How to Buy and Sell Bitcoin: A Beginner’s Guide

There’s no doubting the fact that bitcoin’s value has risen drastically since it first came on the scene in 2009. Once derided as a passing fad, bitcoin is now considered something that just might change the world.

If you’re an investor in Montreal, you’re probably wondering how to buy bitcoin in Montreal or sell bitcoin. You can’t just jump right in though — it’s different from other investments you can make. You first need a primer on how to trade bitcoin.

This article will walk you through a brief crash course in cryptocurrency for beginners and where to buy bitcoin.

Contents

Toggle

Cryptocurrency Exchanges

Unfortunately, the government does not support any kind of cryptocurrency yet. That means you’re not going to be able to convert your money to bitcoin at the bank.

One of the most common options for buying and selling bitcoin is cryptocurrency exchanges. An exchange will require that you set up an account with them. They also have a certain amount of money you can store with them.

A good cryptocurrency exchange will have several cryptocurrencies you can trade with. As you become more and more aware of the value of different crypto’s, you’ll most likely want to diversify your investments.

Direct Trading

You’re also able to trade your cryptocurrencies directly with another person, whether that’s online or digitally. However, this is one of the hardest ways to verify someone’s credentials.

If you’re looking to sell some bitcoin, you’ll usually find someone online who’s willing to buy. These interactions are called “P2P interactions”, and have their own platforms. You can also make a posting if you’re willing to buy.

You can also trade face-to-face, whether that’s with someone you met on one of these sites or a family member who happens to be in the world of bitcoin as well. It should be noted, however, that bitcoin rates between countries vary.

Bitcoin ATMs

You might not gave heard of them yet, but bitcoin ATMs are going global. There are currently tens of thousands in our country alone, and you’ll most likely have one near you by the end of the next few years.

A bitcoin ATM allows people walking by off the street to exchange their money for bitcoin. Some take cash, and some take debit cards. They generally charge fees that are a bit higher than what you’d normally find in an ATM — sometimes significantly higher.

Head over to www.bytefederal.com for all of the best information about bitcoin ATMs. On that site, you’ll find a bitcoin ATM near you easily.