and managing private access to your crypto.
3. Desktop Wallets- Desktop wallets are similar to their mobile counterparts and are software stored on a desktop. Like mobile wallets, it needs to be safely stored and adequately managed by the owner.
4. Hardware Wallets- This is the best form of security for storing cryptocurrency, where you can securely store access to your digital money offline on a piece of hardware. While you will be required to connect the device to access your crypto, it can be safely kept in cold storage for several years. However, you will be entirely responsible for keeping track of your data and passwords to ensure you don't lose your digital money.

How To Use A Wallet?

After you have finalized the type of wallet you want, you will need to set up an account or download software on your mobile, tablet, or desktop. The next step involves entering security keys that will be used to access the wallet. Besides, to enhance security, some wallets have a two-step authentication option.

Once you have created a wallet, you need to move your cryptocurrency from the platform you bought it to your wallet. When prompted, look for a "send" option on the exchange platform and enter your wallet address. Next, enter the amount of crypto you want to move to the wallet, and you are done.

Conclusion

Cryptocurrency dominates the world and has slowly become a recognized form of transaction on several significant platforms. You need to gain in-depth knowledge about the technology before you make any transactions related to the same. Once you know the intricate details of trading in crypto, create a digital wallet and use any of those mentioned above top 5 ways to earn Bitcoin and start trading and making payments using cryptocurrency.