How and Where to Buy Talking Ben Coin (Ben)

How and Where to Buy Talking Ben Coin (Ben)

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Investing in Bitcoin (BTCUSD) may appear difficult at first, but it becomes much simpler once you break it down into parts. Investing in or trading Bitcoin just requires a service or an exchange account, while additional secure storage methods are advised.

A cryptocurrency exchange account, personal identity documents if using a Know Your Customer (KYC) platform, a secure Internet connection, and a method of payment are all requirements for ambitious Bitcoin investors. It’s also a good idea to have your own personal wallet separate from your exchange account. Bank accounts, debit cards, and credit cards are all acceptable payment methods on this road. Bitcoin can also be obtained through specialized ATMs and peer-to-peer trades.



Before Purchasing Bitcoin,

For Bitcoin investors, privacy and security are critical concerns. Anyone who obtains the private key to a Bitcoin public address has the ability to authorize transactions.  Private keys should be kept private; if criminals learn about big holdings, they may try to steal them. Keep in mind that the balance of a public address system can be seen by anyone. On the other hand, an individual can create many public addresses for themselves using this public information. As a result, users can disperse their Bitcoin holdings among multiple addresses. Keeping substantial investments at public addresses that are not directly connected to those used in transactions is a wise practice.

Anyone, including you, has access to the blockchain’s transaction history.

Although transactions are stored openly on the blockchain, personal information about users is not. Only a user’s public key displays next to a transaction on the Bitcoin blockchain, making transactions confidential but not anonymous. In this respect, Bitcoin transactions are more transparent and traceable than cash transactions since, unlike private cash transactions, they are all visible to the public. However, Bitcoin transactions are designed with an element of anonymity in mind. On the blockchain of the cryptocurrency, tracing the transacting parties—that is, the sender and recipient of bitcoin—is extremely difficult.

According to international experts and the FBI, transactions on the Bitcoin blockchain can be tracked to users’ other online accounts, including their digital wallets.  When someone opens a Coinbase account, for example, they must present identification.  When that person buys bitcoin, it is now associated with their name. It can still be traced back to the Coinbase purchase that is linked to the account holder’s identification if they transmit it to another wallet. Most investors should be unconcerned about this because Bitcoin is legal in the United States and most other industrialized countries.


The steps of purchasing bitcoin are outlined here. Remember to conduct your homework and choose the best solution for you depending on your specific circumstances.



Step 1: Select a cryptocurrency trading service or platform.

How and Where to Buy Talking Ben Coin (Ben)Choosing a crypto trading provider or venue is the first step in purchasing bitcoin. Cryptocurrency exchanges, payment services, and brokerages are all popular trading services and venues for obtaining cryptocurrencies. Cryptocurrency exchanges are the most convenient alternative because they provide a wider range of functions and a greater number of cryptocurrencies to trade.
You can purchase, sell, and hold cryptocurrency by signing up for a cryptocurrency exchange. Using an exchange that allows consumers to withdraw cryptocurrency to their own personal online wallet for safety is often the best strategy. This functionality may not be important to people trying to trade Bitcoin or other cryptocurrencies.

Cryptocurrency exchanges come in a variety of shapes and sizes. Some exchanges allow users to remain anonymous and do not demand them to provide personal information because the Bitcoin ethos is based on decentralization and individual sovereignty. These exchanges are often self-contained and decentralized, which means they don’t have a single point of control.

Although such systems have the potential to be used for evil, they can also benefit the world’s unbanked people. Anonymous trades can assist integrate specific groups of individuals into the mainstream economy, such as refugees or those living in countries with little to no infrastructure for government credit or banking.

However, the majority of prominent exchanges are currently not decentralized and adhere to laws that require users to produce identification papers. Coinbase, Kraken, Gemini, FTX, and Binance.US, to name a few, are among these exchanges in the United States. The number of features available on these exchanges has increased dramatically.

In the previous decade, the crypto ecosystem has expanded dramatically, with numerous new tokens fighting for investment cash. Except for Bitcoin and a few well-known coins like Ethereum, not all of these tokens are available on all exchanges. Each exchange has its own set of criteria for deciding whether or not to allow certain tokens to be traded.

