Easy Process to Buy Bitcoins on Jubiter

Bitcoin is a peer-to-peer technology that is not governed by any central authority or banks. It is electronic money that can be sent from one person to another without going through any financial institution.

The bitcoin network runs on its own blockchain technology, which records all transactions in a distributed ledger called the 'Blockchain.' The purpose of this blockchain is to make sure every transaction and balance associated with each bitcoin account can be verified and secured by everyone using the same protocol.

It is presently the dominant crypto currency in the world. It is open source and designed for the public, so nobody owns control of Bitcoin. In fact, there are only 25 million Bitcoins issued. Currently, Bitcoin has a crypto market cap of $12 billion.

Here are the cheapest way to Buy Bitcoin

• CoinBase
• Binance
• CoinSmart

Costs Involved in Buying Bitcoin

There arefour primary costslinked to buying Bitcoin on an exchange platform:

1. Trading fees
2. Payment method fees
3. Spreads
4. Fees for instant purchase

Trading fees and spreads arecharged by most exchanges, and it is very difficult to get away from them. Although, you can opt to use a payment method that does not incur additional funding fees, such as a bank transfer in place of using a credit card. You should alsoresist your temptation to buy bitcoin instantly as they incur additional fees.

Why is Bitcoin Cheaper on Some Platforms?

Bitcoin is a decentralized cryptocurrency, which means it does not depend on any central authority for its value. The price of Bitcoin or some other cryptocurrencies is a result of the market's demand and supply ratio.

This ratio is also not calculated equally across the world. Instead, it is calculated on every crypto trading exchange. Moreover, it also includes the owner's cost to cover its overheads, which can include security, functionality, and profit.

Therefore, it is possible to find new cryptocurrency exchanges offering Bitcoin at a significantly lower price than established platforms. However, this does not mean that newer cryptocurrency exchanges provide the cheapest way to buy Bitcoin

In this Bitcoin tutorial, you will learn:

• Costs Involved in Buying Bitcoin
• Why is Bitcoin Cheaper on Some Platforms?
• Some Cheapest Crypto Currency Exchanges to buy Bitcoin
• Things You Should Consider When Buying Bitcoin
• Other ways to buy or invest in bitcoin cheaply

Some Cheapest Crypto Currency Exchanges to buy Bitcoin

Name	Currencies	Trade Fee	Deposit Method	Security	Link
Coinbase	USD, EUR, AUD, GBP, HKD, INR, etc.	Maker and taker fees up to 0.50% each	Direct Bank transfer (ACH), Credit or Debit card, Bank transfer, and Wire transfer.	Two-factor authentication	Learn More
Binance	USD, EUR, AUD, GBP, NZD + 40 others	0.02% maker fee and 0.04% taker fees.	Bank transfer (ACH), Credit or Debit card, PayID, Cryptocurrencies.	Two-factor authentication	Learn More
CoinSmart	USD, EUR, AUD, CAD, GBP, JPY	0.20% for single trade** 0.30% for double trade.	Bank transfer, Credit card, Debit card, SWIFT, SEPA	Two-factor authentication	Learn More

1) Coinbase

Coinbase is an online crypto exchange platform that can be utilized for purchasing, selling, transferring, and storing cryptocurrencies. This crypto trading platform supports more than 100 countries.

Pros:

• More than 68 million verified users
• It allows you to schedule your currency trading on a daily, weekly, or monthly basis.
• You can easily store a wide range of crypto assets in offline storage
• Coinbase stores your funds in a vault for safety purposes.
• Support for a large number of crypto currencies
• Supported platforms: Web, iOS, and Android.

Cons:

• Spread pricing opens the possibility for high cryptocurrency investing fees
• High fees for debit card transactions

Key statistics:

Deposit Method: Bank transfer (ACH), Credit card, Debit card, ACH transfer, and Wire transfer.

Supported Fiat Currencies: USD, EUR, AUD, GBP, HKD, INR, etc.

Fees and Limits: Instant Card Withdrawal fee: Up to 1.5% of the transaction plus a minimum of $0.55.

Account Minimum: $2

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2) Binance

Binance is one of the best crypto exchange platforms. It offers trading for more than 150 cryptocurrencies. It also provides an API that allows you to integrate your current trading web or mobile app.

Pros:

• Binance crypto exchange offers a wide range of tools for trading bitcoin online.
• It is one of the cheapest ways to buy bitcoin. It provides basic and advanced exchange interfaces for trading.
• Does not require any KYC for daily withdrawal of up to 2 BTC.
• Supported platforms: Web, iOS, Android, and PC clients.

