How to buy bitcoins?

1. How to buy bitcoins?

This is the question many users are asking when they first encounter the phenomenon of bitcoin and cryptocurrencies. It is easier than it may seem at first glance. Below is a list of the most popular ways to buy bitcoins, but before you start this process, you need to take care of the most important thing: getting a bitcoin wallet.

A wallet is necessary in order to receive, store, and dispose of the purchased cryptocurrency. We will not dwell here what kind of purse you need (you can read about it here and here) and we will go straight to available ways to buy bitcoins.

2. Cryptocurrency exchanges

Cryptocurrency exchanges are specialized sites for trading bitcoins and other digital assets. Many sites offer deposits in dollars and euros, and some in rubles. There are also Ukrainian exchanges that offer deposits in hryvnias.

Each exchange user can offer other participants to buy or sell (place an order) a certain amount of currency at a certain price. The price at which users agree to sell or buy bitcoins determines the rate of the cryptocurrency. Depending on various factors, the rate is constantly changing, so sometimes you can buy a cryptocurrency at a better price (or vice versa) after waiting for a while.

Fund your account on exchanges can be different ways: the Western sites usually use bank cards, and Russian and Ukrainian sites, in addition to cards, often offer other alternative payment systems like QIWI, Perfect Money or Payeer. When depositing your account, keep in mind that, depending on the method you choose, you will likely have to pay a fee.

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Having exchanged the deposited money for bitcoin, it can be subsequently withdrawn to a previously opened wallet and disposed of at your discretion.

3. Online exchange services

There are a large number of online services offering the conversion of various electronic money into traditional currency. With the growing popularity of bitcoin, such exchangers began to offer more and more transactions for buying and selling bitcoin as well.

Unlike exchanges, where conversion can be made any time after depositing the account, such services offer instant exchange at the rate set at the moment of transaction.

Before using the services of one of such services, it is recommended not only to compare rates offered at other exchangers, but also check its reputation by reviews on forums or specialized sites (exchange offices monitoring). One of the most well-known and trustworthy monitoring sites is bestchange.ru. By selecting the desired exchange direction on the site, you can see all available options, the actual rating of exchange offices and reviews of it.

4. Physical purchase

Buying and selling bitcoins can also be done on specialized sites, the most famous of which is LocalBitcoins. By selecting the country and city of residence, the user specifies the desired amount of coins and the payment method, which includes the possibility of a personal meeting to transfer the money.

The main thing with this method is to choose a reliable seller, who can be trusted without fear of fraud. The exchange rate at LocalBitcoins is usually lower than the market average, because both sides of the transaction save on commissions. The buyer is the first to transfer the necessary amount, receiving bitcoins in return (or no bitcoins if he is a victim of fraud).

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For this reason, the procedure of buying cryptocurrency on LocalBitcoins or other similar sites should be approached with extra caution. Also, you should not buy bitcoins from people you do not know without checking their reputation first.

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