Bitcoin can be bought in many ways. However, the simplest procedure, such as the purchase for electronic transfer or micro payments at cryptocurrency exchange could not be an acceptable solution for any investor. There is natural issue with anonymity, having significant funds in not perfectly secured places, convenience of withdrawing, location management and many other individual factors. Let’s check how are the options available for average cryptocurrency investor, as we present overview of the available services along with recommendations.
How tu buy Bitcoin?
List of possible ways to buy Bitcoin with:
- How to buy Bitcoin with cash?
- How to buy Bitcoin with a credit card?
- How to buy Bitcoin with a debit card?
- How to buy Bitcoin with a bank transfer or wire?
- How to buy Bitcoin with Paypal?
- How to buy Bitcoin with Skrill, Moneybookers?
- How to buy Bitcoin with text message, SMS?
- How to buy Bitcoin with PaySafeCard, PSC?
- How to buy Bitcoin with gift card?
How to buy Bitcon with cash?
The purchase of Bitcoin with cash seems to make the most sense, because with BTC’s pseudo-anonymity, both sides of the transaction are a potential source of identification. By sending a transfer from a personal account to the exchange or to a cryptocurrency dealer, we clearly identify ourselves as the buyer of cryptocurrencies. By paying cash, we reduce the risk of identifying to which address in the blockchain the funds came from.
The place with long traditions, where you can buy Bitcoin with cash is LocalBitcoins. Find on the contractor’s list near you and make a personal transaction. People selling cryptocurrencies are available in virtually every populated place in the world. LocalBitcoins holds also the most recommendations.
Another way is a Bitcoin ATM that accepts cash. Find a machine nearby, most often found in shopping malls or popular service outlets, railway stations or meeting points.
Some cryptocurrency exchanges in Europe, such as BitMarket or BitBay, allow cash top-up in brokers facility or post office. This method requires more processing time, but allows for almost anonymous cash deposits.
How to buy Bitcoin with a credit card?
The exchange with the simplest interface that allows you to buy cryptocurrencies with a credit card is Changelly. Please, remember to double check rates applied to credit card payment! Another cryptocurrency exchange supporting cards is also CEX.IO. After setting up an account you can choose to attach a credit card to your account, the commission on the transaction of buying Bitcoin with credit card is up to 3.5%.
A similar possibility is, for example, in Coinbase, but there you get an extra $10 in BTC for free, for executing the first transaction. There are Bitcoin ATMs that accept credit cards, check if there is such a device in your area.
How to buy Bitcoin with a debit card?
The cryptocurrency exchange with the simplest interface that allows you to buy cryptocurrencies with a debit card is Changelly. Also, tested against cards is crypto exchange CEX.IO, where after setting up an account you can choose to connect a debit card to your account. The commission on the transaction is 3.5% + $ 0.25. A similar functionality to connect debit card to crypto exchange account offer very popular Coinbase.
In the case of LocalBitcoins and sellers offering card payment terminal, the risk for the seller is slightly smaller, due to slightly different rules for debit cards (compared to credit cards). Still, the buyer will have to cover the commission for the transaction.
Bitcoin ATMs that accept card payment will work for most Visa, Maestro and MasterCard cards. In Europe, Bitcoin ATMs are located in all major cities, London and Prague being first to establish such opportunity. Many cities all over the world followed.
How to buy Bitcoin with a bank transfer?
Bank transfer is the preferred option to top up your account in most cryptocurrency exchanges. Whether it is the biggest European market BitBay or trader’s friendly BitMarket or popular Coinbase, the procedure is the same: deposit digitally, preferably by an electronic transfer to the indicated account number. The obvious disadvantage is that anonymity is lost, as personal data is secured in the banking system. From now on client acts as an alleged buyer of cryptocurrencies in the amount equal to the sum of transfers to the crypto exchange. Take into account that at a time when many people wire money to the crypto market, processing time can be significantly longer, even up to several days.
At LocalBitcoins, we also find many sellers who accept a bank transfer. The most convenient way to find one who accepts the payment to an account in the same bank, it will significantly shorten confirmation time. On the other hand, convenience of quick transfer to BitBay beats any other anonymous option.
How to buy Bitcoin with Paypal?
Paypal is an electronic wallet that allows customers to send money to many countries. Sellers whom you buy Bitcoin for Paypal transfer from, can be found, for example, at LocalBitcoins or on bitcoin internet forums. Just pay attention to reputation. Look also among your close and distant friends, maybe someone wants to accept a cash transfer via Paypal in exchange for Bitcoin or another cryptocurrency. When you have gotten cryptocurrency, try Bitcoin exchange with lowest fees.
