As the leader of all other cryptocurrencies and their most lucrative and valuable example by far, Bitcoin is as prominent as ever. In the final stretch of 2020, there are a lot of questions about its future. Heading into the eagerly awaited 2021, the worth of a single Bitcoin is estimated to jump like never before, crushing the still-standing record of almost $20,000 from the end of 2017.
With such a promising future ahead of us, one that will arrive in around 4 months or so according to most calculations, it is a very smart business decision to invest in Bitcoin right now. However, despite the technology being around for well over a decade, many are still unsure of what and how they can do this. People are still largely uneducated about the benefits of digital currencies as well as the opportunities they could have once they enter this interesting line of business.
One of the most important questions people have nowadays is whether or not it is possible to purchase any amount of the top virtual currency without any fees. In the traditional sense of the word, a fee is an additional, usually small yet noticeable percentage of the total cost that you also have to pay for various reasons. In most cases, it has to do with the government or the institution that oversees the transaction and how their laws state it.
Since Bitcoin and its cousins are based on a decentralized network that runs on intuitive blockchain technology, the need for an intermediary or a third party in any form is unnecessary, to the delight of both parties involved. Still, people are curious if there are some fees involved in the general business of Bitcoin, especially in the buying process. In this article, we will try to answer this important question in an effort to make all of this closer to the general public. If you are interested in this matter further, or if you wish to start your cryptocurrency business and involvement as soon as possible, here is some more info.
Nothing in the world is completely free
With all of the things above being said, especially the part about the awe-inspiring lack of third parties like banks and other organizations, there are still some exceptions regarding cryptocurrencies. In the traditional ways of doing business, the most common fees include those dealing with transactions, withdrawals, deposits, trading, and escrow.
Now, considering that the best and likely the only option you are left with when buying Bitcoin is to visit one of the leading cryptocurrency exchange platforms, escaping fees, in general, is impossible. This is not to say that the model is exactly the same as with the usual currencies like the euros, dollars, or pounds of the world. Far from it. However, completely feeless exchanges are no longer viable and do not make sense for those who operate them. In order to stay afloat and give the users the optimal experience, they have to make some money from their service.
Speaking of exchanges, the leaders in this section only ask for minimal fees from the users. The trades and transactions are still peer-to-peer, meaning that the buyer and the seller are the only ones involved. The key is to look for exchanges with the lowest fees available on the market. So to answer the titular question, there is no way to buy Bitcoin online without fees, but you can do it with minimal spending that you will hardly feel. The best alternative is to mine it, which comes with its own set of problems.
What you should do
Finding an exchange that implements no fees whatsoever is a hard task, and you could get yourself in a world of trouble if you come across a faulty platform that aims to scam you off your digital currency balance. If the business is to be maintained on high levels, those operating it have to make a living, meaning the best places to do crypto business will and should always have some kind of profit from the users. However, they should not and they will probably never have them in the same way as banks do since then there would be no point in their existence.
If you are contemplating getting involved in this line of work, whether as a main source of income or as a side hustle/hobby, make sure to do enough research about the best places to buy Bitcoin from, as well as to trade it and sell it. Best exchanges come with free registration and a free electronic wallet for your balance, which is all you need to start. Some of them have no fees for deposits, others do not charge maker fees and allow purchases without fees, but only if you take certain steps within the platform. Once you are ready to invest and when you have found a partner to do so with, you will notice how low the fees are with your very first purchase.
Last but not least, you should know that using Bitcoin ATMs, or BTMs, is not the cheapest way of doing it. Available in a limited number of countries and cities, these fancy new tech marvels allow people to do a wide array of things with their cryptocurrency, from trading it as they would online to paying in crypto for some goods they purchased. Deposits and withdrawals are also possible. However, all of these things come with heft fees sued to keep the BTMs in operation and to maintain them. They also exist to charge the convenience they allow the users, which is fair in the grand scheme of things.
Conclusion and Takeaways
As you now know, buying Bitcoin with absolutely no fees is not really a thing. While some form of compensation does exist, however, it is ultimately very low and insignificant if you do your business on the right platform. A much more important matter you should try to attend to are the business moves you are to make. Fees will always be a part of businesses no matter how and towards what kind of future they change. It is the question of who imposes them and to what ends that troubles those who dislike paying more than they should or would.