How to Buy Bitcoin with Bitcoin ATM

How to Buy Bitcoin Cryptocurrency

How to buy bitcoin is fully explained with a thorough tutorial of how to buy bitcoin with cryptocurrency exchanges and bitcoin ATMs, Most demanded FAQ’s and videos that will lead you about buying Bitcoin cryptocurrency

Before you get Bitcoin, you must first need a place to store it.

In the world of cryptocurrencies, this place is called a wallet, and it comes in various structures. Different sorts of wallets offer Bitcoin owners of different types of security, storage, and access options.

Wallets are needed so that after purchasing your bitcoins you can store them in your wallets, just like after withdrawing cash from the bank or ATM you put it in your purse or pocket

What is a Cryptocurrency Wallet, Video source You tube: Blockgeeks

Main Types of Bitcoin Wallets

The main types of BTC wallets are:

Desktop Wallets

A desktop wallet is installed on the user’s computer, giving complete control over funds and related security.

There are desktop wallets that enable users to download network blocks and verify their authenticity, as well as independently manage their funds.

Users of thin wallets do not have to download blocks and can download them on a portable device.

Best Bitcoin desktop wallets are:

Also read What is Bitcoin Halving?

Online Wallets

When practicing a web-based wallet user’s private keys are stored online on a server that is controlled by someone else and is connected to the Internet.

In this way, users can effortlessly access their credit from any device around the world.

However, there is always a risk that the server will be hacked or even the organization running the service can get control of your bitcoins

Best bitcoin online wallets are:

Mobile phone, cell phone Wallets

The main benefit of a mobile wallet is that the user’s credit is always available. It is a very convenient method of paying for goods by scanning QR codes

Best bitcoin mobile phone wallets are:

Hardware wallets

Hardware wallets are committed portable devices that contain private keys and make payment easier.

There are different types of hardware wallets, but all of them allow users to virtually carry any amount of cryptocurrencies in user pockets.

Best Bitcoin Hardware wallets are:

Paper Wallets

One of the safest options for Bitcoin storage is to use two QR codes that are generated using a specific service.

One of them is a public key, and address through which BTCs can be received.

The other is a private key that you can use to send bitcoins stored at that address.

Types of Bitcoin Wallet, Video source Youtube: Koinlocker

How to Get Bitcoin

How to get bitcoin is a simple question and has a simple answer, after setting up your wallet you can get bitcoin crypto by multiple numbers of ways

  • Bank account, Debit card or Credit card

Once you have a Bitcoin wallet, you can buy Bitcoins by using conventional payment modes such as credit card, bank transfer or debit card.

The bitcoins are then shifted to your wallet. The availability of the above payment methods is subject to the chosen exchange, banks, credit or Debit card service providers

Whether the preferred exchange, banks, credit or Debit card service providers have the feature of letting you buy bitcoin from their service or not

Cryptocurrency exchanges like Coinbase, Binance instantly let you buy bitcoin from your bank accounts,  debit or credit cards easily

Also, Read What is Bitcoin and How Does it Work

  • ATMs

Although it’s a very new concept, Bitcoin ATMs are emerging in cities around the world and the number is improving.

The machines charge a commission of three to eight percent in addition to the normal exchange price but offer users the most private Bitcoin buying experience.

How to Buy Bitcoin with Bitcoin ATM

Image source: finance magnates

The main measures to buy bitcoin from an ATM are:

  • Click the option to buy bitcoin cryptocurrency
  • Enter your cell phone number in the ATM
  • You will then receive an SMS with a confirmation code
  • Enter the code in the ATM
  • The ATM will ask for your Bitcoin wallet address
  • Enter the Bitcoin wallet address to which your Bitcoin should be sent
  • Put your money in the ATM
  • Press “Send” and Bitcoin will be sent to you immediately

Point to remember

If you haven’t set up a Bitcoin wallet, click the “I don’t have a Bitcoin wallet address” option. The ATM will create a new Bitcoin wallet address for you and will print it out. This printed paper contains the public and private keys for your Bitcoin wallet. Keep them very safe

With the booming reputation of bitcoins, such ATMs can become one of the most common ways to buy the cryptocurrency.

Bitcoin ATMs are very unlikely to perform in countries where Bitcoin is banned or prohibited.

