3 Things to look for when buying bitcoin 👀
💡 Daily Reminder: Stay humble, stack sats
Bitcoiners,
Here are 3 main things to consider when evaluating which bitcoin exchange to use so you can choose an exchange that saves you the most money and time for your needs:
Price
Security
Ease of Use
Price
The price of Bitcoin fluctuates all day every day.
When you elect to purchase Bitcoin on an exchange, the price you pay updates every minute or so according to the average price on exchanges across the world. This is called the Exchange Rate. Some exchanges also charge you a Fee each time you buy Bitcoin using their service. When choosing how you want to buy Bitcoin, consider the price, which is composed of the Exchange Rate + Fee(s) you will be paying for the transaction.
Security
When it comes to security, one must consider both privacy practices and the reputability of an exchange.
When you signup for an account on a regulated exchange, you are required to upload proof of identification such as your driver's license as well as personal banking information. If an exchange does not have the proper security standards to keep its assets and customer information safe from a hacking attempt, you will be at major risk. Evaluate potential exchanges you want to use based on their reputability by reading reviews.
Ease of Use
Everyone loves a simply designed app or website that functions without error.
The same goes for bitcoin exchanges. Exchanges that make it mindlessly easy to sign up for an account and purchase bitcoin with a nicely designed user interface are the ones you want to consider using. Note, ease of use is usually a trade-off for less security and privacy offered by an exchange.
The best ways to buy bitcoin are the services that are easiest to use and offer competitive prices while maintaining a degree of security.
Happy Monday,
-Pod
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Eric Podwojski
Founder, Bitcoin EDU
Twitter: @epodrulz
Disclaimer: This should go without saying: This is not financial advice. This is not investment advice. I write this newsletter for education and entertainment. Act accordingly.
