Ultimate Guide To Buying Bitcoin

By Bitcoin Chaser | October 16, 2021

buying bitcoin

In this guide, we are going to give you a breakdown of where to buy bitcoin, as well as give our recommendations on exchanges and sites to use when doing so. We will also be covering some of the pros and cons you may run into when using each option. Let’s get down to bitcoin business. 

Bitcoin’s Growth

Bitcoin, and other cryptocurrencies, are continuously growing in popularity and use. From its initial launch in 2009, Bitcoin has skyrocketed.

Thanks to Blockchain technology, cryptocurrencies past and present have the ability to provide safer, more secure, transparent, and incorruptible transfers of data. Whether that be user information or digital currencies.

The potential for cryptocurrency is unlimited, as seen by its use cases within Bitcoin. Digital currency is an inevitable part of our future, so it is best to buy bitcoin before the times truly come.

You Can Buy Bitcoin In A Variety Of Ways

While buying bitcoin is the fastest and generally safest way of acquiring BTC, there are other ways of getting your hands on some bitcoin.

A lot of people sign up for airdrops and faucets, but those are not as efficient and profitable as they used to be.

Buying bitcoin is the easiest way of building up your portfolio and personal assets value.

coinbase exchange
Coinbase exchange has over 68 million verified users

Buy Bitcoin On Exchanges

Exchanges are the most frequently used method of buying bitcoin due to their ease of use, where you can buy bitcoin with debit card or credit card. Their simple transference systems allow for users to quickly and securely buy and sell cryptocurrency, and some even allow storage of cryptocurrency assets.

All you need to do to buy bitcoin with debit card on an exchange is make a fiat deposit or eft, and buy your cryptocurrency using that.

It may not be the safest way to buy bitcoin, as you give exchanges access to personal information and they may be susceptible to hacks. You may also run into some geographic location restrictions, depending on which exchange you are using. 

Many exchanges have taken the necessary steps to ensure the safety of their platform as well as their users. Some, like Gemini, even offer insurance in the chances of cryptocurrency theft and fraud. It’s safe to say moving forward into the current day of internet and online security, your funds are secure.

Below we will recommend some of the best places to buy bitcoin with debit card:

Bitcoin ATMs
Bitcoin ATMs are considered the safest way to buy bitcoin

Bitcoin ATMs

Bitcoin ATMs have become renowned in the cryptocurrency community for allowing you to buy bitcoin anonymously.

Bitcoin ATMs are considered the safest way to buy bitcoin. The US alone boasts more than 40,000 bitcoin ATMs, with those numbers growing around the world.

While this is the best way to buy bitcoin anonymously, when searching for a nearby BTC ATM, you should still use a VPN and potentially an incognito browser mode to ensure absolute anonymity.

All you need to use an ATM and buy bitcoin anonymously is the native currency of where the ATM is located. You can also trade in your BTC for the local currency. Overall, it is the quickest and easiest way to buy BTC in a foreign country. But like exchanges, it is not perfect. 

There may not be many BTC ATMs in smaller or less developed countries, which would make it more difficult to trade. Bitcoin ATMs are also notorious for their high fees, charging anywhere between 5% to 12% per exchange of currency. But that is the price you pay to buy bitcoin anonymously.

If anonymity is a top priority for you then this is the best place to buy bitcoin.

You can learn more about BTC ATMs and their benefits here. 

P2P Purchasing

P2P refers to peer-to-peer transactions, the original intent of bitcoin. This is simply understood as a transaction of money between two people, the money being used depends on the people trading. Some people trade other cryptocurrencies to buy bitcoin, while others prefer to get rid of their fiat in exchange for bitcoin. Whatever way you want it to work, there is likely a way to make it happen.

Plenty of exchanges have taken the next step to allow people to perform P2P purchasing via their sites, such as Binance. But one website stands out above most, with LocalBitcoins taking the crown for the best place to buy bitcoin P2P.

LocalBitcoins allows you to buy bitcoin and connect with people who are selling.

You can buy bitcoin at LocalBitcoins with:

  • PayPal
  • Bank transfer
  • Other cryptocurrency

It is always recommended to vet the person you are buying from as there is a chance of malpractice. Generally, the customer service staff should be able to help you out and retrieve your funds if you comply with their proof of payment procedure.

If you buy bitcoin with PayPal, you may be able to reverse the payment if funds are not received. Lots of protocols have been put in place to provide both the buyer and seller with an effortless experience. 

Buy Bitcoin With PayPal
Now you can buy bitcoin on PayPal

Buy Bitcoin With PayPal

As stated above, it has been possible to buy bitcoin with PayPal for a while now through P2P exchanging. But now you can actually buy bitcoin on PayPal. Using your PayPal account and funds, you can buy, sell, and hold cryptocurrency.

You won’t be able to withdraw your crypto or move it to another exchange directly, but you will be able to convert it back to fiat at any given moment with no fees incurred. You can also shop using your crypto with PayPal, which is a great bonus. Your bitcoin value will continue to go up and down depending on the market, and when you convert back to fiat, you will still be able to secure all your profits. 

It may not be the safest way to buy bitcoin, as your user information is needed and PayPal can freeze your account at any given moment. User information and KYC are a necessary procedure in most ways of buying bitcoin, other than BTC ATMs, so this isn’t an isolated issue with PayPal. Account freezing may be the only real hurdle to overcome, but as long as you follow the terms and conditions laid out by PayPal, you should be fine.

The Guardian’s Bitcoin Made Simple video

Options For Everyone To Buy Bitcoin

These are just a few places and ways where to buy bitcoin online, and while it may not be all, these are the most recommended for safety and ease. There are so many options for buying bitcoin online, that it may be overwhelming, this guide was created to help inform and educate you so you can make the right choice. It is still up to you as the buyer to do your own research to see which platform or method best aligns with your needs. Whether you are prioritizing low fees or anonymity, there is an option out there for everyone.

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