Do you consider buying Bitcoin and wonder where to buy Bitcoin? Maybe you still don’t know how to do this or is it worth doing? Those things you should know before making such decision!
Should I buy Bitcoin? What steps one needs to consider before buying Bitcoin?
Frequently asked questions “Should I buy Bitcoin?” and “What steps one needs to consider before buying Bitcoin?”. We did not put together these two questions by accident. Before you start wondering about if you should buy Bitcoin, take few necessary steps, for the beginning learn about Bitcoin, educate yourself, you should know at least basics about this cryptocurrency
It is very important to properly take care about your cryptocurrency. To be sure that it is safe and secure. For starters, learn how to safely store your cryptocurrencies. Learn as much as you can about Bitcoin Wallet, how to use it, and which one is the best for you. If you don’t learn those basics you can easily lose your cryptocurrencies, for example you can lose private key or give it to wrong person.
After you learn safety basics, the second thing you need to know, is that Bitcoin as well as other cryptocurrencies is very unstable asset. It means, that its price changes very often. You need to know, that changes like this are typical for cryptocurrencies and it is important to be patient not to panic and hold on chosen investment strategy. It might look that Bitcoin price goes up all the time but in fact it’s not. When you look the Bitcoin chart for a month or a year period, you will notice, that Bitcoin price fluctuates.
Of course our goal isn’t to discourage you to invest in this cryptocurrency, we believe, that it has great potential. We just want you to be aware of risk related with it.
Beginner investors very often make the same mistakes: they panic very quickly when the price is unstable. We need to remember that emotions have never been and will never be good advisor to any investor.
You need to ask yourself why do you want to buy Bitcoin? Do you want to diversify your investment wallet, you want to have money in case of emergency or you just want to become rich and put a lot of hope in the next Bitcoin halving. Regardless of what the motivation you follow, keep in mind that Bitcoin isn't just speculative a asset. Bitcoin can also be used as money. What is the difference between it and the real money then? First of all it is not controlled by any centralized organisation. Bitcoin is decentralized. No one can go to Bitcoin headquarters because it simply doesn’t exist. This cryptocurrency like all the others does not have a central point, but it is distributed, located on thousands of servers from around the world.
How it is reflected in real world? Well, let's say that your bank has frozen your funds from some reason. You do not have money for living. In case of Bitcoins that are gathered on your cryptocurrency wallet, nobody except you can access them (if only he doesn’t know your private key). Such situation of your funds getting blocked can not happen in cryptocurrency industry. Another difference is character inflationary character of real money. Governments can produce more and more of these - till infinity. In some countries like Venezuela this may cause hyperinflation. In case of Bitcoin it’s totally different because supply is limited.
Where to buy Bitcoin? Best places to buy Bitcoin
Cryptocurrencies can be bought at cryptocurrency exchanges, bitomats, or directly from another person. Each method requires a dose of protection - you must be careful all the time. We will go trough all of these potential options to help you find the best place to buy Bitcoin.
Let's start from cryptocurrency platforms. If you hesitate between big, known cryptocurrency exchange and the one that is small and recommended by your friend - choose the first one. If you are beginner investor and trader and you lack of knowledge in this topic, take some advice from cryptocurrency forums and society. Some of things in cryptocurrency world are worth asking. Finding someone who is more advanced might give you a lot of precious tips.
Cryptocurrency exchanges can be rated in several criteria like: safety, fee and renown. Avoid placing money on platforms, that were repeatedly attacked by hackers. These situations occur very often. Because of that fact, your priority goal should be to find a safe exchange
Another crucial aspect is fees. In case of short term investments they might be essential. It’s worth comparing few exchanges and choose the one, where the fee is the lowest of them all.
A factor that might be final in choosing cryptocurrency exchange is society opinion about it. Listen to what others say about an exchange you would like to choose. The ones that are popular are these, which have financial liquidity. It’s very important factor. An exchange with good liquidity is less likely to fall within few hours (even though, there were few cases like that). Do not forget to check what cryptocurrency and fiat pairs exchange supports. Some of them have plenty of pairs, while there are ones that support only coins with biggest market capitalization. Moreover, there are some platforms that do not support real money at all. On exchanges like Huobi or OKEx there are only crypto-crypto pair available.
We only have to answer one question: how to buy Bitcoin on cryptocurrency exchange? First of all, you have to register an account. An exchange will ask you some of your personal data, postal address, e-mail address and sometimes your mobile number. There are some platforms that follow KYC and AML policies, so they can ask you about your ID or passport scan, to prove that you filled the authentic data. After verification process is completed, you can start trading!
Remember: cryptocurrency exchange is not a cryptocurrency wallet! Your funds will never be 100% safe there. If you plan long term investments, you should hold your virtual assets on your wallet.
Buy Bitcoin anonymously - exchanges without verification
These are places, where you can buy Bitcoin easily and within short time. In addition, most of them does not require verification. In this case you will only need e-mail, amount of cryptocurrencies you want to buy and public addres of your cryptocurrency wallet the funds have to be sent to.
