It’s been 10 years since a small group of people launched the Bitcoin project. Since then, both the price of 1 BTC and the degree of adaptation have increased significantly. Hundreds of millions of people have heard of Bitcoin and millions have used BTC at least once in their lifetime. How to join the digital asset revolution and invest in Bitcoin?
Bitcoin can be bought in many ways. The most popular ways are:
- buy Bitcoin with cash
- buy Bitcoin with a credit card
- buy Bitcoin with a debit card
- buy Bitcoin with a bank transfer or wire
- buy Bitcoin with Paypal
- buy Bitcoin with Skrill, Moneybookers
- buy Bitcoin with text message, SMS
- buy Bitcoin with PaySafeCard, PSC
- buy Bitcoin with gift card
What could be important in determining the criteria for a BTC purchase transaction? Anonymity or resignation from it are at stake. The need to transfer significant funds from unusual places is still there. Others could be the convenience and speed of transactions, location and many other individual factors.
How to safely buy Bitcoin step by step?
Bitcoin buying instruction is surely needed by most first timers. How to carry out a Bitcoin purchase transaction from scratch and safely acquire BTC?
The following preparations need be done to buy Bitcoin:
- You should have a source of money to pay for Bitcoins. We will use the popular purchase method with a regular debit card.
- You must have an account on the cryptocurrency exchange. Let’s use a free Binance account with a commission refund for the purchase of cryptocurrency. The exchange will also be our first temporary cryptocurrency wallet.
- It is worth having a cryptocurrency wallet on a secure device, where we will later transfer our BTC.
How to quickly buy Bitcoins?
- Set up a free account with a commission refund. Thanks to this, we will be able to deposit your currency and receive back a part of the fee paid for the exchange of cryptocurrencies.
- Select “Buy crypto (USD)” from the top menu. Don’t worry about “USD” as you can change the currency later.
- Select “Credit / debit card”.
- Choose the currency in which you buy Bitcoin. You can choose your native currency to avoid costly currency conversions.
- Choose the Cryptocurrency You Are Buying: Bitcoin.
- Select Visa or Mastercard in the “Pay with” section.
- Enter the payment card details and address, confirming with the button on the screen (Add card).
- Confirm the order by clicking on “Confirm”. Remember to check and convert the amount of BTC you will get.
- For security, funds may be blocked for up to 24 hours, but you can already see them in your account on the exchange and trade them by buying and selling various projects.
As you can see, buying Bitcoin is easy and fast. Cryptocurrency exchanges have achieved this, simplifying the purchase and verification process as much as possible. After the purchase, it is worth considering transferring BTC to your own wallet, e.g. on a smartphone, secure hardware wallet or computer.
How to prepare for securing BTC?
Below is an overview of the available options along with recommendations. Daredevils who wanted to start with Bitcoin a few years ago had a much harder time. Currently, there are many ways to invest in Bitcoin quickly and hassle-free.
The first thing every Bitcoin investor must take care of is their own secure Bitcoin wallet. Funds held in cryptocurrencies on cryptocurrency exchanges will never be as secure as kept on your own private key, inaccessible to anyone else. Check how to set up your secure Bitcoin wallet and learn more about the largest cryptocurrency.
How to buy Bitcon with cash?
The purchase of Bitcoin with cash seems to make the most sense, because of BTC’s pseudo-anonymity. As a result, 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 most reasonable way is Bitcoin ATM that accepts cash. Find a machine nearby, most often found in shopping malls or popular service outlets, railway stations or meeting points.
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.
Some cryptocurrency exchanges in Europe, such as 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 most comprehensive benefits holds cryptocurrency exchange Binance. It is the first choice of the cryptocurrency investors.
Another 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!
British cryptocurrency exchange supporting cards is 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 waits at 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?
Buying Bitcoin with a debit card is a bit different than using credit card. Debit card is much more difficult to reclaim after purchase. This makes debit card payments much safer and more certain for the seller.
The cryptocurrency exchange with the best conditions to buy cryptocurrencies with a debit card is Binance. 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. It is 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 enable it. 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 popular Coinbase, the procedure is the same. Deposit digitally, preferably by an electronic transfer or wire to the indicated bank 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. The assumed amount equals 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 or Paxful, 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 at LocalBitcoins, Paxful or internet boards. 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 the 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, just pay attention to the 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. It is mainly due to the fact that in Western Europe cryptocurrencies have been quite popular already. Most exchanges will accept transfers from European bank accounts or accept credit or debit cards denominated in Euro. The most popular among them is BitBay. Even some cryptocurrency exchanges keep separate accounts in Euro and allow you to buy Bitcoin and cryptocurrencies.
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 cities you will find Bitcoin ATMs. 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.
If you have cash, ask at LocalBitcoins . You will certainly find a local dealer in major UK cities. In the cities 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 being 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. The most popular place at the moment for gift cards is Paxful.
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?
There is natural issue with anonymity. Having significant funds in not perfectly secured places, convenience of withdrawing, location management and many other individual factors matter. Choose wisely among the options available for any cryptocurrency investor.
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.