Currently, you can often order a debit card to Paypal account, which can be used to pay for Bitcoin on exchanges or service points that offer cryptocurrencies.
How to buy Bitcoin with Skrill (MoneyBookers)?
Skrill (formerly MoneyBookers) is a convenient electronic wallet that allows you to send money to many countries. There are cryptocurrency owners from whom you can buy Bitcoin for a Skrill transfer. You can find them on LocalBitcoins or on bitcoin internet forums (pay attention to reputation). Traditionally, ask your friends if they will accept money for cryptocurrencies on Skrill’s account.
Remember that Skrill account could often be connected with a payment card that can be used as a payment for a cryptocurrency on some exchanges or at ATMs. This seems to be the best option.
How to buy Bitcoin for Euro (EUR)?
Buying Bitcoin for Euro is definitely simpler than for any smaller European country currency, mainly due to the fact that in Western Europe cryptocurrencies have been quite popular already. Most exchanges, with BitBay being most popular, will accept transfers from European bank accounts or accept credit or debit cards denominated in Euro. Even some cryptocurrency exchanges keep separate accounts in Euro and allow you to buy Bitcoin and cryptocurrencies, we recommend BitMarket, the longest running stock exchange from UK or popular Maltese BitBay.
If you have Euro in the form of bills and coins, try to find a local dealer at LocalBitcoins, there are a lot of them all over Europe. In European metropolises you will find Bitcoin ATMs, where you can buy and sell cryptocurrencies in many ways of payment, such as cash, deposit or wire.
How to buy Bitcoin for pounds (GBP)?
Buying Bitcoin for pounds is as simple as using Euro, due to the fact that there are many cryptocurrency users in the UK. Most exchanges will accept transfers from UK bank accounts or payment with British credit cards. Coinbase, the most popular exchange in the west, is recommended, as well as traders friendly BitMarket.
If you have cash, ask at LocalBitcoins . You will certainly find a local dealer in major UK cities. In the metropolis you will find Bitcoin ATMs, where you can buy and sell cryptocurrencies.
How to buy Bitcoin for Norwegian kroner (NOK)?
Buying Bitcoin for the Norwegian kroner can be a challenge, comparing to buying for currencies used in the US or UK. Even so, in the largest Norwegian cities, there should not be a problem with changing Norwegian kronor to Bitcoin with a local crypto owner via LocalBitcoins. Also, most exchanges allow you to register with a Norwegian address and deposit from Norwegian accounts. Remember to check the verification conditions for residents of a country outside of the European Union.
How to buy Bitcoin with text message or SMS?
The idea to buy Bitcoin for an SMS simply turns out not very profitable. If you top-up your mobile phone account, you may find reasonable to spend some of this locked amount of money for cryptocurrencies. You will most likely end up with sending paid text message to special number, which is going to be processed as payment. Unfortunately, commissions and taxes will make you receive about 30% of the amount paid for texting. For example, Bitcoin exchange offered SMS payments, but the commission is devastating 50%. It is understandable, on the other hand, that you want to use funds that you have accumulated on your prepaid account. Especially, when there is no need for telecommunications services. This problem of accumulated top-up money will prevail in the era of unlimited packages.
However, there is a different way out – if your operator offers other services, such as insurance, accounts in a music service or audiobook, you can use the collected funds to pay for such a service for someone, of course, for a return in cryptocurrency.
How to buy Bitcoin for PaySafeCard (PSC)?
Some exchanges allow for payment at the post office or at payment processing brokers. Check if you can pay the transfer to the exchange using PaySafeCard, PSC cards at the post office or at broker in your area. You can also try to sell the prepaid card at a discount in exchange for a transfer or cash. As a last resort, you can transfer your funds to Skrill or Neteller.
How to buy Bitcoin with gift card?
It all depends on what kind of gift card you have. The safest way seems to be finding a customer, who is willing to buy gift card from you with small discount. You will get cash or wire, which you can send to cryptocurrency exchange. If you can’t find anybody in your proximity, you can try to auction up gift card on the auction portals or place an ad in the local community website.
Unusual payments for Bitcoin
If you found an interesting way to solve an unusual payment problem, share in the comment on how to buy Bitcoin and where to buy Bitcoin?
What is the cheapest way to buy bitcoin?
To wrap things up, among those options there are ways almost anybody can find a way to buy Bitcoins. Whether you are using electronic cash to wire money for Bitcoins to cryptocurrency exchange or prefer face to face contact with local crypto enthusiast, the final result is Bitcoin changing hands.
Check out mining cryptocurrency in the browser of desktop computer or even smartphone.