Last Updated on July 9, 2022 by Shounak
If you don’t have access to unlimited cheap electricity and specialized hardware, Bitcoin mining is pretty much dead in 2021.
But, you can try your luck at cryptocurrency exchanges and buy Bitcoins when they are cheaper and sell them when Bitcoin prices spike up.
Yes, there are significant risks in this method. There is no guarantee that you will get your money back, but you will get some returns for sure, which can’t be said for mining.
Hence, the only profitable way to make money through Bitcoin is by trading it or accepting Bitcoin for your products or services.
With that out of the way, if you have made up your mind that you wish to try your luck in trading Bitcoin, you will be glad to know that there are multiple simple yet effective answers to ‘How do you buy Bitcoin in 2021’.
In this article, we will be taking a deep dive into those answers, trying to explain as much as we can in simple terms.
Binance is a cryptocurrency exchange with an advertised $2 Billion average daily volume. It is one of the fastest crypto exchanges, and probably the largest concerning shear trade volume.
It is considered one of the safer options for crypto exchange, due to its use of two-factor authentication. However, Binance did undergo a significant hack in May 2019, which resulted in 7000 Bitcoins being stolen from the exchange.
It was initially based in China but moved out of there because of China’s increasing Cryptocurrency regulation.
Binance offers one of the easiest to use platforms to trade cryptocurrency and is highly rated by many traders. It even allows you to buy up to 2 Bitcoin without any KYC!
- Well known among expert traders worldwide
- Provides Basic and Advanced options for both beginners and expert cryptocurrency traders
- Two-factor authentication for added security
- More than 100 different cryptocurrencies to choose from for trading on the platform
- No KYC needed for buying or trading up to 2 Bitcoin.
The Coinbase platform for cryptocurrency exchange has been a go-to answer to the ‘How do you buy Bitcoin’ question for most cryptocurrency traders out there.
Coinbase is simple and very easy to use. The fee on transactions is relatively low as well. For beginners, the platform is pretty straightforward to understand, and the UI is excellent.
However, all transactions on Coinbase are monitored, meaning that you don’t have complete control. The support leaves you asking for more as well.
- Not-so-great support, we have seen a large number of negative feedback for Coinbase’s lack of customer care
- Great UI to speed up the learning process for beginners
- Recommended to have a hardware wallet to store your Bitcoins if you wish to use Coinbase for buying Bitcoin
If you are an Indian and wish to know how do you buy Bitcoin in India, then WazirX is probably what you are looking for.
WazirX is based in Mumbai, India, and was acquired by Binance in 2019. It has its own token WRX that can be used for paying transaction fees.
WazirX was the only cryptocurrency exchange that withstood the ban from RBI as others like Zebpay simply vanished.
You can use WazirX’s platform from smartphones, Windows PCs and Macs.
- One of the most trusted cryptocurrency exchange in India
- Supports 70+ cryptocurrencies
- Two-factor authentication using SMS or Google Authentication
IIM Calcutta Alumni developed Giottus to create a customer-centric ideologies-driven cryptocurrency exchange and provide a strong contender for ‘How do you buy Bitcoin’ arguments.
It allows near-instant deposits and withdrawals through INR for all Indians. The app is available on Android Play Store, and over 100’s of Cryptocurrency pairs are supported for trading.
Moreover, as an introductory offer, Giottus offers 0% trading fee, and 0% withdrawal fees until 31st of January, 2021 for all users on Ripple (XRP).
- Instant UPI deposit options now available for INR deposits
- 0% Trading and withdrawal fees on Ripple (XRP)
- Only available for android smartphones
- Over 100’s of cryptocurrency pairs supported
If someone asks you, How do you buy Bitcoin? You can recommend one of the options listed here, according to their need.
Each of the cryptocurrency exchanges listed here has its positives and negatives, and the best among them would depend on your needs.
I want to mention here that trading Bitcoin is high-risk and you should only invest as much money as you can afford to lose. Happy trading!
I hope this article helps you and if you have any queries related to it then do leave your comment below. If you have not joined our community then you can now. We are very active there and have been sharing important information there.
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