You’ve heard about cryptocurrencies, and you want to know how and where to buy bitcoins in order to position yourself in this asset? This beginner’s guide will help you navigate the world of cryptos and make your first BTC purchase.
How do I buy bitcoin?
The easiest way to buy cryptocurrencies is to deal with a cryptocurrency exchange. Purchases between individuals exist, but it is better to refrain as a neophyte in view of the volatility of prices. If more and more operators propose the conversion euros or dollars/cryptos, it is not systematic. In addition, the payment methods supported by the exchanges vary. The most common ones are :
- Credit card
- Bank transfer
Which method to choose? There is no definite answer. It all depends on your preferences, the payment methods you have access to and whether you want to buy in euros or dollars. However, you should know that the fees vary, sometimes significantly, depending on the payment method you choose. Traditionally, bank transfer is the cheapest. It will allow you to get more bitcoins for the same amount.
That said, this method slows down the purchase. That’s why buying bitcoin with your credit card is very popular. In just a few weeks, you can finalize your BTC acquisition via the services of trading platforms like etoro or coinbase. Other instant methods include purchasing through PayPal and other payment providers such as Paysafecard.
The fees for each method also vary from platform to platform. So it’s a good idea to compare the fees for your preferred methods before you sign up to make your first bitcoin purchase.
Buying bitcoins with Paypal
If less and less sites specialized in buying and selling bitcoins accept Paypal, it is still possible to acquire this cryptocurrency via this payment method. However, it is necessary to go through sites that facilitate transactions between individuals. This is not the ideal solution for a beginner, as we mentioned. You may wonder why it is difficult to buy bitcoins with PayPal. The explanation is simple: while cryptocurrency transfers are irreversible, it is possible to reverse a PayPal transaction. This guide will give you an idea how you can exchange paypal to btc by following the suitable steps.
It is therefore quite risky to accept this payment method. Moreover, there is a question of the identity of the users. Neither Etoro nor Coinbase accept it for example to trade on their services.
What is the best site to buy bitcoins?
There is not really a best site to buy bitcoins. There are certainly a few proven, reputable and easy to use sites. For a beginner, it is important to focus on simplicity & go with trusted sites like Binance, Coinbase etc.