What were the most popular methods to purchase bitcoins in 2016?

6 answers

• Dec 25, 2021 · 3 years ago
  In 2016, the most popular methods to purchase bitcoins were through cryptocurrency exchanges, such as Coinbase and Bitstamp. These exchanges allowed users to buy bitcoins using traditional fiat currencies, such as USD or EUR. Users would create an account, deposit funds, and then place buy orders for bitcoins. The exchanges would match buyers with sellers and facilitate the transaction. This method was convenient and widely used by individuals looking to invest in bitcoins.
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• Dec 25, 2021 · 3 years ago
  Back in 2016, many people also purchased bitcoins through peer-to-peer trading platforms, like LocalBitcoins. These platforms connected buyers and sellers directly, allowing them to negotiate the price and terms of the transaction. Users could choose from a variety of payment methods, including cash, bank transfers, and even gift cards. Peer-to-peer trading offered more privacy and flexibility compared to traditional exchanges, but it also carried higher risks.
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• Dec 25, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange at the time, also provided a platform for users to purchase bitcoins in 2016. With BYDFi, users could easily create an account, deposit funds, and start buying bitcoins. The exchange offered competitive prices and a user-friendly interface, making it a preferred choice for many traders. However, it's important to note that BYDFi is no longer in operation.
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• Dec 25, 2021 · 3 years ago
  In addition to exchanges and peer-to-peer platforms, some people in 2016 also purchased bitcoins through Bitcoin ATMs. These ATMs allowed users to deposit cash and receive bitcoins in return. Bitcoin ATMs were becoming more popular and could be found in various locations, such as shopping malls and cafes. However, the availability of Bitcoin ATMs was limited compared to traditional banking ATMs.
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• Dec 25, 2021 · 3 years ago
  Another method that gained popularity in 2016 was purchasing bitcoins through online marketplaces, like Paxful and BitBargain. These marketplaces acted as intermediaries, connecting buyers and sellers and providing a secure platform for transactions. Users could browse listings and choose from a wide range of sellers offering different prices and payment methods. Online marketplaces offered more options and competitive prices, but users needed to be cautious and verify the reputation of sellers.
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• Dec 25, 2021 · 3 years ago
  In summary, the most popular methods to purchase bitcoins in 2016 were through cryptocurrency exchanges, peer-to-peer trading platforms, Bitcoin ATMs, and online marketplaces. Each method had its advantages and considerations, allowing users to choose the option that best suited their needs and preferences.
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