You’re probably here because you searched the net for info on how to buy Bitcoin. Well, you’ve come to the right place!
This guide will walk you through everything you need to know to get started with Bitcoin. We explain how to use our service to buy your coins – it’s really quick and easy. We also discuss the selection of a Bitcoin wallet, for managing and storing your Bitcoins (BTC).
Choosing a Bitcoin Wallet
If you already have a good Bitcoin wallet you can skip this section.
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Elon Musk has his Bitcoin, do you?
Otherwise, you might be wondering why you even need a Bitcoin wallet? Well, using our service is a bit like using a vending machine. You put your money in and Bitcoin comes out – but now you need a way to receive and store your dispensed Bitcoins. This is what a Bitcoin wallet does – it lets you receive and store BTC, as well as spend it.
There are 4 types of wallet to choose between, listed in order of decreasing security:
1) Hardware Wallets
This is a specialized electronic device you plug into your computer or phone. Hardware wallets greatly improve the security of your Bitcoin storage but cost around $100, whereas other wallet types are free. Hardware wallets can be combined with compatible models from the other wallet types listed below.
2) Software Wallets
Also known as desktop wallet, these run on your laptop or desktop computer. With proper computer security practices and a good password, these are quite secure. There are two main varieties of software wallet; full or light.
Full software wallets download and sync the entire blockchain, which takes time and hard drive space but requires less trust. Light software wallets require no extra space or delays but rely on third-party servers for information.
3) Mobile Wallets
This kind of wallet runs on your smartphone or tablet. Such wallets are convenient for making in-person transactions but not very secure, due to the low-security nature of mobile operating environment.
4) Web wallets
Web wallets run on a third-party websites, which you log into for access. Web wallets are the riskiest type of wallet, as they depend on the site staying online and resisting the efforts of hackers or evil insiders to steal your coins. The better ones allow shared control over your coins.
Here’s a tip; choose your wallet type according to the level of security which you feel is appropriate to the amount of Bitcoin you intend to purchase.
Once you’ve decided on your wallet type, it’s very important to choose a trustworthy wallet from that category. Any wallet listed on the Bitcoin.org site should be safe to use. Some research conducted into the proper use of your wallet would be a very wise investment of your time.
Using Your Wallet to Receive BTC
Once your Bitcoin wallet is running, it will generate a list of receiving addresses. These are long, random strings of characters which begin with a “1” or “3” (or, more rarely, with “bc1”). Here’s an example of a Bitcoin address: 32GkcondGCH9Etj4VLBb873DymJd2iRvdP
You’ll need to select an address from your own Bitcoin wallet in order to receive the BTC you buy from Coinmama.
How to Buy Bitcoin from Coinmama
Now that you have a wallet and address, you’re ready to purchase Bitcoin. Coinmama lets people in most countries around the world buy Bitcoin (BTC) with credit or debit cards issued by either VISA or MasterCard. This is probably the easiest and quickest way to buy BTC.
Additionally, EU and UK residents may use our new SEPA transfer method to buy Bitcoin. The account you send Euros from must be registered in your name. Bank transfers have lower fees and higher limits than card purchases but take somewhat longer.
Here’s how to buy BTC from Coinmama, in 4 easy steps:
Step 1 – Create Your Coinmama Account:
- Head to the Coinmama website and select the blue “Sign Up” tab.
- You’ll need to enter your email, password, first name, last name and your country of residence.
- If you already have an account, just sign in with your login details.
- For more information on how to create an account with us, click here.
Step 2 – Verify Your Account:
- To purchase Bitcoin (BTC), you first need to become verified.
- It’s necessary to upload your ID or passport, plus various other documents depending on which level of verification you wish to reach.
- For further help with account verification, please click here.
Step 3 – Purchase Your Bitcoin:
- Once signed in and verified, navigate to the “Bitcoin” tab in the top menu bar.
- Once there, you will be presented with several choices: either purchase a set amount of BTC, or enter in a custom amount of up to roughly $5,000 (as of the time of writing) for card purchases or $12,000 for SEPA purchases. You can also choose to price BTC against USD or EUR.
- Supply your Bitcoin wallet address (as discussed above). This address is where we’ll send the coins which you buy. You can re-use this address for subsequent purchases or get a new one from your wallet; it’s up to you.
- Next, select the “Proceed to checkout” button.
Step 4 – the Checkout Page
- Complete the form with your relevant details. Make sure that your card or banking details, such as your name, correspond with the details you supplied when creating your Coinmama account.
- Finally, proceed to payment by clicking on the “Pay now” button. For card purchases, kindly note that only cards issued by VISA or MasterCard are accepted.
Once your card payment has been made, the order status will read “In Process.” This means that your order is being processed by the bank or card company. Credit card orders will be processed within minutes but SEPA transfers may up to two business days. When paying via SEPA, we can only lock the cryptocurrency rate when the money arrives at our account. Because of this, you should expect to receive a different amount than when creating the order. This means that during times of high price volatility, you may get a rather different Bitcoin amount (either more or less) than expected.
Once payment has been made, our BTC transaction to your wallet’s address then needs to be confirmed by the Bitcoin network. In approximately 10 minutes, a Bitcoin payment will be broadcast from Coinmama’s wallet to the Bitcoin address you supplied in Step 3 point 3.
Note that during times of especially high traffic, your transaction may take longer than normal to appear as confirmed within your wallet. Ordinarily, the transaction will be confirmed within 10 minutes.
For large amounts, it’s recommended that you wait for up to 5 more confirmations. You may then regard the transaction as final and spend your new coins.
We hope this guide has answered your questions satisfactorily. If you require any further help, please see our Support section.