Buying Bitcoins and making transactions with them, is already a necessity for many people who want to have a safe, fast and cheap method to pay or make transfers, regardless of the country they’re in. And why not say it, this digital currency is also a good way to keep your savings safe, invest money and speculate.
Bitcoins can be bought and sold on various trading platforms or markets, where other crypto-currencies are also traded. They all offer different payment methods, though the most commonly used ones are Paypal, credit or debit card, and bank account transfers.
How to buy Bitcoins
I will discuss various platforms and markets that act as intermediaries in the purchase and sale of Bitcoins, all being highly reliable. If you decide to buy Bitcoins directly from another person on an exchange platform, make sure to first check any website that shows the current exchange rate so you can see the current Bitcoin to USD exchange rate, and thus verify that you’re paying a fair price
- 2 places to buy Bitcoins:
- Exchange platforms: the perfect example is LocalBitcoins, which connects buyers and sellers. This is the easiest way to buy bitcoins, but you need to check the seller’s reputation and adapt to whichever payment method they asked for.
- Markets, Brokers or Exchange: Platforms like Coinbase facilitate the entire process. You’ll be able to buy Bitcoins online, with your credit card or by bank transfer, without having to worry about anything else.
You can also buy them directly from another person in cash, or make some kind of exchange. This currency is still readily available and has as many possibilities are those offered by cash.
Where to buy bitcoins
If you have read from the beginning, you’ll have seen that I’ve given a few exchange or market platforms where you can buy your first Bitcoin. Because the possibilities for buying Bitcoins are really very varied, but these are some of my favorite:
It offers you the possibility of having a bitcoin wallet and of selling or buying them instantly and simply. For me this is the best place to buy Bitcoins $10 free, or at least the one I like the most.
If you make a lot of purchases and want everything to go faster, the best thing will be to link your account to a debit/credit card or a bank account. Once you’ve done this, you’ll only have to buy the Bitcoins you need and these will be deposited into your wallet.
It is a platform designed to make purchases from person to person (P2P), so one of its advantages is transaction speed. You can even agree with someone from your city and buy them in cash.
They use a very secure system: as soon as the purchase process begins, the seller’s Bitcoins are deposited in the platform waiting for payment to be made, once the seller has received the money, the Bitcoins go to the buyer.
This is another market where you can trade, buy and sell Bitcoins, or other crypto-currency like Ethereum. It’s safe, easy to use and transaction commissions are lower than on other platforms.
Commissions for purchase
Commissions charged for purchasing Bitcoins lie between 1 and 5% maximum, but everything will depend on the Exchange rate or platform you use, as well as the number of Bitcoins you buy, transaction type or payment method. As explained, it’s best to compare and then purchase.
For example at LocalBitcoins you can make transactions without having to pay a commission to the platform, but commissions are necessary to maintain the system, so it isn’t negative either, as miners need to receive some sort of compensation for their block work and you’ll get Bitcoins in your wallet much faster.
Buying Bitcoins with PayPal
Individuals, market platforms and brokers often accept payments from Paypal accounts that have been verified, are personal, and have been created from accounts that already have a balance. With a small Google search about sites where one can buy Bitcoins with Paypal, you’ll find several options. But here, I’ll suggest the most reliable ones and those with the lowest commissions:
At LocalBitcoins.com for example, you only need to do a small search to find sellers, who get to choose their on payment method. It’s very simple, and once the payment is made, you only need to get a PDF copy of the transaction or screenshot the Paypal panel and send that to the seller to confirm your payment.
Paypal’s patent for the Modular Device Payment System states that very soon we’ll be able to associate our account with our wallet, both for Bitcoins and for other crypto-currencies.
Buying bitcoins by card
Buying Bitcoins with a credit or debit card is very standardized, and implied no complications. You’ll be able to do it in almost any type of exchange platform or market.
But for this you’ll need to find a reliable page and take into account the commissions charged, since card payments involve some of the highest commissions. Buying several options becomes essential.
Buying Bitcoins with Paysafecard
You can also get Bitcoins with this online prepaid card, and many people use it to remain even more under the radar. For example you can use it in the VirWOX.com platform, since you only need to register with a username and password, so you can start buying right away.
Many sellers working with Local Bitcoins also accept this payment method, so this is another option, though it is more expensive.
Buying Bitcoins with MoneyPak
This is another prepaid card that is usually used for purchasing Bitcoins, it’s the same as paying in cash, but involves a higher risk and you should always check the seller’s reputation. For example, you can buy with MoneyPak at LocalBicoins or Paxful.
Buying bitcoins with sms
Well yes, you can also buy bitcoins by sms, so you won’t even need a smartphone. One of the platforms that offers this service is Coinbase, who through text messages and using a few simple commands, allow you to buy, send or receive Bitcoins.
How to Buy Bitcoins anonymously
If you pay by credit card or bank transfer, this will be registered in your operation. So if for some reason you want to keep confidentiality and anonymity to the max, don’t use your home IP to log in and make your transactions in cash, with Paysafecard or from a Bitcoin ATM. LocalBitcoins is one of the best options for this.