You can find the closest Bitcoin ATM using a particular card service like CoinATMRadar

  • Cryptocurrency Exchanges:

After you set up your wallet with a payment method, you need a place where you can buy Bitcoin.

Users can buy Bitcoin and other cryptocurrencies on online marketplaces called cryptocurrency exchanges, related to the platforms where traders buy traditional stocks like an apple or google stock, etc.

The crypto exchanges join you directly to the Bitcoin marketplace, where you can exchange traditional currencies like Dollar, Euro, etc for Bitcoin.

Binance exchange

Keep in mind that Bitcoin Exchange and Bitcoin Wallet are not the same things.

Bitcoin exchanges are alike to currency markets. The exchanges are digital platforms on which Bitcoin is exchanged for fiat currency for example Bitcoin vs. US dollar.

While exchanges offer wallet functionality to users but this is not their main job.

Since wallets require to be secure, you shouldn’t hold large amounts of Bitcoin or keep them for a long time when exchanging them on crypto exchanges.

Therefore, it is prudent to put your bitcoins in a secure wallet. Since security must be a top preference when choosing a Bitcoin wallet, you should choose a wallet with multiple signatures.

Many instituted exchanges offer one-stop solutions with high-security standards and reporting. However, care should be taken when picking a Bitcoin exchange or wallets

The best cryptocurrency exchanges in the market are shown below

Name

Payment method

Verification levels

Fee

Coinbase Wire transfer by linking your bank account directly to your Coinbase account

Credit card, Paypal

Identity verification 1.50%-4.00%
Binance Exchange Bank Transfer, Credit, Debit Card, All Major cryptocurrencies No verification up to transaction of 2 BTC, Transaction above 2 Btc Require verification

USD or EUR deposits and withdrawal require ID verification

0.1%

You may Pay in BNB to reduce fees

Bitfinex Bank transfer, All Major cryptocurrencies Not required if you are depositing with cryptocurrencies

USD or EUR deposits and withdrawal require ID verification

0% – 0.1%
Kucoin Bank Transfer, Credit, Debit Card, All Major cryptocurrencies No verification up to transaction of 2 BTC, Transaction above 2 Btc Require verification

USD or EUR deposits and withdrawal require ID verification

0.01%-0.15%
BitStamp SEPA or SWIFT transfers

Wire transfer, Credit card

Identity verification 0.1%-0.25%
OKex Bank Transfer, Credit, Debit Card, All Major cryptocurrencies Identity verification 0.1%-0.2%

 

  • Peer to Peer (P2P) exchanges:

In contrast to decentralized exchanges, where buyers and sellers are brought together anonymously and all aspects of the transaction are simplified

There is some peer to peer exchange services that enable a more direct connection between users.

Local bitcoins are an example of such an exchange.

After creating an account, users can post buy or sell requests for Bitcoin crypto, including information about payment methods and prices.

The users then browse through the listings of buy and sell offers and pick the trading partners with whom they want to do business.

Local bitcoins facilitate some features of trading

Those who are not open to a one-on-one conversation can always look for a local Bitcoin meeting where they can buy the cryptocurrency in a group environment while growing their BTC knowledge.

You can find information about these meetings on www.meetup.com and other related websites.

Of course, you don’t necessarily need to meet a seller in person to complete a transaction.

Some sellers are open to trading on the Internet, but you have to be extremely careful as you take a large risk of losing your money.

Always Use payment services such as PayPal, which guarantee the receipt of goods.

How to buy Bitcoin on Binance exchange with a credit card

  • The first easy step is to register with Binance exchange

How to buy Bitcoin on Binance exchange with a credit card

Fill all the details, your email, password, and signup for Binance exchange

  • The second step is to access the Binance exchange credit card page

Go to the “Funds” section of the Binance exchange toolbar and select the “Buy by credit card” option.

How to buy Bitcoin on Binance exchange with a credit card 2

Select Bitcoin as the cryptocurrency you want to buy, and then enter your order amount.

Note: You can buy other cryptocurrencies like Ehthreum by the same steps with your credit card

The second bar displays the total amount you will be charged, including the 3.5% fee.

Then you will be required to confirm your order.

Read the short disclaimer to understand the purchase process. After reading and understanding the disclaimer, click I have read and accepted the disclaimer and then click Continue with payment.

