Business & Economics
Where can you buy cryptocurrencies? What will be the best to take the first steps to investing - exchange, exchange office or bitomat? Buying cryptocurrencies is becoming easier every year. Newer and newer services related to digital currencies are made available to individual clients. In ten years, we have moved from an oligopoly of several pioneering exchanges to thousands of cryptocurrency purchase points - both online and in physical exchange offices or cryptocurrency ATMs (bitomats). So, let's take a look at the ways you can safely buy Bitcoin and other cryptocurrencies. Cryptocurrency exchanges - the cheapest way to buy Bitcoin and cryptocurrencies Still the most popular way to fill your cryptocurrency wallet is through traditional cryptocurrency trading and exchange platforms. The cryptocurrency exchanges most often chosen by european Bitbay, as well as the largest in the world, Binance. Bitbay is an exchange with european roots, so for years it has been handling payments in PLN, which is why - among others - owes its popularity. The platform also supports deposits of other currencies, such as Euro, Pound or Dollar. We can fund our Bitbay account with traditional currencies in several ways. Traditional bank transfer is the least burdened with costs. An express transfer does not make sense, because you still have to wait at least a few hours for the payment to be credited by Bitbay. The stock exchange does not charge a commission for the deposit of funds by transfer. Another option is to quickly fund your account with a credit / debit card. Here, however, we must take into account a commission of 2.99% of the amount paid (minimum PLN 10). For people who operate with paper cash, it is possible to make a payment using the "Payment Technology" service. It is worth taking care of proof of obtaining funds in cash, because the account may be blocked. This is due to AML procedures, which cast suspicions for large amounts of unknown origin. Another option to start your adventure with buying cryptocurrencies is the Binance exchange, which introduced european as one of the available language versions some time ago. When it comes to deposits, we can use a SEPA transfer on Binance, the cost of which ranges from USD 5-10, and the transaction takes 1 business day. On this cryptocurrency exchange, we can also use the option to buy cryptocurrencies using a payment card. However, we must take into account the costs of currency conversion, because VISA and MasterCard cards process such transactions in Euro. USD/GBP?EUE (bank account) -> (Binance). Using traditional currencies on exchanges - i.e. also deposits - requires account verification - passing the KYC / AML procedure. You will need proof of identity, utility bill or bank statement (proof of address) and a selfie (proof of ID holder). If you are looking for more information about cryptocurrencies and the cryptocurrency exchanges themselves, and how to start your adventure on this market, see the website https://bitcoin-exchange.uk/ - you will find there a lot of detailed and interesting information on this topic. Purchase of cryptocurrencies in online and stationary exchange offices Buying Bitcoin and other cryptocurrencies is also possible through platforms and outlets whose operation scheme is well known from traditional currency exchange offices. Buying cryptocurrencies through online exchange offices is a bit easier than buying them on the stock exchange. Basically, the whole operation takes place in three steps. First, we choose the amount for which we plan to buy Bitcoin or other cryptocurrencies. Then select the wallet address to which the funds are to be sent (already converted to BTC) and make a bank transfer, following the instructions provided by the exchange office. Sometimes the exchange office will create a dedicated, secure wallet for us, from which we can freely operate the funds - but it is better to use a wallet on a computer or a hardware wallet. The transaction is processed instantly after the money is received by the currency exchange office. Express transfer - which is rather useless on the stock exchange - in this case allows you to very quickly purchase the selected cryptocurrency. In some larger cities, we can also use stationary exchange offices that will gladly exchange their Bitcoins for your cash or vice versa. Remember, however, that - although simpler - the purchase of cryptocurrencies in exchange offices is much less profitable, because the owner of the exchange office imposes his margin (spread) on the broker, which in the scale of purchasing the entire Bitcoin (1 BTC). Bitomats - Bitcoin ATMs The fastest and (up to a certain amount) anonymous - but also the most expensive (broker margin) - way to buy cryptocurrencies for cash is to use a bitomat. At least a few bitomats can be found in every larger, and even smaller, european city. Most often they are located in shopping malls. Buying cryptocurrencies in a bitomat is the easiest way of all, discussed in this article. All you need to do is prepare your wallet in advance and its address to which digital coins will be sent. The Bitomat accepts cash, so we use it like a cash dispenser. Then we enter our wallet address (or the bitomat reads our QR code in which the same address is saved), converts the amount paid by the exchange rate of a given cryptocurrency and sends it to the wallet address provided. If, on the other hand, we withdraw money from a bitomat, verification is not necessary up to the amount of EUR 15,000. Otherwise, we exchange cryptocurrencies anonymously. The purchase of cryptocurrencies through Revolut and other similar services has become popular recently. Remember, however, that Revolut does not allow us to withdraw our digital coins, but only offers their synthetic counterparts, which are in fact a contract for the price difference (we earn or lose on exchange rate fluctuations).