The rising price of Bitcoin in recent years and the adoption of Bitcoin as one of the global financial platforms that have brought about fundamental changes in trading have increased people’s interest in Bitcoin. That’s why many people are looking to buying Bitcoins. One of the most popular ways to get Bitcoins is buying using fiat.
What is Fiat?
Fiat is a national currency that is not dependent on the price of valuable assets such as gold and silver and is controlled by the issuing government. So in fiat, it means a government-issued currency, and its value is based on supply and demand and the stability of the issuing government. Examples of Fiat currencies include dollars, Euros, etc. Fiat currencies are controlled by centralized power and hugely depend on economic factors. But the danger that threatens fiat currencies is their devaluation. Given that they are not dependent on valuable reserves such as gold, etc., they are at risk of losing their value due to inflation, public distrust, and other factors.
However, fiat currencies can retain the country’s economic roles. A major distinguishing difference between Bitcoin and Fiats is that it is not controlled by any government or organization. Due to this Bitcoin feature, there are many enthusiasts who want to convert their fiat currencies to Bitcoin.
Fiat to Bitcoin
There are many Exchanges that exchange fiat currencies to Bitcoin and other cryptocurrencies. One of these Exchanges is Coinbase, we have prepared the necessary training on how to buy digital currencies and bitcoins in this Exchange. Click to see this post.
Peer-to-Peer Service
Another way to buy Bitcoins with fiat currencies is to use peer-to-peer service. This cryptocurrency trading platform creates a direct connection between seller and buyer. The buyer can send fiat currencies to the seller’s account and buy Bitcoins or other cryptocurrencies of their choice. In this type of exchange, there is no need to pay a commission to deposit, exchange, or withdraw funds. Also, there are various payment methods in this platform, including cryptocurrencies, gift cards, and bank card transfers, etc. However, using this method provides good security and speed for buy Bitcoins using fiat.
Exchange Aggregators
Buying Bitcoins using fiat currencies is very easy and profitable in exchange aggregators. In this way, the whole buying process is very short. All you have to do is fill in the payment information and then your Bitcoin is ready in your wallet. You should also note that there is no need for a withdrawal fee and all operations are performed in a completely transparent environment. Example of Exchange Aggregators:
- Changelly
- CoinSwitch
Buying Bitcoin from an ATM
Another way to buy bitcoins is to use an ATM. These devices are available in different cities and you can get your Bitcoins in your wallet by paying a certain amount. But getting Bitcoins takes a little time. Also, these devices are not available everywhere. So they are less effective than other methods introduced.
In-app Purchase of Bitcoin
There are many applications that you can install on your mobile phone and buy Bitcoins and other cryptocurrencies for yourself by paying Fiat currencies. These programs offer you payment with fiat currencies such as Dollars, Euros, etc. After paying the specified amount, you can immediately receive your Bitcoin in your wallet.
Given the advantages of Bitcoin over fiat currencies, the methods mentioned above can help you buy Bitcoins with fiat currencies. Each of these methods offers specific features to users and they are trying to increase people’s connection with the world of Bitcoin and digital currencies. But keep in mind that Bitcoin, given its decentralization and anti-inflationary properties, could well become a serious competitor to fiat currencies. So before it’s too late, buy bitcoin and move into a decentralized world and fight inflation.