Cons:

• Fiat currency withdrawals take 1-5 business days

Key statistics:

Deposit Method: Bank transfer (ACH), Credit card, Debit card, PayID, Cryptocurrencies.

Supported Fiat Currencies: USD, EUR, AUD, GBP, NZD + 40 others.

Fees and Limits: 0.02% maker fee and 0.04% taker fees. Your limits will vary depending on your bitcoin purchases method.

Account Minimum: $100

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3) CoinSmart

CoinSmart is a cryptocurrency exchange that provides a secure and intuitive platform for digital trading assets. Enables you to place customized orders seamlessly.

Pros:

• Provide smart security with over 95% of coins in cold storage and 2 Factor Authentication
• Deposits credited on the same day it is received
• Provide access to fifteen coins, including Bitcoin, Ethereum, Litecoin, Polkadot, Shiba Inu, and Ripple.
• Provide instant verification for new clients
• You will get a deposit on the same day it is received

Cons:

• Fiat withdrawal process takes 1-5 business days

Key statistics:

Deposit Method: e-Transfer, bank wire, bank draft, credit/debit card.

Supported Fiat Currencies: USD, EUR, AUD, CAD, GBP, JPY.

Fees and Limits: 0.0005 BTC

Account Minimum: $0

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4) Coinmama

Coinmama is one of the best cryptocurrency platforms that allows you to buy cryptocurrencies with your credit card or debit card. This bitcoin exchange provides instant delivery of your coins.

Pros:

• Instant order delivery
• Transfer to any crypto wallet
• Numerous funding options
• It is one of the best crypto platforms which provides fast verification process of your account.
• Coinmama is one of the best cryptocurrency exchanges that offer 24/7-hour support.
• Provide fast account setup and verification.

Cons:

• Complex fee structure
• Higher fees may apply to instant delivery

Key statistics:

Deposit Method: Fedwire, SWIFT

Fees and Limits: Maker 2.86% – and 3.81% taker fee.

Account Minimum: $0

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5) Gemini

Gemini is a fully regulated cryptocurrency exchange. It is a simple, elegant, and secure and easiest way to invest in a bitcoin and crypto portfolio.

Pros:

• Discounts up to 0% for volume traders
• Offer good security measures
• Regulation equates to trust for many investors.

Cons:

• You need to provide lots of personal information.
• Comparatively higher fees than some other crypto exchanges.

Key statistics:

Deposit Method: ACH transfer, Wire transfer, and Debit card.

Fees and Limits: $0.99-$2.99 for orders under $200, 1.49% for orders greater than $200

Account Minimum: $0

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6) Cex.io

Cex.io is a crypto trading exchange that allows you to buy and sell Bitcoins. It helps you to deposit funds using Master, Visa card, or PayPal Debit MasterCard. It offers protection against DDOS (Distributed Denial-of-Service) attacks by giving full data encryption.

Pros:

• It allows you to trade bitcoin more than 10x leverage without creating a new account.
• It allows you to buy bitcoin with a debit card without any id verification process.
• Supported platforms: Mobile and web.

Cons:

• It can takes a long time before you get your account verified.
• Sometimes the withdrawals do not work instantly.
• No MetaTrader platforms

Key statistics:

Deposit Method: Credit and Debit cards, ACH, Faster Payments, Skrill, Qiwi.

Fees and Limits: 0-0.16% Maker fees and 0.10-0.25% Taker fees.

Verification: It allows you to buy bitcoin with a debit card without any id verification process.

Account Minimum: $0

A brief overview of Bitcoin

Created in 2009 by an individual or a group known as Satoshi Nakamoto, Bitcoin (BTC for short) is a decentralized digital currency that runs on a global peer-to-peer network called the Blockchain. Bitcoin, as with other cryptocurrencies, offers a cheaper way of transferring money since there is no central authority and can be transferred directly between users without a middleman.

According to Bitcoin's official website- bitcoin.org, Bitcoin was described as an innovative payment network and a new kind of money. Digital currencies like bitcoin are called cryptocurrencies since they are kept secure using cryptography. As a digital currency, bitcoin is kept in digital wallets. A cryptocurrency wallet consists of a public address and a private key (or the password).

The public address is what the owner can use to receive bitcoins; it is recorded on the blockchain network and can be seen by everyone. When someone wants to send you some bitcoin, they send it to your public address, and the transaction will be verified and recorded on the blockchain network, and everyone can see it. To access the bitcoin in your wallet, you will use your private key to log into the wallet.

» Learn more: How to Mine Bitcoin

What is Bitcoin's protocol?

