- Buying bitcoin is easier than ever
- There are various methods of buying bitcoin, from ATM machines brokers
- We run through the most common methods in use today
Bitcoin is the world’s leading cryptocurrency for a reason. Skyrocketing over the past year, it is continually making headlines around the globe. Give how Bitcoin is blowing up, we aren’t surprised to hear that more and more people are looking to get a piece of the cryptocurrency market.
The first thing to do is sort yourself out a Bitcoin wallet, after which you can engage in the exciting task of buying your first bitcoin – or more likely, part of one. While buying bitcoin might have been a complicated process in the past it’s now become a simple process, and we’ll look at the easiest ways to buy bitcoin here.
Buying Bitcoin with a credit card or debit card used to be difficult, but times have changed. Now, you can buy Bitcoin direct with any “plastic” you have at hand. The process of buying Bitcoin through such means can vary slightly between exchanges and brokers, but Coinbase remains probably the easiest way to buy bitcoin for the average person. The chances are that you’ve heard of Coinbase by now as it’s easily the biggest crypto exchange in the world. It was the first exchange to allow the buying of bitcoin and other cryptocurrencies with a credit or debit card and now you can do so in just a few clicks.
The process for buying bitcoin through Coinbase is broadly the same as other exchanges and brokers such as Binance, Kraken, and Uphold. First you’ll need to head over to their registration page to create your account, where you’ll also have to upload some identity documents such as a passport photo to prove you are who you say you are.
Verification is handled automatically these days and can take as little as a few minutes, after which you’ll need to register a debit or credit card. Once this is confirmed you’re good to go! You’ll then be directed to the purchasing page where you can decide how much or how little bitcoin you want to buy.
One thing to look out for is fees. Exchanges charge transaction fees which vary depending how you pay, while your debit/credit card provider may also charge a fee. Once the payment has been processed the bitcoin will be sent to your Coinbase account, where you can transfer it to your personal wallet should you wish.
The term CFD isn’t one that is known to many Bitcoin novices, but it refers to a version of bitcoin specific to the exchange that you can only buy and sell on that platform. It is purely designed for trading (i.e. attempting to make a profit) and cannot be withdrawn into another wallet. Examples of platforms offering Bitcoin CFDs include PayPal and eToro, and we would urge you to avoid using these platforms as you are not in control of the bitcoin you buy (although the same could be said for bitcoin kept on any exchange).
Peer-to-peer services used to be the only way to get your hands on bitcoin – you would arrange to buy some bitcoin from a local trader and physically meet them somewhere to conduct the transfer in person. Naturally this particular exchange method has become more marginalized as crypto has become more mainstream, but sites like LocalBitcoins still offer a peer-to-peer service where sellers set their own prices, although trades are conducted through escrow services on the site.
Old school peer-to-peer services still exist in regions where bitcoin trading is frowned upon, but for obvious reasons we would advise against using these services unless no other options are available.
Pop to the ATM
If you ever need proof of just how far Bitcoin has come, just look at the number of Bitcoin ATMs that are popping up all over the world. Allowing you to buy bitcoin with cash, this level of convenience is making bitcoin buying a breeze. That being said, its convenience does come at a cost, as you can expect every Bitcoin ATM you use to implement a 5% to 10% purchase fee, and you will still have to register your credentials for KYC purposes.
Top up Your Bitcoin Wallet Today!
We remember the days when you would have to jump through hoops to buy bitcoin. Thankfully, those days are over. From credit card and debit card transactions to cold, hard cash, you can add to your wallet Bitcoin in a flash through any of the methods we’ve mentioned above.
What are you waiting for? Now you know the easiest ways to buy Bitcoin, top up your wallet, and be part of a financial revolution!