Buying Bitcoin has become increasingly easier in the past few years, with so many exchange platforms and Bitcoin ATMs popping up all over the world. That being said, buying Bitcoin remains one of the most difficult hurdles to overcome for novice users. Plus, verification procedures are not making matters any easier.
Buying Bitcoin – What Do I Need?
Before you can start buying Bitcoin, there are a handful of things you will need. First of all, you will need to install a Bitcoin client, either on your computer or mobile device. The installation procedures are very straightforward and self-explanatory. Once you have a Bitcoin client installed on your preferred device, a new wallet address will be generated on your behalf. This address is of great importance, as this is where your future Bitcoins will be sent to.
Secondly, you will need to prepare a copy of your government-issued ID or driver’s licence, as well as a copy of a recent utility bill. In terms of this utility bill, phone bills or bank statements are perfectly fine, although receipts from purchases made on Amazon or other online shops are not. A copy of these documents will be required for the exchange you are planning to use for purchasing Bitcoin.
Last but not least, you will need to find a proper Bitcoin exchange to buy Bitcoin from, unless you prefer to use a Bitcoin ATM near you, which is also a possibility. Bitcoin ATMs will require some form of identification as well, depending on how much you are planning to spend on buying Bitcoin. To find a Bitcoin ATM in your area, click here.
Choosing Your Bitcoin Exchange
When it comes to buying Bitcoin, there are quite a few different exchange platforms to choose from. Depending on your local fiat currency, certain exchanges may be better suited than others. That being said, most proper Bitcoin exchanges support various types of fiat currency, including EUR, GBP, USD, and CNY.
BanxTrade is one of those Bitcoin exchanges that supports multiple fiat currencies. Major currencies such as USD, GBP and EUR are all supported, as well as various other digital currencies that can be traded against Bitcoin. But what makes BanxTrade interesting is their top notch security. BanxTrade insures all fiat currency balances, offers two-factor authentication and utilizes multisignature and cold storage wallets to keep customer funds safe.
Other options include, but are not limited to BitStamp, Kraken, BitFinex, Safello, and BTCChina. All of these exchanges support at least one major fiat currency, with most of them supporting most of the major currencies. Do keep in mind that all exchanges may or may not ask for additional verification documents, as mentioned at the beginning of this article.
Payment Methods For Buying Bitcoin
Buying Bitcoin can not be done by all traditional payment methods. For example payments by credit card, debit card, and Paypal are not accepted by most Bitcoin exchanges, as all of those payments are subject to high fraud and chargeback rates. Bank transfers and SEPA transfers are accepted by any Bitcoin exchange around the world.