Online exchanges are fast and not complicated purchase process. Quanity limitations are one of the biggest cons of then. User can only buy Bitcoin up to a certain amount. Fees might be bigger as well. It’s worth to compare few online exchanges and choose the one that meets our requirements
Bitomats - what are they?
Bitomats are cash machines, that allow you to buy cryptocurrencies using them. They look like regular ATMs. Payment is generally accepted in cash, but there are some Bitomats that support credit cards. It all depends on machine owner.
In this case, supplying ourselves with Bitcoins is really fast. It’s all about selecting an amount we would like to buy, inserting cash and entering our cryptocurrency wallet data. This might be the fastest way of buying Bitcoins, but the fees might be slightly bigger than other methods.
Buying Bitcoins directly from another person
These are transactions you should be aware of. Unless it’s not your friend or a good colleague from your circle, do not do that with a person you have never met before. There is a high risk of being scammed The person may not send you the assets you have bought.
If you would like to do a quick exchange with your good friend, the fastest and easiest way of doing that is using mobile wallet (hot wallet). One person scans public address, to send funds to that wallet. You will only have to decide which way you are going to pay for that: in cash or via bank transfer.
Frequently asked questions
How to buy Bitcoin with paypal?
Some of people ask questions if can you buy Bitcoin with paypal. Of course you can. It is one of the most common payment methods to buy Bitcoin - PayPal is very easy to use and friendly. You only have to check if cryptocurrency exchange of your choice supports such method of payment. We will cover such process - as an example we’ve chosen Coinbase. To buy Bitcoin with PayPaly, follow these steps:
Log in or register
Enter settings card, then add a payment method. Select PayPal account, and then verify it.
Go back home. In window buy/sell select BTC
Choose prefered payment method and specify the amount
Process to instant purchase
Before you decide to buy Bitcoin via PayPal on another platform, verify that account carefully. Not all of them support PayPal and work under same conditions. You can fill all the data on the very beginning, to not to do that on every single purchase.
Fastest way to buy Bitcoin
We have already mentioned it above. For that, use exchange without verification that lets you buy anonymously, or choose Bitomat. It is worth considering both pros and cons of these methods. You may also check if you can buy Bitcoin with debit card. Some of platform require a credit one.
How to buy Bitcoin without ID?
If you want to Buy Bitcoin without ID, your choice must be either online exchange or Bitomat. Such places does not require verification process, so you will not be forced to give out your personal data. The only disadvantage of these two methods is BTC purchase limit.
How to buy Bitcoin with credit card?
If you want to buy Bitcoin with credit card anonymously you should check the exchanges policy. They must be accepting such payment methods. You will find it out once you register on platform or just check the exchange regulations.
How to buy Bitcoin with bank account?
The process is very easy. Once you register at a platform of your choice, you only have to add your bank account as your payment method. Lets take Coinbase as an example. To buy Bitcoin with bank account follow these steps:
Log in or register
Go to “settings” tab, then enter “linked accounts”
Add your bank account as a payment method
You’re done! Now bank account has been linked to Coinbase account, and you can purchase BTC with it.
Cheapest way to buy Bitcoin - where to look for that?
There is no clear answer on that. The cheapest way to buy Bitcoin will probably be on biggest exchanges that take the smallest fee for transactions. In that case you should avoid small exchanges or bitomats that we have described before. These platforms are much faster, but in terms of cheapest way to buy Bitcoin you should not choose them.
Can you buy Bitcoin with american express?
Sure thing you can. This can be done with Abra wallet. This is a hot wallet, that allows you hold more than 25 cryptocurrencies. To purchase Bitcoin with american express you need to:
Go to “add money” tab in you wallet
Select “American Express”
Enter the card details
After that, you can add money with such card and process a payment for buying cryptocurrencies
How to buy Bitcoin at Walmart?
This is a common question in cryptocurrency industry, which is not literally and physically a purchase at store. You can buy Bitcoin with gift card that you have purchased at Walmart store. The only thing you need to do is find an exchange to buy Bitcoin on that, for example choose Paxful. After you created an account on a platform, select Bitcoin purchase and as a payment method choose Walmart2Walmart. After that you will have to charge your card at Walmart personally. Once you have done that, the transaction verifying process is based on receipt that you will receive from Walmart teller. That is all! After a process is complete, you will receive your BTC shortly.
How to buy Bitcoin with Venmo?
This is also a common question. The platform is not that safe at all. The platform itself stated that Venmo is designed for transactions between friends. That means, that payment process should be done only if you know they person you are dealing with, and trust a person. Venmo reborns trading with people you do not know personally. Once you decided to pay via Venmo, you need to find exchange that supports such payment method. For example once again this could be Paxful or Cointal (and many more). The payment process is very easy, and platform will guide you step by step.