How Can I Buy Bitcoins

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buy bitcoins

You learned the basics of bitcoins and you know what is bitcoin, the next step is to get some bitcoin. But how can you buy bitcoins? This guide will tell you what you need to know and how to avoid making mistakes.

You can buy bitcoins

either on exchanges for the sale of crypto currency, or directly from other people through the trading platforms that provide their services for the sale or exchange of biton for other currencies.

You can pay them in various ways: from cash to credit and debit cards to bank transfers or even to other crypto currencies, depending on who you buy them and where you live.

Surprisingly, it is still not easy to buy bitcoins using your credit card or PayPal, depending on your jurisdiction. (Your location).

This is due to the fact that such payments can be easily canceled by phone call to the card company (for example, “reverse payments”). Since it is difficult to prove that any goods have passed into the hands of bitcoins, exchanges avoid this method of payment, and therefore most private sellers do not use this crypto currency in their calculations.

However, in some countries these options have recently grown for consumers.
In the US, Coinbase and Circle offer purchases through credit cards. Bittylicious, CoinCorner and Coinbase offer a service for the sale and exchange of bitcoins in the UK, accepting credit and debit cards with 3D Secure support in Visa and MasterCard networks.

Non-bank consumers in the US can turn to expresscoin, which recently began servicing this crypto currency market, accepting money transfers, personal checks and bank transfers from all customers of the world.

First, take a bitcoin purse

Then you will need a place to store your new bitkoy. In the world of bitcoins they are called “purses”, but it is best to think of them as a bank account.
Depending on the level of security that you want, different wallets will provide different levels of security. Some act like daily expense accounts and are comparable to a traditional leather purse, while others advocate defense of the military class.

The main options are: (1) a software purse stored on your computer’s hard drive, (2) an online service on the Internet, or (3) a storage service that protects your bitcoins from a stand-alone or multi-network wallet that uses several keys to protect your user account Recording.

Most of them have their own vulnerabilities: if you keep bitcoins locally on your computer, make sure that you regularly create a backup copy of your wallet, if the disk is damaged (there are a lot of true stories when when a disk was damaged people lost all their bitcoins and not moguls Do not become one of the bottoms); And Internet wallets use a different degree of protection from hackers, from pretty good (multifactor authentication) to rather poor (ID and password).
For more information about storing bitcoins, see our guide for this issue.

Exchange and Internet Wallets

Bitcoin newcomers will find a lot of exchanges and wallets competing for their business. All of them differ most often in the cost of their services and in the percentage of exchange bitcoins.

Some of them are full-scale exchanges for institutional traders, while others are more simple wallet services with more limited opportunities for buying and selling bitcoins.
Most exchanges and purses will store the amount of digital and / or fixed currency for you, like a normal bank account.

Exchange and wallets are the best option if you want to engage in regular trade and speculation, do not need complete anonymity and do not mind prolonged bureaucratic procedures that usually include proof of identity and providing detailed contact information.

This is the law in most countries, and no regulated exchange can bypass it, since any company that interacts with the current financial system must meet the requirements of “know your customer” (KYC) and money laundering (AML).

The best option for sharing also depends on where you are.
For more information, you can view this list of major bitmap exchanges / wallets around the world and the payment options they allow.

See our guide: How to buy bitcoins in the UK

At present, the largest trading exchanges are Bitfinex (Hong Kong), Bitstamp (USA), BTC-e (unknown), Kraken (USA), Huobi (China and Hong Kong), OKCoin (China) and BTCC (China).
Coinbase is a popular purse and exchange service that will also trade US dollars and euros for bitcoins. The company has web applications and mobile applications. Originally in the US only service, Coinbase recently opened for a large number of European countries.

Circle offers users around the world the ability to store, send, receive and exchange bitcoins. Currently, only US citizens can link bank accounts with deposit money, but credit and debit cards are also possible. Apps for iOS and Android are now available.

The debit card vendor and purse and bitcoins Xapo also recently entered the battle, offering deposits in currency fiat, which are converted into bitmoney in your account.
Coinjar, an exchange and purse supplier, is the market leader in Australia. Melbourne startup attracted $ 500 thousand AUD in venture financing and received an award in Finovate Europe 2015 for their user experience. In February 2015, the company issued a debit card service called Coinjar Swipe.

Unocoin is an exchange aimed at the Indian market, allowing users to buy, sell and store bitcoins. Deposits can be made through any national online bank or through NEFT / RTGS. To use the services of the site you need to register with a PAN card.

Once you set up your account, you probably need to link an existing bank account and arrange the transfer of funds between it and your new exchange account via bank transfer. Usually it entails collecting. Some exchanges allow you to make a deposit personally to your bank account (that is, through a cashier, and not at an ATM).

While people in most countries can transfer money to foreign accounts, fees are much higher, and you may face longer delays that changed your bitcoins back to fiat currency (if you still want to do it).
If you need to link a bank account in order to use the exchange, it can only accept banks from that country.

Exchange Warnings, Wallets and Banks

Despite the proof of identity requirements, remember that exchanges and purses do not provide the same conditions for the protection of payments and personal information about their client as many international banks.

For example, for your account there is often no or limited insurance if the exchange leaves the business or is robbed by hackers, for example, with the infamous failed exchange of Mt Gox.

Bitcoin does not have legal status as a currency in most countries of the world, and authorities usually do not know how best to approach theft. Some larger exchanges have replaced customer funds after theft from the exchange itself, but at this stage they are not required to legally do so.

In addition, if the theft from your personal wallet is due to a security violation or password on your part, you do not have a guaranteed method of refund.

Some existing banks consider the refusal of the digital currency to work with funds that were the result of operations with digital currency, referring to the uncertainty of regulation.
First, check the list below to find out whether your bank can take action against users in the past and for your protection to open an account with a bank that is known to be more friendly.
Here are some banks that are known to discriminate bitcoins.

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