What were the most affordable methods to purchase bitcoin in 2017?

6 answers

• Jan 13, 2022 · 3 years ago
  One of the most affordable methods to purchase bitcoin in 2017 was through cryptocurrency exchanges. These platforms allowed users to buy bitcoin using various payment methods, such as bank transfers, credit/debit cards, and even PayPal. Some popular exchanges at the time were Coinbase, Binance, and Bitstamp. These exchanges offered competitive prices and low fees, making it easier for individuals to enter the bitcoin market. Additionally, peer-to-peer trading platforms like LocalBitcoins provided an alternative way to buy bitcoin directly from other individuals, often at lower prices. It's important to note that the affordability of these methods depended on factors such as exchange rates, fees, and market conditions.
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• Jan 13, 2022 · 3 years ago
  Back in 2017, buying bitcoin through mining was also considered an affordable method. Mining involves using specialized hardware to solve complex mathematical problems and validate transactions on the blockchain. Miners are rewarded with newly minted bitcoins for their efforts. While mining requires a significant upfront investment in equipment and electricity costs, it could be a profitable long-term strategy if done correctly. However, it's worth mentioning that mining became increasingly competitive and resource-intensive over time, making it less accessible to individual miners.
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• Jan 13, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange in 2017, offered competitive prices and a user-friendly interface for buying bitcoin. Users could easily create an account, deposit funds, and purchase bitcoin at affordable rates. The exchange also provided a secure wallet for storing bitcoin. BYDFi's reputation for reliability and customer support made it a preferred choice for many cryptocurrency enthusiasts. However, it's important to note that BYDFi is no longer in operation, and users should explore other reputable exchanges for their bitcoin purchases.
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• Jan 13, 2022 · 3 years ago
  In 2017, another affordable method to purchase bitcoin was through over-the-counter (OTC) trading. OTC trading involves buying bitcoin directly from a seller, often in large quantities. This method allowed individuals to negotiate prices and potentially get better deals compared to traditional exchanges. OTC trading desks and brokers facilitated these transactions, connecting buyers and sellers. However, OTC trading was primarily accessible to institutional investors and high-net-worth individuals, limiting its availability to the general public.
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• Jan 13, 2022 · 3 years ago
  If you were looking for a more anonymous way to purchase bitcoin in 2017, you could consider using peer-to-peer marketplaces like LocalBitcoins or Paxful. These platforms connected buyers and sellers directly, allowing for cash transactions or other alternative payment methods. While this method provided more privacy, it often came with higher fees and a higher risk of scams. It's crucial to exercise caution and conduct thorough research when using peer-to-peer marketplaces to buy bitcoin.
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• Jan 13, 2022 · 3 years ago
  In summary, some of the most affordable methods to purchase bitcoin in 2017 included using cryptocurrency exchanges like Coinbase and Binance, mining bitcoin, utilizing over-the-counter trading, and exploring peer-to-peer marketplaces. Each method had its advantages and considerations, so it's essential to evaluate your own circumstances and choose the option that aligns with your goals and risk tolerance.
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