4 Easy Ways to Buy Bitcoin
After a quiet winter, Bitcoin is once again on fire. It briefly skimmed the $9000 mark last week, and has spent most of the past two weeks at above $8000, giving Bitcoin investors happy flashbacks of 2017. And as the BTC price climbs, so does interest, with more people looking to buy Bitcoin.
But while it was once difficult to buy BTC, these days it’s easier than ever, with options to buy Bitcoin with credit card, bank transfer, or even to cash readily available. Whether you’re looking to invest in cryptocurrency for the first time, or just to grow your crypto portfolio, below are four easy ways to buy Bitcoin.
1. Buy Bitcoin with credit card
For crypto newbies, the easiest way to buy BTC is probably with a credit card in the same way you would shop online for anything else. Simply find a cryptocurrency vendor who serves your country or state, create an account, and buy Bitcoin. Coinmama serves users in over 190 countries and territories and allows you to buy BTC with credit card for up to 5000 USD at a time, as well as to buy Ethereum, Ripple, Litecoin, and other popular cryptocurrencies.
Buying crypto with Coinmama is easy:
Sign up: Enter your first and last name, email address, password, and country of residence to create a new account. You’ll need to confirm your email address to finish your account set up.
Verify: We need to know you’re you! In order to comply with regulations, fight money laundering and other financial crimes, we’ll ask to verify your identity. You’ll need to enter your personal details and upload a scan of your ID card to get started.
Buy: Once your account is verified, you can start buying crypto with a Visa or Mastercard credit or debit card. You’ll need a cryptocurrency wallet to send your coins to, so set one up if you don’t already have one. Then choose the Bitcoin amount you want, and buy!
The upside of buying with a credit card is that the transaction is instant and barring long Bitcoin confirmation times, you’ll usually have your coins within 20 minutes. The downside is that you’ll usually see an additional credit card processing fee. But the best part of shopping for cryptocurrency online? You can do it without leaving the house, and you can do it from your commute to work with equal ease, meaning you can buy crypto when the price is right for you.
2. Use your bank account
Sometimes 5000 USD in Bitcoin just isn’t enough. If you want to buy Bitcoin in larger amounts, the easiest way to do it is with your bank account. Depending on which cryptocurrency vendor you use, you can either pay with a bank transfer, or link your bank account directly to your crypto account. Coinmama gives new, verified account holders the ability to buy up to 12,000 USD in cryptocurrency at a time when paying with a bank transfer. Follow the instructions above to sign up and verify your Coinmama account. When you’re ready to buy, choose the amount you’d like to purchase and select bank transfer as your payment method. Coinmama users in Europe can buy with SEPA bank transfer, while customers in the rest of the world can use SWIFT. In order to complete your order, you’ll need to log into your own online banking system and create a bank transfer with Coinmama as the recipient.
3. Find a Bitcoin ATM
Imagine going to the ATM and withdrawing BTC instead of dollars. Bitcoin ATMs are almost like that. The only difference? Because Bitcoins are virtual, they’re sent to your crypto wallet instead of spat out of the machine. You can use a Bitcoin ATM just as you would a regular ATM, inserting your debit or credit card to exchange your fiat currency for BTC, but at many Bitcoin ATM locations you can also pay with cash. How does it work?
Locate a Bitcoin ATM: There’s a map for that!
Enter your wallet address: Scan the QR code from your wallet app. For more privacy, you can also generate a new paper wallet address on the spot when using the ATM. Just make sure you keep the private keys safe.
Pay: Insert your credit card debit card or cash to make the payment.
The upside of a Bitcoin ATM is that it often provides more privacy than an online vendor, especially if you generate a new wallet address on the spot. Many Bitcoin ATMs don’t have the same verification requirements as exchanges. But that privacy comes at a cost. Regulations in some countries prohibit them, meaning they’re not always so easy to find. Additionally, the limits of how much Bitcoin you can buy are lower than online, and the fees are often higher. Bitcoin ATMs also often don’t offer a range of altcoins, so if you want to buy Ethereum, Ripple, or one of the lesser known coins, a Bitcoin ATM may not be an option. The biggest downside though? You definitely have to leave the house!
4. Buy person-to-person
Some people prefer to buy Bitcoin and other cryptocurrencies from individuals. How come? Buying person-to-person will often provide the best exchange rate and the lowest fees. After all, it’s a win-win situation for both people doing the trade. You can find people to trade with online, either meeting in person and trading cash, or using a payment service like PayPal and trading online. But the downside to peer-to-peer trades is that they can be unsafe. Sending a wire payment to an individual you don’t know, or meeting in person to hand over cash is risky, and there’s no guarantee that you’ll receive your coins. In other words, you’re placing a lot of trust in strangers. If you do choose to buy person-to-person, we recommend exercising caution and always listening to your Spidey-senses.
As cryptocurrency continues to show its staying power ten years after it was first introduced, we’re seeing more and more people turning to it for investment or an alternative currency for purchasing. Luckily, it’s much easier to obtain now than it was a decade ago, and in many cases requires nothing more than a few clicks of the mouse to get your hands on your first piece of Bitcoin—or your hundredth!