If you are a fan of cryptocurrencies, chances are you are always fussing about where to buy them from. Obviously, we can’t complain about the lack of options for us since there are literally hundreds of channels for cryptocurrency, and especially Bitcoin purchases right now. You could buy them on exchanges, from Bitcoin wallets and so much more.
You even have a diverse range of options when it comes to paying for your coins. For example, while some people prefer to pay real money in exchange for their coins, some simply exchange other forms of cryptocurrency they own for the one they want. You could even use your credit or debit cards or pay directly from your bank accounts.
Still not satisfied? Well, you could even use any of your gift cards from major online or offline retailers in order to pay for your Bitcoins. How’s that for diversity and convenience? Truly, Bitcoins have managed to capture the markets in a way that almost no other commodity has managed to before. This entire campaign for cryptocurrency has been game-changing not just for the financial industry but also the world at large. We have been introduced to a currency that could potentially become the one central currency of the world in the near future.
Google Wallets: Google Embraces Bitcoin?
Have you ever really wondered what would happen if you combined two of the biggest crazes the world was experiencing at a time? Quite obviously, the results would be fantastic. And that is exactly what happened when the technology giant decided to step into the cryptocurrency game. Now you can use your Google wallets to buy Bitcoins. With the rampant popularity of the cryptocurrency domain and the ever-increasing influence of Google upon the world, you can be sure to get a great deal in the process. It must be noted while Google hasn’t explicitly denied or embraced Bitcoin payments on their platform, they are however stepping actively into the peer-to-peer payments arena, and it just so happens that the Bitcoin is already a big part of such payments.
Now here are, for your consideration a few tidbits on what to look for in an exchange that will allow you to purchase Bitcoins because that is what we are going to discuss next.
Cryptocurrency Exchanges: The Essentials
Exchanges are basically platforms where a range of buyers and sellers create their own personal accounts, and from then on, the website governs any and all kinds of trades that happen between them. If you are a Bitcoin seller for example, then after you create an account on the website you will automatically be connected to a huge list of buyers who will all be able to view your sale details and further will be allowed to contact you in case they are interested. After that, it is the seller’s duty to respond to whichever offer suits them the best and further proceed with the transaction. Similarly, for buyers, you will instantly gain access to so many different sellers and their own respective sale offers. As the buyer, you get to choose whichever seller you find best and then further proceed with the payment in order to gain access to your purchased Bitcoins.
But the problem lies in the fact that there are just so many different exchanges present in the market that it really becomes quite a task for the average buyer to choose one. You may not know which service to opt for, simply because you haven’t experienced them all. While one of them may offer the kind of fees you are looking for, another may tempt you with just the right kind of customer support in case of disputes. But your responsibility lies in choosing one which stands true to all these parameters and achieves excellence in a good range of such parameters.
You need an exchange service which gives you the lowest of fees since almost all of these services tend to charge a transaction fee on their services. The extent of this fee might vary from service to service, but it generally is somewhere around 0-5% of the total transaction amount.
Next, you don’t want to get stuck with an exchange that completely abandons its customers after they sign up. So make sure you sign up for a service which hosts some exceptional customer support. This is because when you are working with cryptocurrencies, there are bound to be a few problems on the way before you fully understand the process. And in order to make your way around such problems, you will need to have a well equipped and trained customer support team at your back.
However, if there is one thing to really look out for, especially because these are cryptocurrencies we are talking about, it is security. Whether you like it or not, cryptocurrencies do tend to have higher chances of getting stolen digitally. Hackers get away with some truly ingenious methods with which they can sometimes hack into even the most secure exchanges. If you trust a service enough to put your Bitcoins on it, make sure to read up a bit on their security protocols beforehand, just so that you know what you’re getting into. Never trust a website which has, in the past suffered from security breaches or one which doesn’t deploy adequate security measures.
Finally, and perhaps most importantly, do make sure that the exchange you are signing up for has a payment option corresponding to Google Wallets. While not all of the exchanges you encounter will host this payment method, the good ones definitely will, and those are the ones you need to look for.
But fret not, you might feel a little overwhelmed after looking at all of these requirements, which is why we are here to help. We have gone ahead and narrowed your search down to two of the best picks of the lot, and you now easily choose whichever one of the two you feel might suit you best.
Top 2 Best Ways to Buy BTC with Google Wallet
As a marketplace in itself and less of an exchange, LocalBitcoins is one of the best ways available for the average buyer today when it comes to making cryptocurrency purchases. Special emphasis has to be placed here on their amazing services when it comes to buying Bitcoins with the Google Wallet. Founded back in 2012, LocalBitcoins is unique in the sense that it is extremely private, meaning you won’t have to share much of your details to carry out a transaction on the platform.
The popularity of LocalBitcoins is pretty evident in the fact that in quite a few countries, this exchange happens to be the sole channel for buying Bitcoins. With the flexibility to use a variety of payment methods, one of which happens to be the Google Wallet, you just can’t go wrong with this one. Also, the exchange places no limits on the number of coins you can buy or sell at a time. Another feature you get when you sign up on LocalBitcoins is their in-person cash trade facility. These trades happen to be pretty well organized and usually take place fast and without any kind of hassle.
The only problem we can think of for this Finland based service is the fact that they charge a little extra when payments are made with cash and that the speed of transaction isn’t always up to the mark, for it always depends on the kind of payment method you have chosen to use.
The next exchange we are going to talk about is Paxful. This peer-to-peer Bitcoin exchange platform is great in the sense that it not just accepts Google Wallet as a form of payment, but also extends support for about 300 modes of payment, and that too worldwide. Those are some pretty amazing specifications for a cryptocurrency exchange.
Based out of Delaware in the United States, Paxful, similar to LocalBitcoins, doesn’t ask for IDs when it comes to making transactions. The service is completely private and there has been no instance ever of a customer’s details being compromised. With quick and simple transactions that are completed quite conveniently and fast, the great thing about Paxful is that it charges absolutely no fee for buyers on the platform. Previous records have clearly shown that the purchased Bitcoins appear in the buyer’s crypto wallet almost instantly after the payment goes through.
Additionally, the service is active almost all over the world, and the reputation the company has managed to build for itself over the years further adds to their credibility. If you are still not convinced, you can simply log on to their website and check out the names and details of the owners. All of that information has been consciously kept transparent in order to solidify the customer’s trust in the exchange.
That is all the information you need to know in order to make an informed decision on the cryptocurrency exchange you want. Be sure to follow our guidelines and always look for the characteristics we described above, and we are a hundred percent sure that you won’t go wrong. But remember, although the Google Wallet is simply of the many methods you get to choose from, it is certainly the one that shines out.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.