Bitcoin and an increasing number of altcoins are available through Coinbase, Kraken, and Gemini. These three are perhaps the most straightforward crypto entry points in the entire industry. Binance caters to the more experienced trader, with more serious trading features and a larger selection of cryptocurrency options. FTX, a rapidly rising crypto exchange with a multibillion-dollar valuation, only accepts a small number of altcoins from US investors. 4

Traders outside of the United States, on the other hand, have a larger selection of tokens on its platform.

When opening a bitcoin exchange account, it’s critical to follow safe Internet practices. Two-factor authentication is required, as well as a long, unique password with a mix of lowercase letters, capitalized letters, special characters, and numerals.




Step 2. Connect your exchange to a payment method in step two.

You’ll need to assemble your personal paperwork once you’ve decided on an exchange. These may contain images of your driver’s license or Social Security card, as well as details about your employer and source of income, depending on the exchange. The information you’ll need is likely to be determined by the place you live in and the regulations that govern it. The procedure is similar to that of opening a traditional brokerage account.

You will be asked to connect a payment option after the exchange has validated your identity. Most exchanges allow you to connect your bank account or a debit or credit card directly. Although you can buy cryptocurrency with a credit card, this is not a good idea because cryptocurrency price fluctuation might inflate the entire cost of buying a coin.

Although Bitcoin is legal in the United States, certain banks may query or even refuse to accept deposits to cryptocurrency-related websites or exchanges.

6 It’s a good idea to double-check that your bank enables deposits at the exchange you’ve chosen.

Deposits made with a bank account, debit card, or credit card have different costs. It’s crucial to learn about the fees associated with each payment method before deciding on an exchange or which payment option is ideal for you.

Exchanges also levy transaction fees. These costs can be either a flat fee (if the amount traded is small) or a percentage of the amount traded. In addition to transaction costs, credit cards include a processing fee.



Step 3: Make a purchase.

After selecting an exchange and linking a payment method, you can purchase bitcoin (or other cryptocurrencies). Cryptocurrency exchanges have gradually become more common in recent years. In terms of liquidity and feature set, they have greatly expanded. The changes in bitcoin exchange operations correspond to the shift in public opinion of cryptocurrencies. An industry that was formerly regarded to be a scam or one with questionable methods is steadily transforming into a respectable one that has piqued the interest of all of the financial services industry’s major players.

Cryptocurrency exchanges have now progressed to the point where they offer practically the same services as their stock brokerage counterparts. Today’s crypto exchanges provide a variety of order types and investment options. Almost every cryptocurrency exchange accepts market and limit orders, with some also accepting stop-loss orders. Kraken has the most order types among the exchanges discussed above. Market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders are all available on Kraken. 7

Aside from a range of order forms, exchanges also provide means for customers to set up regular investments, allowing them to dollar-cost average into their preferred assets. For example, Coinbase allows users to schedule purchases for each day, week, or month.



Step 4: Keep it safe.

Wallets for bitcoin and other cryptocurrencies offer a secure way to store digital assets. Keeping your crypto in your personal wallet rather being on an exchange ensures that only you have access to the private key to your funds. It also allows you to store funds outside of an exchange, reducing the chance of your assets being stolen if your exchange is hacked.

Although most exchanges provide users with wallets, security is not their primary concern. For substantial or long-term bitcoin holdings, we don’t advocate using an exchange wallet.

Some wallets have a greater number of features than others. Some are Bitcoin-only, while others allow you can store a variety of cryptocurrencies. Some wallets also allow you to exchange one token for another.

You have a number of alternatives when it comes to selecting a Bitcoin wallet. The concept of hot wallets (online wallets) and cold wallets is the first thing you should learn about crypto wallets (paper or hardware wallets).



Wallets in high demand

Hot wallets are another term for online wallets. Hot wallets are digital wallets that run on Internet-connected devices including PCs, smartphones, and tablets. Because these wallets generate the private keys to your money on these Internet-connected devices, this can pose a risk. Though a hot wallet can be highly useful for quickly accessing and transacting with your assets, putting your private key on an Internet-connected device makes it more vulnerable to hacking.

