Virtual currencies have undergone a meteoric rise since they first appeared on the market some ten years ago. While it was unknown and obscure at the start of its life, Bitcoin led the charge as by far the most important, popular, and valuable virtual currency. Fast forward to 2017, one Bitcoin (BTC) was worth almost $20,000. Nothing was the same after this. Companies and regular people both saw the potential and started to invest heavily in BTC and its many cousins. Today, millions around the world are involved in Bitcoin trading in one way or the other.
As it has long become mainstream, there are currently hundreds if not thousands of places where you can purchase whatever amount of Bitcoin you can or wish. Despite this being the case, not all of them are of equal quality, nor are they equally worth the users’ and customers’ trust. With this in mind, we will now explore the saturated market of services where you can buy Bitcoin in 2020. Of you wish to find out more about the exciting world of cryptocurrencies and Bitcoin, head on over to invisioncommunity.co.uk to learn just how important and influential this cryptocurrency is nowadays.
Best Places to Buy Bitcoin in 2020
If you like using services and products that are simply best overall, Coinbase is definitely the one to try out when buying BTC is the topic. It is both the most respected and the biggest Bitcoin platform in the USA, offering digital wallets and BTC exchanges in one. Therefore, it is easy to use it even if you are a beginner since you have everything you need in one place. Except for BTC, Coinbase also deals with other currencies like Bitcoin Cash, Litecoin, and Ethereum.
When you open your account, you will also have to link your bank account to it in order to be able to purchase your cryptocurrency. It is very easy to transfer funds from and into your bank account and e-wallet. There is a fee, however, currently at 1.49% for the US transactions between your Coinbase USD wallet and your bank account, as well as a fixed credit card fee of 3.99%.
Regarding security, you can rest easily knowing Coinbase is among the most secured cryptocurrency services out there. It can be opened either with the mobile or Web app, it has the fan-favorite two-factor authentication, and it backs up data. Up to $250,000 is insured against a potential breach or theft too. Lastly, 98% of the currencies of the customers are kept safe offline.
2. Cash App
In case you are all about versatility and like using your mobile device in your cryptocurrency work, Cash App will be of great help. This popular app is great for both selling and buying BTC, all while you are on the go. The app is developed by a company called Square, which has a lot of experience in the mobile industry. Still, they branched out into other industries, like financial technology, and Bitcoin is only a part of their newfound expertise.
The best thing about using Cash App for purchasing Bitcoin is not the mobility, but the fact there are no fees whatsoever. Similarly to Coinbase, you can also store your BTC amount with Square and their Square Cash account. From there, you can withdraw or sell, however, and whenever you like. The users are even able to send their coins to other e-wallets. The per week limit for purchases is $10,000, and there is no limit on how much you can sell.
Robinhood is the best choice for purchasing BTC right now if you are looking for a low-cost option. The service started its life as a stock brokerage without any fees. Recently, however, they expanded into the interesting world of virtual currencies, but have decided to keep their no fees policy! This means you can sell and buy BTC and other cryptocurrencies without losing any of your money in the process.
It is worth mentioning that this is primarily a mobile app. Just like Cash App, the users who like doing their business on the go will benefit the most from it. Desktop trading is possible as well. One downside is that Robinhood has introduced some geographical limits in May of 2020, so make sure to check if you can access their great set of services from where you are.
Binance is an amazing cryptocurrency service for customers who enjoy doing business in multiple virtual currencies. Since it supports and encourages the use of more than one, it has a wide range of options, from big names like Bitcoin, Litecoin, Bitcoin Cash, and Ethereum, to its own virtual currency called Binance Coin, or BNB for short. The fees are almost nonexistent, considering it is only 0.1$ for all trades. If you like experimenting with virtual currencies while doing business in BTC, you will surely enjoy Binance.
This app works on desktops and on mobile devices, and the only downside currently is that some Android devices experience occasional problems with the dedicated app. This is nothing major, however, as it only shows in the form of slightly delayed withdrawals of come lesser popular currencies. In addition, there is no insurance involved, which discourages many who wish to do business with larger amounts of digital and fiat currencies.
- Coinbase Pro – This is the best and most convenient option for customers who are active traders.
- Coinmama – If you are all about easy and quick transactions, you cannot go wrong with Coinmama.
Takeaways and Conclusion
These six cryptocurrency services are the absolute best when it comes to purchasing new amounts of Bitcoin in the year 2020. No matter how much you mean to spend or how much business you generally do with Bitcoin, the aforementioned apps are able to fulfill all your BTC needs, from buying and selling, to withdrawals and safekeeping. Depending on which features you cherish the most, you can choose the one best tailored to your specific needs. All that is left for you to do is invest that money you have saved up for BTC and start making more!