How to Buy Bitcoin Easily, Securely and Fast with a Debit Card
When I started my journey into Bitcoin (BTC) I had to spend a lot of time & resources to research the available buying options until I could actually buy some bitcoin.
Stuff like – downloading the Full BTC Blockchain with the Bitcoin Core Wallet, arranging a meetup and buying in person (Over the Counter or OTC) or through an online escrow system from localbitcoins
Localbitcoins requires to Know your customer verification now so just be aware of that if you need privacy you can always buy Bitcoin and use privacy software to conduct your transactions. Bisq is a better alternative to Localbitcoins these days.
Recently (2016-2017) I wanted to buy some Bitcoin from Localbitcoins but I didn’t go through with the transaction for certain reasons ( which I actually regret because I would’ve made a nice bit of profit off that ( Around $50,000 USD +) Fortunately, the buying experience has become a lot easier these days.
Make a decision TODAY not to miss out on this financial, technological and human revolution that continues to grow ever stronger each day.
This post is written as a quick and easy guide to get you started with buying & owning some bitcoin, without having to jump through hula hoops on fire.
You might have found that there is a lot of information out there and scammers and exploiters are everywhere.
So we will only offer two solutions from reputable companies.
This post is written for people who cannot or do not have access to exchanges like Coinbase or Apps like Cashapp.
Maybe those products are not offered in your country yet or you’re unable to register an account due to your citizenship or residency status.
So, for people who want or need to Buy Bitcoin Instantly Online we have two solutions for you:
Step 1. Have your Mastercard, Visa or other accepted Debit Cards on hand ( we will check through both sites to list exactly what cards are accepted)
Step 2. Have One form of government recognized or issued form of identification on hand and ready for verification + your issuing banks debit card.
Step 3. Once the verification process is complete and you are able to transact on either platform, you will need a Bitcoin Wallet to “receive” or to more accurately put it,( have a method of being able to refer to how much bitcoins you have access/authority to on the blockchain which essentially functions as a global distributed ledger. (* Think of it as a recording system where you can see exactly where it is and how many coins you have ownership over.)
That’s it! – after you have entered your wallet’s receiving address and confirmed the transaction via the e-mail address you used to register an account on the exchange, you will receive the Bitcoin into your Wallet.
The major difference between the two is that Coinmama does not hold any Bitcoin on your behalf (non-custodial) so you must have a Bitcoin Wallet or Address ready to send your Bitcoin to before purchasing.
If you would like to know how to setup up a Bitcoin Wallet and understand what it is you are doing please refer to this post:
For further reading on the Top 8 Wallets, Apps & Storage Methods click here
Ok so Cex.io they can hold your Bitcoin for you on their wallets and there is a minimum of 0.01 BTC purchase & 0.01 withdrawal/transfer amount so just be aware of that before you do any transactions.
Coinmama has a minimum fiat purchase amount of $60 USD so have that amount ready in your bank account before you start.
Fees on Coinmama are fixed at a percentage after you make a purchase (5% up to a certain amount) so beware of that and also factor in any fees you would have to pay to miners which is usually not that much, but if you can calculate this before-hand and know how much in fees you would pay per transaction you could create your own setup where you can buy Bitcoins or altcoins in bulk with a preset amount so you can save on or at least allocate the necessary amount to cover fees.
All you need to sign-up for an account and start buying or trading bitcoin is a few forms of I.D, (my passport and bank cards were enough), both exchanges did not take long to approve me, maybe 24-48 hours if I recall correctly, actually it could’ve been faster.
If you want a quick and easy guide on how to install and setup a secure Bitcoin Wallet just go here. ( Article coming…)
Just know that there are quite a few wallets out there and different methods for setting one up so you can choose whichever suits you best depending on what your needs and uses are.
Personally, we recommend Samourai Wallet for Mobile/Smartphone Bitcoin Wallets or Wasabi Wallet for desktop as these are privacy-focused wallets with innovative features & they are also user-friendly and convenient.
You do not need a Bitcoin Wallet if you just keep your bitcoin on Cex.io but this NOT recommended as exchanges can be unavailable and your money will not be in your hands whenever you need it.
In following posts, we will cover how to buy Alternative Coins or altcoins from other exchanges like Binance, but once you have got the hang of buying and selling bitcoin, altcoins pretty much follow the same process.
We thought we should write this just to shorten the time you have to spend to buy some bitcoin and make things easier for you just read through and you will know exactly what you need to do.
Another upcoming and more user-oriented market platform or exchange to buy and sell Bitcoin is the Bisq Network
This is a true peer-to-peer method for buying and selling Bitcoin. The more users we have transacting over Bisq the better for all of us, let us really create a new reality and have as many great options available. Take part in this initiative to empower yourself by creating an account and transacting over Bisq