This may seem unlikely, but hot wallet users who haven’t put up adequate security risk losing their assets to theft. This isn’t something that happens infrequently, and it can happen in a variety of ways. It would not be wise to brag on a public place like Reddit about how much bitcoin you have while employing little to no security and storing it in a hot wallet. However, if care are followed, these wallets can be made secure. Minimum criteria should include strong passwords, two-factor authentication, and safe Internet browsing.

Small quantities of cryptocurrencies or cryptocurrency that you are actively trading on an exchange are best stored in these wallets. A hot wallet is similar to a checking account. According to conventional financial thinking, you should keep only your spending money in a checking account and put the rest of your money in savings or other investment accounts. Hot wallets fall into the same category. Mobile, desktop, web, and exchange account custody wallets are all examples of hot wallets.

Exchange wallets, as previously stated, are custodial accounts given by the exchange. The private key to the cryptocurrency contained in this wallet is not held by the user of this wallet type. You would lose your funds if the exchange was hacked or your account was compromised. Within bitcoin forums and communities, the phrase “not your key, not your coin” is frequently used.



icy wallets

A cold wallet, in its most basic form, is one that is not linked to the Internet and so has a far lower risk of being hacked. These wallets are also known as hardware wallets or offline wallets. These wallets hold a user’s private key on a device that isn’t connected to the internet, and they can include software that runs in the background so that the user can browse their portfolio without risking their private key.

A paper wallet is maybe the most secure way to store cryptocurrency offline. A paper wallet is a wallet that may be printed from a variety of websites. It then generates both public and private keys, which you can print out on paper. You can only access cryptocurrency in these addresses if you have the piece of paper containing the private key. Many people laminate these paper wallets and keep them in their bank’s safe deposit box or even in their home safe. Because you can’t immediately sell or trade bitcoin stored in these wallets, they’re best for high-security and long-term investments.

A hardware wallet is a more popular sort of cold wallet. A hardware wallet is a USB drive device that securely maintains a user’s private keys off the internet. Such wallets have a number of advantages over hot wallets, including the fact that they are immune to viruses that could infect a computer. Private keys never come into contact with your network-connected machine or possibly vulnerable software with hardware wallets. These devices are usually open source, which allows the community to verify their safety through code audits rather than a company certifying them safe to use.

Cold wallets are the safest way to keep bitcoin and other cryptocurrencies. However, setting them up necessitates a higher level of technical understanding.

A good method to set up your wallets is to have three of them: a buying and selling exchange account, a hot wallet to hold small to medium amounts of crypto you want to trade or sell, and a cold hardware wallet to store significant holdings for lengthy periods of time.



How to Purchase Bitcoin Using PayPal

How and Where to Buy Talking Ben Coin (Ben), You can also buy bitcoin using PayPal Holdings, Inc., a payment processor (PYPL). Using PayPal, you can buy bitcoin in two ways. The first and most easiest approach is to buy cryptocurrency with a PayPal account linked to a payment method like a debit card or a bank account. The second alternative is to purchase cryptocurrency from a third-party supplier using the funds in your PayPal account. Because few third-party sites allow customers to purchase bitcoin via the PayPal button, this approach is not as convenient as the first.

Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are the four cryptocurrencies that may be purchased directly through PayPal. 9 Residents in all states can utilize their existing PayPal accounts or create new ones, with the exception of those who live in Hawaii. You may now utilize the “Checkout With Crypto” function to buy products and services with your coins. 10

The following information is required to open a crypto account with PayPal: name, physical address, date of birth, and tax identification number.

It is not feasible to buy Bitcoin with a credit card using PayPal. PayPal will display a price for the coin during the purchase process. However, because to the volatility of cryptocurrency markets, that price is vulnerable to quick change. It’s a good idea to make sure you have more money in your bank account than the amount you allocated for the transaction.