A unit of Bitcoin is considered a sequence of digitally signed transactions recorded on the Bitcoin blockchain — a peer-to-peer network that operates on a cryptographic protocol. So, Bitcoin users send and receive bitcoins by broadcasting digitally signed messages to the network via their bitcoin wallets.

With reference to Bitcoin's official whitepaper, the set instructions that guide its operation as a cryptocurrency are as follows:

Peer-to-peer electronic payment: Bitcoin is to make it possible for an entity to send payment to another without going through a centralized authority like financial institutions. This peer-to-peer ability of Bitcoin is what made people intrigued by this technology, and hence its widespread adoption.

Elimination of the double-spending problem using a peer-to-to-peer network: Bitcoin is to provide a secure means of digital transfer of money without the problem of double-spending. Double spending is the possibility of spending the same coin more than once. Bitcoin was able to solve the problem of double-spending using a peer-to-peer network. "We propose a solution to the double-spending problem using a peer-to-peer network. The network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work." – Bitcoin whitepaper

Proof of work: The Bitcoin blockchain protocol uses proof of work to maintain the integrity of its network. The proof-of-work model is a consensus mechanism used to confirm and record Bitcoin transactions on the blockchain network, which is a public ledger made up of blocks of transactions. With this method, each block of transactions has a specific hash, and for the block to be confirmed, a Bitcoin miner must generate a target hash that's less than or equal to that of the block.

What does its token do?

Technically, Bitcoin is a coin and not just a token since it has its own blockchain network. The Bitcoin blockchain is not a smart contract platform, so there are no crypto tokens using the Bitcoin blockchain. However, there is a crypto asset with the name Bitcoin Token (BTCTC) that trades on a few unpopular exchanges, but there is no evidence that it runs on the bitcoin blockchain.

Having said that, let's consider the key use cases of Bitcoin. As you already know, BTC is used as money, and as such, it can be used in the following ways:

• To transfer money both locally and internationally
• To buy goods and services online
• As a store of value — it can be saved later used to exchange value.
• As a unit for measuring value — you can price goods or services in them.

Apart from these monetary uses, there is no other use for Bitcoin. The only other function is as tradable security for speculation.

Why do people trade Bitcoin?

Bitcoin and other crypto-assets are traded as securities on cryptocurrency exchanges. Being the first cryptocurrency to emerge and the largest by market capitalization, Bitcoin is the most highly traded crypto coin, and here's why people trade it:

• Huge volatility: As with other crypto assets, Bitcoin is known for its high volatility. It is not uncommon for the coin to make a double-digit move in a day. For experienced traders, the high volatility provides an opportunity for making huge profits.
• More liquidity: Compared to other crypto coins and tokens, Bitcoin has adequate liquidity to absorb huge orders. Its average daily trading volume is one of the highest.
• Flexible trading hours: The Bitcoin market is open 24/7. People enjoy the fact that they can trade at any time they want, including the weekends.
• The ability to go long or short: Bitcoin futures offer traders the ability to trade in either direction: go long or go short.

Why go long?

Bitcoin is the most popular and most valuable cryptocurrency, with lots of institutional interests. Given the fact that its supply is limited, the value of the coin is likely to increase as more institutions gain interest in the cryptocurrency space.

Why go short?

Despite its popularity and liquidity, Bitcoin is still highly volatile security. Its high volatility makes it a risky asset for new investors. Moreover, there are still concerns about the level of electricity consumption associated with Bitcoin mining; this could reduce people's interest in the coin in the future.

Bitcoin's competitors

Since the emergence of Bitcoin, other blockchain networks have been created to replicate Bitcoin's success. The closest competitor to Bitcoin is Ethereum, as it has the second-largest market capitalization.

However, the Ethereum network is a smart contract platform, while the Bitcoin blockchain is not. Since the Ethereum blockchain is a smart contract platform, many tokens have been created on its blockchain network, and its use continues to grow.

In terms of the blockchain, the closest coins to Bitcoin are Bitcoin Cash and Bitcoin SV. Bitcoin Cash is a result of a hard fork (spin-off) of the Bitcoin blockchain that occurred in August 2017. It was created to accommodate a larger block size compared to Bitcoin's block size of 1MB so as to allow more transactions into a single block. Thus, Bitcoin Cash and Bitcoin share several technical similarities. For example, their supply is capped at 21 million, and they use the same consensus mechanism.

Things You Should Consider When Buying Bitcoin

Here are important things that you need to consider when searching for the cheapest way to buy bitcoin:

Fees:

The cost of buying and selling bitcoin can vary from one crypto exchange platform to another. Moreover, trading fees for the buyers and seller also varies.

