Key points to consider
The three samara points to consider when buying bitcoin are :
- Payment method
- Platform/venue used
- Where your bitcoin goes
Payment methods stove from credit card to bank transfer, requital app ( PayPal, Apple Pay, Google Pay, Samsung Pay, etc. ), face-to-face with cash, and even barter. Each payment method acting carries tradeoffs in terms of public toilet, privacy, and consort fees .
Platforms/venues for buying bitcoin include digital wallet providers, centralized spot exchanges, OTC desks ( secret ‘Over-The-Counter ‘ exchange services used chiefly by high-net-worth individuals ), peer-to-peer marketplaces, and even payment apps like PayPal.
Of course, it ‘s besides potential to buy bitcoin face-to-face. For exemplar, you could give cash to your ally in central for receiving an agree sum of bitcoin .
As for where your bitcoin goes after you buy it, the options are :
- Into a Bitcoin wallet you control (ie. a ‘non-custodial’ wallet like the Bitcoin.com Wallet)
- Into a Bitcoin wallet someone else controls (eg. a centralized cryptocurrency exchange or a payment app like PayPal).
Not your keys, not your bitcoin!
When you hold bitcoin in a wallet you control ( known as a ‘non-custodial ‘ wallet ), you never have to ask for license to use it. This means you can receive your bitcoin without waiting for a third base party like a centralize substitute to approve the transaction. It besides means you can send your bitcoin wherever you want, whenever you want .
By contrast, many custodial Bitcoin wallets impose severe restrictions on what you can do with your bitcoin. For exercise, you may be asked to register an address before sending bitcoin to it, and you may be required to wait several days before being allowed to make a secession. In some cases ( PayPal for model ), withdrawals of any kind are simply not permitted. It ‘s besides not rare to have your account frozen raw. If you ‘ve been deemed a security or imposter risk, for exemplar, you may be locked out of your account with no recourse to action .
The best non-custodial Bitcoin wallets besides enable you to customize the ‘network fee ‘ each clock time you send. This means you can save money on transaction fees when you ‘re not in a rush, or pay more to send fast when you are .
possibly most importantly, non-custodial wallets are more plug. adenine long as you maintain samara management best practices, you ‘ll never have to worry about getting hacked, nor will you be exposed to counter-party risks like a centralize exchange getting hacked or going bankrupt .
If you do n’t have a bitcoin wallet yet, check the Bitcoin.com Wallet – easy-to-use, non-custodial Bitcoin wallet trusted by millions .
Read more : What ‘s a Non-Custodial Bitcoin Wallet ?
Why do I need to verify my identity to purchase bitcoin?
When you buy bitcoin with a government-issued currency through an switch over overhaul, you ‘re interacting with a regulate business. such businesses must comply with Know Your Customer ( KYC ) and Anti-Money Laundering ( AML ) regulations pertaining to the remove of money. These regulations require the collection and storage of customer information, including identity documents and sometimes proof of address .
What are the fees for buying bitcoin?
Fees for buying bitcoin count on the requital method acting and platform/venue used. For case, if you ‘re buying directly from a acquaintance and settling in cash, you ‘ll only need to consider the ‘network fee ‘ for sending the bitcoin from your friend ‘s digital wallet to yours .
Learn about sending bitcoin, including information of network fees and more .
If you ‘re paying with a credit batting order or trust transfer, you ‘ll of course need to factor in the fees for using those requital methods .
beyond that, exchange services charge extra fees for facilitating trades. These fees cover the exchanges ‘ operate costs plus a belittled margin. In general, you ‘ll pay lower overall fees for larger purchases, so it much makes feel to avoid making many little buys .
Read more : How bitcoin exchanges work.
Read more: Cách phân tích đồng coin tiềm năng
Ways to buy bitcoin
Having gone through the basics of buying bitcoin, let ‘s look in more detail at the methods and processes .
omission ahead :
- Buying bitcoin with the Bitcoin.com Wallet
- Buying bitcoin from the Bitcoin.com website
- Buying bitcoin from a centralized cryptocurrency exchange
- Buying bitcoin using a peer-to-peer trading platform
- Buying bitcoin cash using our peer-to-peer trading platform
Buying bitcoin with the Bitcoin.com Wallet
Crypto wallets allow you to buy bitcoin handily from within the wallet app, and the Bitcoin.com Wallet is no exception. importantly, the Bitcoin.com Wallet is fully non-custodial. This means you ‘re always in accomplished restraint of your bitcoin. here ‘s the process for buying bitcoin using our app :
- Open the Bitcoin.com Wallet app on your device.
- Select Bitcoin (BTC) and tap the “Buy” button. Note: you can also buy other digital assets.
- Follow the on-screen instructions to choose your preferred wallet for depositing. The Bitcoin.com Wallet actually consists of separate wallets for each digital asset we support (eg. BTC, BCH, etc.). Additionally, you can make as many individual wallets as you want, a feature that can help you to organize your funds. For example, you can make one Bitcoin wallet called My BTC Savings and another Bitcoin wallet called Everyday BTC Spending.