PayPal profits from the crypto spread, or the gap between Bitcoin’s market price and its USD exchange rate, when you buy bitcoin directly from them. In addition, each purchase is subject to a transaction fee. The amount of these fees is determined by the purchase price. For purchases between $100 and $200, for example, a fixed cost of $0.50 is levied. The fee is then calculated as a percentage of the total dollar amount. For crypto purchases between $100 and $200, for example, a fee of 2% of the whole amount is levied.

One drawback of buying cryptocurrencies with PayPal is that you can’t transfer them outside of the payment processor’s platform. As a result, you won’t be able to move your bitcoin from PayPal’s wallet to an external crypto wallet or your own wallet.

Another downside of utilizing PayPal is that only a small number of exchanges and online traders accept the payment processor as a method of payment. eToro is one of the few online trading platforms that accepts PayPal for bitcoin purchases.



Using a Credit Card to Purchase Bitcoin

If thinking How and Where to Buy Talking Ben Coin (Ben). Buying bitcoin with credit cards works similarly to buying it with debit cards or via automated clearing house (ACH) transfers. You must submit your credit card information and authorize the transaction with the exchange or online trading firm. Purchasing bitcoin with a credit card, on the other hand, is generally not a smart idea. This is due to a number of factors.

First, due to processing fees and the danger of fraud, not all exchanges allow credit card purchases of bitcoin. This option may turn out to be in customers’ best interests. This is due to the fact that credit card processors can tack on extra fees to such purchases. As a result, you will have to pay processing fees in addition to transaction fees, which the exchange may pass on to you.

The second reason is that using a credit card might be costly. Bitcoin purchases are treated as cash advances by credit card companies, which impose high fees and interest rates. Purchases of cryptocurrency, for example, are treated as cash advances by American Express and Chase. As an example, if you buy $100 worth of bitcoin with an American Express card, you’ll pay $10 (the current cash advance fee for such transactions) plus a 25% annual percentage fee. Furthermore, the credit card provider places a monthly restriction of $1,000 on bitcoin purchases.

Obtaining a Bitcoin rewards credit card is an indirect means of acquiring bitcoin with a credit card. These cards work in the same way as a regular rewards credit card, except that the rewards are in bitcoin. As a result, they put the money they get back from purchases into Bitcoin. The BlockFi Bitcoin Rewards Credit Card is an example of a Bitcoin rewards card. 15 However, keep in mind that the annual fees for these cards can be high, and there may be additional costs involved with converting fiat dollars to cryptocurrency.



Bitcoin ATMs are a new way to buy bitcoin.

Bitcoin ATMs function similarly to bitcoin exchanges in person. Individuals can put money into a machine to buy bitcoin, which is subsequently sent to consumers’ online wallets. Bitcoin ATMs have grown in popularity in recent years, and even Walmart Inc. (WMT) is experimenting with a pilot program that will allow customers to buy bitcoin. Coin ATM Radar can assist in locating the nearest machines.

ATMs, on the other hand, are a costly choice. ATM bitcoin purchases are subject to two fees: a purchase fee and a conversion fee for converting a fiat currency to bitcoin. Both costs are relatively high when compared to other solutions. For example, the global average purchase cost at Bitcoin ATMs is 8.4 percent (of the purchase amount), and the worldwide average sale fee is 5.4 percent.



Exchanges between people on the internet

Unlike decentralized exchanges, which anonymously match buyers and sellers and assist all parts of the transaction, some peer-to-peer (P2P) exchange platforms allow users to connect directly. An example of such an exchange is LocalBitcoins. Users can submit requests to purchase or sell bitcoin after creating an account, providing information about payment methods and prices. Users then search through purchase and sell listings, selecting trading partners with whom they want to do business.

Some parts of the trading are made easier by LocalBitcoins. Although P2P exchanges do not provide the same level of anonymity as decentralized exchanges, they do allow users to compare prices. Many of these exchanges also feature rating systems, which allow users to assess potential trading partners before making a transaction.

