What were the top ways to buy bitcoin at a low cost in 2017?

8 answers

• Dec 26, 2021 · 3 years ago
  One of the top ways to buy bitcoin at a low cost in 2017 was through cryptocurrency exchanges. These platforms allowed users to trade their fiat currency for bitcoin at competitive rates. Some popular exchanges during that time were Coinbase, Binance, and Bitstamp. By using these exchanges, individuals were able to take advantage of the market fluctuations and buy bitcoin when the price was relatively low. It was important to compare the fees and prices offered by different exchanges to ensure the best deal.
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• Dec 26, 2021 · 3 years ago
  Another way to buy bitcoin at a low cost in 2017 was through peer-to-peer trading platforms. These platforms connected buyers and sellers directly, eliminating the need for intermediaries and reducing transaction costs. LocalBitcoins and Paxful were popular peer-to-peer platforms during that time. Users could find sellers who were willing to sell bitcoin at a lower price or negotiate a better deal. However, it was crucial to exercise caution and verify the reputation of the seller before making a transaction.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a digital currency exchange, was also a popular choice for buying bitcoin at a low cost in 2017. With BYDFi, users could take advantage of their low trading fees and competitive exchange rates. The platform provided a user-friendly interface and a secure environment for buying and selling bitcoin. It was important to create an account and complete the necessary verification process to start trading on BYDFi.
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• Dec 26, 2021 · 3 years ago
  To buy bitcoin at a low cost in 2017, some individuals opted for mining. Mining involved using specialized hardware to solve complex mathematical problems and validate bitcoin transactions. Miners were rewarded with newly minted bitcoins for their efforts. However, mining required significant investment in equipment and electricity, and the profitability varied depending on the market conditions and mining difficulty.
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• Dec 26, 2021 · 3 years ago
  In addition to exchanges, peer-to-peer platforms, and mining, another way to buy bitcoin at a low cost in 2017 was through over-the-counter (OTC) trading. OTC trading allowed individuals to buy large amounts of bitcoin directly from sellers or liquidity providers. This method often offered better prices and lower fees compared to traditional exchanges. OTC trading desks such as Genesis Trading and Circle Trade were popular choices for institutional investors and high-net-worth individuals.
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• Dec 26, 2021 · 3 years ago
  During 2017, some individuals also took advantage of arbitrage opportunities to buy bitcoin at a low cost. Arbitrage involved buying bitcoin from one exchange at a lower price and selling it on another exchange at a higher price, profiting from the price difference. This strategy required quick execution and monitoring of multiple exchanges to identify profitable opportunities. However, it was important to consider the fees and liquidity of the exchanges to ensure a successful arbitrage trade.
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• Dec 26, 2021 · 3 years ago
  Another way to buy bitcoin at a low cost in 2017 was through dollar-cost averaging. This strategy involved buying a fixed amount of bitcoin at regular intervals, regardless of its price. By spreading out the purchases over time, individuals could mitigate the risk of buying at a high price and take advantage of the overall downward trend in bitcoin's price. Dollar-cost averaging was a popular strategy for long-term investors who believed in the potential of bitcoin.
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• Dec 26, 2021 · 3 years ago
  In summary, the top ways to buy bitcoin at a low cost in 2017 included using cryptocurrency exchanges, peer-to-peer platforms, mining, OTC trading, arbitrage, and dollar-cost averaging. Each method had its own advantages and considerations, so it was important for individuals to choose the strategy that aligned with their goals and risk tolerance.
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