- If it’s your first purchase, verify your identity. After your first purchase, which includes identification verification, future purchases are completed in seconds!
- Once complete, your purchase will proceed.
Of course, you can besides use your Bitcoin.com Wallet to receive, hold, and use the bitcoin you ‘ve already purchased via a different method acting. early methods for buying bitcoin admit :
Buying bitcoin from the Bitcoin.com website
You can buy bitcoin from the Bitcoin.com web site using your credit/debit wag or early payment method ( Apple Pay, Google Pay, and so forth ). When you buy bitcoin from our web site, you ‘ll need to decide where to receive it. This means you ‘ll need to input a Bitcoin ‘address ‘ when prompted .
For exercise, a Bitcoin address looks something like this :
here ‘s the process for buying from our web site :
- Visit our Buy Bitcoin page.
- Select Bitcoin (BTC). Note: you can also purchase a range of other digital assets.
- Choose whether you want to pay in USD or another local currency, and enter the currency amount (eg. $100).
- Click the BUY button.
enter your wallet address. here ‘s where you ‘ll decide where the bitcoin you ‘re buying goes. For example, you can send bitcoin straight to your Bitcoin.com Wallet. To do then, you fair need to know your Bitcoin address. To get the correctly address :
- Open the app
- Tap the receive icon
- Select Bitcoin (BTC) and choose the Bitcoin wallet you want to receive it to (eg. My BTC Wallet)
- Tap the copy button to save the address to your clipboard. You’ll need to paste that address into the Bitcoin.com Buy website. If you’re accessing the website from your desktop or laptop, you can, for example, email the address to yourself then paste it in the wallet address field on our site.
- Complete the purchase process by creating an account and providing your payment details.
Buying bitcoin from a centralized cryptocurrency exchange
With this method acting, the bitcoin you purchase will at first base be held by the cryptocurrency exchange on your behalf. If you ‘d like to take full control condition of your bitcoin, you ‘ll need to withdraw it from the exchange to a non-custodial wallet like the Bitcoin.com Wallet. When you withdraw bitcoin from an central, you ‘ll be subject to the substitution ‘s withdrawal policy and fees. In some cases, you may not be able to withdraw for days or weeks, and the withdrawal tip could be much higher than a Bitcoin transaction fee would normally be .
Read more : How to send bitcoin .
here ‘s the distinctive flow for buying bitcoin from an exchange .
- Visit a cryptocurrency exchange website like Bitcoin.com Exchange. Here’s a curated list of other top crypto exchanges.
- Create an account and verify your identity as required.
- Follow the website’s instructions to buy your bitcoin (BTC) or other digital asset.
- Your bitcoin will appear in your exchange account.
- If you’d like to take full control of your bitcoin, send it from the exchange to your non-custodial wallet (like the Bitcoin.com Wallet).
Buying bitcoin using a peer-to-peer trading platform
A kind of platforms facilitate the trade of bitcoin and other digital assets by offering 1 ) a venue for buyers and sellers to post their buy and sell orders, and 2 ) an escrow and dispute resolution service .
Since these platforms chiefly help people find each other, in many jurisdictions they are n’t technically classified as exchanges or ‘money transmitters, ‘ so in some cases they do n’t require you to reveal your identity in order to use them. For privacy-conscious buyers, therefore, P2P platforms can be an effective method acting for obtaining bitcoin despite being by and large less convenient, and much more dearly-won overall ( it can be intemperate to get the “ compensate ” market pace using this method acting ascribable to lack of liquidity ). note however, that as a seller, using a peer-to-peer platform to engage in the commercial sale of bitcoin ( beyond, say, a few little transactions here and there ) may find you on the improper side of the law in your nation.
Read more : How does Bitcoin substitution employment ?
Most peer-to-peer Bitcoin exchanges integrate a repute organization, meaning they track and display the trade history of their users. If you ‘re looking to buy using a P2P rally, you ‘ll want to choose sellers who have a good reputation, meaning they ‘ve completed several trades and never had a complaint .
The process for buying bitcoin using a peer-to-peer exchange is typically arsenic follows :
- Browse through listings by payment type (eg. bank transfer, PayPal, etc.), amount, location of seller, reputation, and so on.
- Initiate a trade. Doing so locks up the bitcoin in an escrow account.
- Send the agreed payment amount via the agreed payment method. Note, this could potentially even mean meeting the seller in person and handing over cash directly.
- The seller then confirms receipt of the payment via the website or app .This triggers the bitcoin to be released from escrow to your Bitcoin wallet.
- In some cases, the purchased bitcoin will be released from escrow directly to the Bitcoin wallet of your choosing. In other cases, it will first be sent to your peer-to-peer platform account wallet (which is typically a custodial web wallet). In that case, you’d then want to withdraw it to a Bitcoin wallet you control. Note that this final step often incurs a fee, which typically constitutes the peer-to-peer platform’s business model.