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Brokerages that are well-known

Due to the ambiguity surrounding the regulatory status of cryptocurrencies, only a few major brokerages offer bitcoin purchasing and trading options. One exchange that supports crypto trading is Robinhood Markets, Inc. (HOOD), a popular app among individual investors. It makes money via paying for order flow, sending its trading volume onto other trading platforms or brokerages, and charges 0% commission for bitcoin trades and purchases.

Although the lack of a commission fee may be appealing to newcomers, there are a few caveats to that offer. To begin with, Robinhood lacks the variety of services and coins given by well-known crypto exchanges such as Coinbase. Seven cryptocurrencies are now available for trading on Robinhood’s platform: Bitcoin, Bitcoin Cash, Ethereum, Bitcoin SV, Dogecoin, and Ethereum Classic. 18 Coinbase, on the other hand, allows users to trade over 100 different cryptocurrencies. 19 During trading, the exchange also provides a variety of order types to reduce risk and offset losses.

A hosted wallet is also not available on the Robinhood platform. As a result, if you want to buy cryptocurrencies through Robinhood, you’ll have to account for the cost of an online wallet.



How to Make a Bitcoin Sale

You can sell bitcoin at the same places you bought it, such as cryptocurrency exchanges and peer-to-peer networks. The procedure of selling bitcoin on these platforms is usually similar to that of buying it.

To conduct the sale, for example, you may only need to click a button and pick an order type (i.e., whether the bitcoin should be sold instantaneously at existing prices or sold to limit losses). The offering price for Bitcoin may fluctuate depending on the market composition and demand at the venue. During the run-up in bitcoin prices in 2018, for example, South Korean exchanges traded bitcoin at a so-called kimchi premium.

Fees are charged by cryptocurrency exchanges as a proportion of the crypto selling amount. Coinbase, for example, levies fees of 2.49 percent of the whole transaction amount. 22

Withdrawal limitations are usually set for daily and monthly withdrawals on exchanges. As a result, cash from a significant sell may not be available to the trader right once. However, there are no restrictions on how much cryptocurrency you can sell.

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What Are the Most Popular Bitcoin Buying Locations?

Cryptocurrency exchanges, brokerages (crypto and conventional), and payment providers like PayPal are the most common places to buy bitcoins. P2P exchanges are another option for purchasing Bitcoin. You can indirectly acquire bitcoin by investing in firms like Tesla, Inc. (TSLA) or MicroStrategy Incorporated, which keep the cryptocurrency on their balance sheets (MSTR).



How much should I expect to pay for a Bitcoin purchase?

The cost of purchasing bitcoin typically includes a fee per trade plus the cost of converting a fiat currency (usually dollars) to bitcoin. (This conversion spread is how cryptocurrency exchanges and payment services generate money.) The fee per trade is determined by the trade’s dollar value. Fees will be higher if the trade amount is greater. The total cost of the acquisition is also determined by the venue’s attributes. For example, Robinhood currently does not provide an online wallet for bitcoin storage. As a result, you’ll need to include in the cost of an online wallet when making your purchase.

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Where Can I Buy Bitcoin Besides Cryptocurrency Exchanges?

Additionally, you can purchase bitcoin at the following locations:

ATMs that accept Bitcoin
PayPal and other online payment providers
At well-known brokerages such as Robinhood,



Is my Bitcoin purchase SIPC-protected?

SIPC does not protect your bitcoin purchase.
20 Individual fiat balances in individual accounts at certain exchanges, such as Coinbase, may be FDIC-insured up to $250,000 per account.



Final Thoughts

The procedure of obtaining bitcoin is slightly more sophisticated than that of purchasing traditional stock or equity. This is mostly due to the fact that the bitcoin ecosystem and infrastructure are less matured than those of traditional trade.

Selecting a service or venue for the purchase, connecting with a payment method, submitting an order, and guaranteeing safe storage for your obtained cryptocurrency are the four steps in the bitcoin buying process. Each of these processes necessitates research and a thorough examination of the benefits and drawbacks of each service. Bitcoin can also be purchased through Bitcoin ATMs, using payment systems such as PayPal, and through mainstream brokerages such as Robinhood.

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