3 Ways to Buy Bitcoin Instantly (2019 Updated)
They say that time is money and that procrastination is the thief of time, so don’t let yourself get mugged by long purchase delays – instead, buy Bitcoin instantly!
Bitcoin was designed to make it quick and easy to send just about any amount of value to anywhere in the world. Bitcoin’s Lightning Network can process transactions in less than a second. Unfortunately, the legacy monetary system isn’t as advanced as Bitcoin and can take several workdays to transfer money. That can make exchanging your paper money for cryptocurrency a frustratingly slow process or even cause you to miss out on certain time-sensitive opportunities.
Luckily, there are some shortcuts around the plodding pace of bank transfers and payment services. This article will describe the 3 best methods to buy Bitcoin instantly, without incurring the opportunity cost of funds slowly transiting the banking system. You’ll get your Bitcoin the same day using these methods, which won’t just save you time but also a lot of money if the price of Bitcoin is soaring!
1. Buy Bitcoin Instantly with a Credit Card
Probably the quickest and easiest way to buy Bitcoin instantly is to do so with a credit or debit card. The good news is that you can do so right here on Coinmama! We introduced this method of buying Bitcoin back in 2013. We’re now a leading provider of this service in over 190 countries around the world.
Credit and debit card payments are processed really quickly, usually within a few minutes. Once either of our two card payment partners, Visa or MasterCard, approves your transaction, we’ll release your bitcoins to you.
If you’ve already registered with Coinmama and verified your identity, it should only take a few minutes to buy Bitcoin with a credit card. If you’re a new user, it will take a little longer, as financial Know Your Customer (KYC) laws require us to confirm your identity before we can sell any coins to you. Our verification team does their utmost to complete the verification process as quickly as possible, and the process usually takes between a few minutes to a couple of hours. You can help to speed up the process by following our tips to get verified faster.
Note that Coinmama is a crypto broker, not an exchange. What this means is that we source bitcoins from the international crypto markets to sell directly to you, our valued client. This model allows us to offer an easy, streamlined buying process. You simply choose the amount of bitcoin you wish to purchase in one of the currencies we offer, enter your card details, and then we release the coins to your address.
With Coinmama, you won’t have to manage your account, navigate a complex trading interface, or wait for another trader to accept your bid, as with conventional exchanges. Exchanges designed for experienced traders have interfaces reminiscent of airplane control panels; covered in blinking lights and rapidly-changing numbers. For the average user, such complexity makes the process of buying Bitcoin unnecessarily difficult, which often introduces delays due to confusion or mistakes.
2. Buy Bitcoin from a Bitcoin ATM
A Bitcoin ATM, often referred to as a “BTM” for brevity, is any physical device or store which lets you buy Bitcoin instantly, usually for cash. Machines similar to regular ATMs are by far the most common, though tellers or bureau de change which sell bitcoin can also be found in certain areas. To check whether there’s a suitable BTM near to your location, try the Coin ATM Radar site which maps all known BTMs.
Due to the difficulties and risks of dealing with cash, BTMs generally have low purchase limits and high fees. This makes BTMs suitable for buying small amounts of bitcoin only. As you’ll almost certainly be using a mobile wallet to receive bitcoins from the machine or teller, such low value amounts are entirely appropriate.
Try to stick to small purchases from BTMs even if offered a higher limit. The reason for this is that mobile wallets are considered far less secure for coin storage than software or hardware wallets. Even if you’ve created and tested a seed backup for your mobile wallet, a smartphone or tablet is inherently less secure than a PC at the hardware and operating system levels, as well as more likely to be lost, stolen, or damaged. We’d recommend against storing any significant value in crypto using a mobile wallet unless it’s paired with a hardware wallet.
One of the issues with this method is that there’s no real standardization of BTMs and tellers. As a result, their service quality and available options will vary greatly, as will their fees and purchase limits. Some BTMs let you buy and sell bitcoins, some support altcoins, some require identity verification via document scans, and so on.
Use the Coin ATM Radar map to investigate any BTM you intend to visit, as selecting the location should provide all relevant details. Take particular note of the operating times, as some units or stores are found inside malls or similar locations which are closed at certain times. Also take note of any documents you may need to bring with to verify your identity. If your purchase is vital, consider contacting the BTM operator to enquire whether their machine is working and sufficiently funded to meet your requirements.
While BTMs can be a good way to quickly exchange cash for small amounts of bitcoins, their speed and convenience depends entirely on your physical location. If you’re lucky enough to be located near a reliable BTM with reasonable fees, then a BTM could be a great option for buying Bitcoin fast.
3. Leave Funds on a Centralized Exchange
In the introduction, we described the problems with funding a regular exchange via the banking system. The major drawback is that it can be a slow process, which takes up to a few workdays, sometimes even longer. However, there is one possible workaround for such delays, and that’s to deposit a large sum on an exchange and then use it to buy bitcoins as needed in the future.
If the money’s already been deposited to your trading account, you’ll be able to buy bitcoin instantly and – depending on the exchange – withdraw your coins shortly thereafter. Do note however that some exchanges “batch” their bitcoin withdrawals; which means they only process withdrawals at certain times of the day.
This method is not without its particular drawbacks. The obvious, major downside is that crypto exchanges tend to get hacked or abscond with user funds on a semi-regular basis. This is why the most frequent advice in the crypto space is: “not your private keys, not your coins.”
In other words, take personal ownership of your bitcoins or risk having them stolen. In terms of fiat funds, it’s somewhat safer to leave those in the bank account of a regulated exchange, given the well-established system of financial laws and safeguards designed to prevent the loss of such funds.
If you do decide to use this method, ensure that you select a reputable exchange with a long history of smooth operation. There are a few such exchanges which also have deposit insurance. As such insurance schemes have yet to be tested in a crisis, they shouldn’t be taken as absolute guarantee for the safety of funds. However, for this purpose, it certainly seems safer to choose an exchange with deposit insurance.
Another problem with this method is that the initial verification process can take anywhere up to a couple of weeks, if the exchange is experiencing a particularly heavy influx of new users.