This feature was updated in February 2019. Some outdated blogs tell you that you have to deposit any other cryptocurrency to buy Bitcoin. This does not mean buying Bitcoin, but rather exchanging or trading cryptocurrencies.

Also, read Binance Exchange Review

For your first purchase, we recommend that you start with a small quantity to make sure you are doing it in the right way.

Depositing coins from another crypto exchange in Binance may have some restrictions and may involve withdrawal fees

  • The third step is to Enter your details

You will be redirected to the Simplex website.

Fill in the needed fields and check the phone number and email address that you furnished when opening the Binance account.

You will receive a confirmation code on your phone. Enter the 4-digit code on your phone.

You will also receive a confirmation link via the email you provided.

After this step click next.

The next step is to enter your credit card details.

Make sure that the information matches the billing address.

However, your card is not yet charged.

Click “Pay now” to proceed to ID verification.

How to buy Bitcoin on Binance exchange with a credit card

The fourth step is to verify your identity

In this step, you want to verify your identity by photographing yourself with the credit card you used to play with.

How to buy Bitcoin on Binance exchange with a credit card

When prompted to provide the selfie, provide the following:

The digits of your card number must be visible especially the first and the last four, and your name on the credit card.

You can cover the middle digits with your fingers.

You can also upload a valid identity card, passport and driver’s license.

Make sure you upload all pages of the document in the correct order.

If you have followed these steps your Bitcoin should be credited to your Binance account within 20 minutes or less.

By following the above steps you have just made your first Bitcoin purchase with your credit card.

There are many exchanges where you can buy Bitcoin, but Binance is by far the best and most liquid and reputable exchange.

Open an account on Binance exchange and save the transaction fees up to five percent

Warnings before buying Bitcoin

  • Legality problems

Bitcoin attracts the interest of law enforcement, tax, and regulatory agencies. They are investigating how the cryptocurrency fits into subsisting regulatory frameworks.

How legal your Bitcoin activity depends on who you are, where you live, and what you do with it.

In principle, the answer is simple for most countries: if you don’t spend your bitcoins on illegal purposes, you don’t break any laws.

Bitcoin has been around for a while so most governments have much time to settle on its legal issues but Some countries have not considered an official position on the issue

  • Risk of Protection

It should be recognized that despite the rules that most crypto exchanges and wallets force on their users, these services do not offer identical protection as banks.

For example, if the crypto exchange goes out of business or is robbed by hackers, its insurance for user’s funds is often very bound.

This was the case with the failed Mt Gox Chinese exchange, which officially filed for bankruptcy and admitted the irretrievable loss of 750,000 bitcoin.

Since bitcoin does not have the legal status of currency in most maximum parts of the world, the authorities are usually not sure how to deal with crimes.

If theft of the cryptocurrency happens due to a loss of security or password on the role of the user, there is no guaranteed way to retrieve the digital asset.

Some banks even decline to work with funds obtained through transactions in digital currencies due to regulatory uncertainties.

Frequently Asked Questions

How to buy bitcoins with cash?

Bitcoins can be bought by Bitcoin ATM’s by depositing cash in the ATM’s, the main steps to get bitcoin with cash from Bitcoin ATM’s are:

  • Click the option to buy bitcoin cryptocurrency
  • Enter your cell phone number in the ATM
  • You will then receive an SMS with a confirmation code
  • Enter the code in the ATM
  • The ATM will ask for your Bitcoin wallet address
  • Enter the Bitcoin wallet address to which your Bitcoin should be sent
  • Put your money in the ATM
  • Press “Send” and Bitcoin will be sent to you immediately

Point to remember

If you haven’t set up a Bitcoin wallet, click the “I don’t have a Bitcoin wallet address” option.

The ATM will create a new Bitcoin wallet address for you and will print it out.

This printed paper contains the public and private keys for your Bitcoin wallet.

Bitcoin ATMs are very unlikely to appear in countries where Bitcoin is banned or prohibited.

Another method of How to buy bitcoins with cash can be peer to peer exchanges like Local bitcoins

The steps include:

  • Find a seller in your area that accepts cash against BTC on localbitcoins.com and a select amount of BTC you want to purchase and place your order.
  • Receive seller bank account number, Paypal or whatever payment method the seller suits and deposit the amount into the seller account.
  • Upload receipt of your payment as a proof on the website and receive your bitcoins from the seller

How to Buy Bitcoins with Paypal?