Investment Selection:

If you want to invest in Bitcoin or other cryptocurrencies, then you should look for a platform that offers a broad selection. For example, if you want to invest in Bitcoin and Stock in the same bitcoin exchange, then you should select a crypto exchange that provides both investment options.

Educational Resources:

Some famous Bitcoin exchanges have extensive libraries of articles, videos, and tutorials to help users to learn about Bitcoin and other crypto exchanges. If you are a new investor, it is certainly beneficial for you to sign-up with crypto decentralized exchanges that provide adequate education about Bitcoin mechanism, trading, market risk, trading fees, etc.

Bonuses:

To encourage crypto trading in their platform, there are many cryptocurrency exchanges that offer good sign-up bonuses for you and demand very low initial spending requirements. However, you should also remember that platform's bonus should not be the deciding factor. It can certainly help you to find a cheap option for crypto trading.

User-friendliness:

Depending on the investor, this can be varied. For example, if you are buying your first Bitcoin and only plan to occasionally buy and sell the digital currency, you want as simple a user interface as possible. However, on the other hand, if you are an experienced and trader, then you might want a trading platform that offers advanced options like charting tools, order options, etc.

Other ways to buy or invest in bitcoin cheaply

Here are some other easy ways to invest in Bitcoin securely and cheaply.

• Bitcoin ATMs: Bitcoin ATM works like normal ATMs, only difference is that you use them to buy and sell bitcoin.
• Bitcoin futures: Binance offers several ways for investors to trade on bitcoin futures, but this is pro-level stuff, not for amateurs.
• Grayscale funds: Grayscale Investments is a digital cryptocurrency asset manager. It offers two of its investment advice trusts —Grayscale Ethereum Classic Trust (ETCG) and Grayscale Bitcoin Trust (GBTC) that are publicly traded over the counter, which means you can buy them through many discount brokers.

FAQ:

❓ What is the Cheapest Method to buy Bitcoin?

The cheapest technique to buy Bitcoin is to buy it from someone at the current exchange rate. This helps you to avoid transaction fees. Example Binance P2P

If you are not able to trust this method, then you should opt for trusted crypto exchanges that also takes small transaction fees.

✔️ What to watch out when looking for the cheapest way to buy BTC?

Here are some of the cheapest ways to buy BTC:

• You need to make sure that you choose an exchange with a good reputation and adequate customer support.
• You should also check out the fees associated with each exchange before choosing one.
• It is important that you should compare at least three or four different sites before making your final decision on which exchange to use.
• If possible, it is always good to get in touch with customers who have used this particular exchange in order to get their opinion on how easy it was to sign up and how much they paid for their transaction.
• The more satisfied customers are, the better chance you have of getting them as clients when signing up yourself!

⚡ Is free Bitcoin legal and legit?

Yes, free Bitcoin is a completely legal and legit way to earn Bitcoins. It is a method of payment for using or consuming specific services. Here, should only remember that you will get a very small portion of Bitcoin called Satoshi.

🚀 Is Buying Bitcoin Safe?

Bitcoin is a digital currency that you can buy with fiat money. Before buying Bitcoins, make sure that you are familiar with the terms and conditions of the exchange platform. Some exchanges offer to hold your coins for some time period, while others let you trade directly on their platforms. You should also be aware of the fees charged by each exchange before making a purchase.

🏅 How can I buy Bitcoins without fees?

There are many places to buy Bitcoins without fees. One of the easiest ways is to use a Bitcoin ATM or visit one of the local exchanges. Another way is to find someone in your community who wants to sell their Bitcoins and trade with them.

❗ What are payment methods for buying bitcoin?

Here are Payment Methods that help you to carry your Bitcoin transactions:

Credit/Debit Card:

Investing in Bitcoin using a credit card is surely easy and fast as you don't leave your house. The transaction process is very easy and effective. However, in this method, you should keep in mind the amount you can buy is quite low and the fees are high too.

PayPal:

Paypal is the easiest way to buy Bitcoin, even easier than your credit card. The charges are high.

Bank transfers:

This method is a little bit slow, but the amount you can buy is quite high. The fees are also very low, especially on exchanges. This is certainly one of the best methods to buy bitcoin cheaply.

Cash:

Cash transactions are only way to buy Bitcoin anonymously. Credit cards and bank accounts are linked to your identity. Cash transactions aren't. Using cash on a Bitcoin ATM is relatively quick and easy. So, one can buy from LocalBitcoins, the most popular anonymous way to buy Bitcoin.

If you want to learn basics to advanced concepts about Blockchain Technology, here's a free tutorial you'll want to check out: Cryptocurrency Tutorial for Beginners

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