How to buy Bitcoins?

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 2016-12-07 15:54:14

It is a common question for the newcomers in the cryptocurrency industry. In this article you’ll find a few steps and ideas how to buy or earn some bitcoins. We’ll try to restrain the list to the most important methods.

1. Exchange

The most used type to exchange bitcoins are the exchanging platforms. If you look up, you’ll find many of them.

The basics are very simple: you own fiat money (USD, EUR, RUB, etc) and you want to exchange them into bitcoins on the exchanging platform. Surprisingly, to buy bitcoins with your credit card or PayPal depends on your jurisdiction.

To ‘jump’ over this possible problem we’ll give a few examples of exchange platforms and the methods you can send fiat:

   - BTC-e - International Wire Transfer, OKPAY, Perfect Money, MoneyPolo

   - Coinbase - Bank Account, Credit Card

   - Bittylicious - SEPA bank transfer, Credit/Debit Card

   - XAPO - International Wire Transfer

2. Buy bitcoins from other people

It is a common way to get bitcoins, especially if you are located in a populated city. LocalBitcoins is a person-to-person trading site. Just like on the exchanging platforms you must register before start buying. After you register, fill the form in the search box with the amount you want to buy in your currency, your location and choose a payment method.

Once you’ve decided how much you want to buy, from the list of offers, choose one from a trader with a good reputation score and a high amount of trades. After you press the ‘buy’ button you’ll see more information (including the terms of the trade).

You can even send a message to the user and if he/she agrees to meet you, the payment method is more simple.

3. ATM

Again, if you’re lucky to have a bitcoin ATM near your location, you can go there and start the exchange. CoinATMRadar is a website that shows you the bitcoin ATM’s around the world.

4. Accept bitcoin as payments

If you have a business or you are a freelancer, accepting bitcoins as payments is another way to own bitcoins. Keep in mind that companies started to accept bitcoins, such as: Virgin Galactic, Tesla, Dell, Subway, WordPress, Steam and many more. The list is increasing day by day.

Why not accepting it in your business?

The methods are numerous. We didn’t mentioned the mining method because today it is not profitable to mine bitcoins, only if you have free electricity or a very cheap price/kWh.

If you decide to buy bitcoins, don’t forget to choose a bitcoin wallet. Depending on the security level you want, the wallets are providing you different levels of security. Just like in the previously article about ‘How To Create a Monero Wallet’, the most important options are

   - Desktop Wallet - requires to download the full Bitcoin blockchain

   - Web Wallet - open with your browser

   - Mobile Wallet - application on your mobile phone

   - Paper Wallet - recommended for big amounts without immediate spend

You can find more information about how to chose a wallet on the bitcoin official website: https://bitcoin.org/en/choose-your-wallet

Zagtor Team


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