Since Virwox exchange shut down in January 2020 it has become really hard to get bitcoins from PayPal

Still, local bitcoins can be practiced to get bitcoin from sellers that favor PayPal as a payment mode

But there are key determinants that need to be studied before selecting a seller

These factors are:

  • How many trades seller has completed by delivering bitcoins to buyers on time
  • Feedback score of the seller
  • How much old is the seller account and how many people trust the seller

Another source to buy bitcoins with PayPal is Paxful

The steps are simple

  • Create an account with Paxful
  • Choose a payment method for buying bitcoin and the amount of bitcoin you are interested to buy.
  • Choose your seller.
  • Sellers can be chosen manually or Paxful can choose the best seller for you

How to Buy Bitcoin Stock?

The first thing to learn is that bitcoin is not a stock, Bitcoin is a digital currency. There are many techniques to buy bitcoin stock; all are expressed with complete details in this article above

How to Buy Bitcoins in India?

Select any Bitcoin wallet that suits you, Bitcoin wallet can be online, Desktop, Mobile or paper wallets

Go to Coinmama and create your account

Select the amount of Bitcoin you want to buy and add your payment info and bitcoin address from your bitcoin wallet created in the first step

You can also purchase bitcoin with your credit cards on Coinmama

Another way is to Zebpay.

Zebpay has Android and iPhone apps which allow you to link your bank accounts to the exchange and directly get bitcoin with your bank accounts

How to buy Bitcoin Reddit?

The Reddit account r/Bitcoin can help buy bitcoin

How to Buy Bitcoin With a Credit Card?

Buying bitcoin with the credit card has become very easy; all primary exchange like Coin base, Binance, Okex, Kucoin, Kraken, Bitfinex allows you to get bitcoin with your credit card

You just have to create an account with any of these exchanges and validate your account by proving your identity with your ID Card, Passport or driving license, etc

The identity verification process is different for different exchanges

Once you become a verified member of these exchanges you can very easily buy bitcoin with your credit card

The complete process to get bitcoin on Binance exchange with credit card is explained above

How to buy bitcoin at Walmart?

You cannot directly purchase bitcoin at Walmart. There is no option to directly go to Walmart and get bitcoin. Walmart has an option to buy certain products with bitcoin

What is the easiest way to buy Bitcoin?

The most straightforward and the guarded way to buy bitcoin is to create an account with the famous crypto exchanges like Coinbase or Binance and buy bitcoin there with many options of buying bitcoin with different currencies and different methods like buying bitcoins with credit card etc

You don’t even have to set up any wallet, these exchanges do it all for you, simply signup to these crypto exchanges and make your account

Can you send bitcoin through ATM?

No, you cannot  send bitcoin to someone through Bitcoin ATM

How long does Bitcoin take to show up in the wallet?

Bitcoin may take 30 to 60 minutes to show in your wallet, but it depends upon the bitcoin network, if the network is busy it may take hours to transfer

How can I get Free Bitcoin?

To get free bitcoins you can:

  • Take some online surveys and get bitcoin for free
  • You can become an affiliate marketer and can earn rewards in bitcoin for selling cryptocurrency-related products
  • You can start cryptocurrency mining to get free bitcoin but crypto mining is a complex method and require a lot of technical skills
  • You can shop online and earn bonus bitcoin

Does Bitcoin ATM require any ID?

Some Bitcoin ATMs require ID verification but some will provide you buy bitcoin to a certain limit, simply by depositing cash without any kind of ID

How much it will cost to buy a bitcoin ATM?

The prices of bitcoin ATMs vary but on average it will cost you to 10-15 thousand dollars to buy one bitcoin ATM

How do I track Bitcoin transactions?

To track a bitcoin transaction simply go to https://www.blockchain.com/explorer and on the search tab enter your Bitcoin transaction ID to see the details of your transaction.

What is the best Bitcoin wallet?

  • The best exchanges that can be used as bitcoin wallet are coinbase, Binance exchange
  • The best bitcoin hardware wallets are Trezor and Ledger Nano S
  • The best bitcoin online wallet is Blockchain.com
  • The best bitcoin mobile wallet is Trust Wallet

 

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