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Buy Bitcoin Instructions

Bitcoin is a new, exciting asset class. After the all-time high at the end of 2017, however, the cryptocurrency has become a little quieter. Experienced investors know that this may be the right time to buy Bitcoin.

In this article we will show you how you can buy Bitcoin quickly, easily and, above all, safely. With the 15 minute guide you can get started right away.

Before buying Bitcoin: the most important facts at a glance

  • Bitcoin is the first and most famous cryptocurrency in the world
  • Bitcoin has the highest market capitalization of the cryptocurrencies and is considered "digital gold"
  • Bitcoin is based on a so-called blockchain and is basically "just" an incredibly long series of numbers
  • Bitcoin's price fluctuates, but not as much as it was a few years ago
Buy Bitcoin or 14 other cryptocurrencies: Ethereum, Bitcoin Cash, Neo, Litecoin, Ripple XRP, IOTA, Dash, ETH Classic, Binance (BNB), Zcash, Stellar, EOS, Tron, Cardano Log Infor free demo account

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford the high risk of losing your money.

Cryptoassets are highly volatile, unregulated investment products. No EU investor protection.

Why should you buy bitcoin?

Bitcoin has become a little quieter lately. Nevertheless, big financial players continue to act eagerly and buy Bitcoin, as Forbes reported, for example. At the same time, interest on savings accounts worldwide are “in the basement” and real estate prices give the impression of a bubble.

So if you want to invest money or are skeptical about the future of the euro, it is good to diversify your wealth. As an asset class of the future, you can hardly avoid buying crypto currencies (and thus Bitcoin as the "king of crypto currencies"). Bitcoin's price also fluctuates as before, so you can make money with it too.

What are the benefits of Bitcoin?
  • Ideal for diversifying your own assets (security in uncertain times)
  • Freely transferable all over the world and more anonymous than "normal" money
  • Inflation-proof
  • Even today, you can still make profits through fluctuations in exchange rates
  • Asset class of the future; the youth (i.e. the decision-makers of tomorrow) take Bitcoin positively
What are the disadvantages of Bitcoin?
  • Cryptocurrencies are generally always subject to risk (prohibition or regulation by governments, hacker attacks)
  • The basics of blockchain and the principle of cryptocurrencies are not easily accessible for technical laypeople
  • Buying and storing Bitcoin directly is challenging and requires training

Your Bitcoin purchase: step-by-step instructions

You can buy Bitcoin either on a classic crypto exchange or through a state-regulated and licensed CFD broker. The great advantage of buying from a broker is that your credit is protected from hacker attacks. In addition, good brokers have free demo accounts with which you can practice risk-free before you get started. Buying through a broker can therefore be the best choice, especially for beginners.

Good choices for brokers are eToro, Plus500 and Swissquote. From my own experience, I prefer eToro, which I also use privately.

From my point of view, the following speaks for eToro: The company is the market leader among CFD brokers. In addition, eToro is regulated by the state and has a corresponding license, so I can trust that everything will run smoothly. In addition, it is easy to use and the fees are fair.

How to buy Bitcoin in 15 minutes

eToro is the test winner in our comparison of brokers and exchanges. There you can buy Bitcoin with PayPal, bank transfer or credit card.

1. Create an account 2. User menu 3. Deposit money 4. Buy bitcoin

Click on this link to go directly to the eToro website. The best thing to do is right-click on the link and open the page in a new window. So you can easily look up these instructions again and again.

On the eToro website, click on “Register” and enter your details. Make a note of your username and password. If you've done that, congratulations, you've just opened your eToro account! The first step to your Bitcoin purchase has been taken.

Then check your email inbox to see if you have received a verification email from eToro. Click on the link in the email to confirm your identity and activate your account.

If the email doesn't seem to arrive, don't forget to check your spam filter. Maybe he was overzealous and fished out the email from eToro. Don't worry, the e-mail is of course not spam, but simply a standard e-mail.

After verification, go back to the eToro website and log in with your username and password. Then make the desired settings there.

Then click on "Deposit money". Enter your desired amount and choose your currency (probably euros). Then choose your preferred payment method.

Depositing via PayPal is the fastest. On the side: eToro is one of the few providers that allow deposits via PayPal - a real advantage. Of course, you can also pay by debit or credit card. Transfers are also possible, but take a little longer.

When your money is in your account, you enter your purchase order - and that's it.

As you can see, it is convenient and easy to buy Bitcoin indirectly through a CFD broker like eToro. So you can quickly benefit from the price fluctuations.

Register now for free demo account

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford the high risk of losing your money.

Cryptoassets are highly volatile, unregulated investment products. No EU investor protection.

[su_icon_text icon = "icon: info-circle"]The special thing about eToro is that it is about CFDs. But what is that exactly? CFD stands for "Contract for difference" and describes a contract for difference. So you bet on a price fluctuation and can benefit from it if it is successful. This has the advantage that you don't have to buy Bitcoin yourself to earn money. This saves you the effort for security. [/ Su_icon_text]

Why should you choose eToro and buy Bitcoin there? I already mentioned a few reasons that moved me personally. eToro is a well-known provider and has been on the market since 2007. The company is regulated by high-level regulators and protects the privacy of its traders. In addition, eToro keeps the credit of its traders with well-known banks in separate accounts. Last but not least, the unique “CopyTrader” speaks for eToro, where you can view and copy the investments of successful traders.

What are the advantages of eToro?
  • Well-known provider that has been on the market since 2007
  • Regulated by high-level regulators and therefore safe
  • eToro respects and protects the privacy of its traders
  • Traders' money is kept in separate accounts at well-known banks
  • Opportunity for social trading via CopyTrader
What are the downsides of eToro?
  • No profit without risk. Of course, every trading also involves risks. Therefore only risk money that you can bear to lose.

Buy bitcoin on a crypto exchange

You can of course also buy Bitcoin directly on a crypto exchange. Well-known and good exchanges are, for example, Coinbase and Binance.

To buy Bitcoin there, you open an account on the desired exchange. Then you deposit money and buy the amount of Bitcoin you want. Remember, however, that you shouldn't keep the bitcoins you've bought on the exchange. You are not 100% safe there. Every website, which also includes the crypto exchanges, can be attacked by hackers. Crypto exchanges are particularly in the crosshairs of these criminals, as they store high values ​​that can easily be transmitted digitally.

Nowadays crooks no longer have to steal gold bars from a vault, then carry them away and bury them somewhere. The modern cyber robber carries out his deeds with the click of a mouse. One click - and millions of dollars are already transferred to an unknown foreign country. Unfortunately, this has happened several times.

To avoid this, you should transfer your purchased Bitcoin to a so-called wallet. It's a kind of digital safe. This security is good, but technically complex and requires training. You have to deal with "seeds" and real safety precautions.

But many people do not have the time or interest for this. In addition, you have to go through various verifications and buying Bitcoin on exchanges, for example Binance, can be confusing.

What is the difference between Bitcoin CFDs and "real" Bitcoin?

Bitcoin and Bitcoin CFDs differ in important ways. It should be noted that it is often less risky, especially for beginners, to buy bitcoins via CFDs.

Bitcoin CFD
  • Is a derivative of Bitcoin
  • You're not actually buying bitcoins
  • Does not require a technical understanding of Bitcoin
  • No security measures required
  • Price fluctuations enable profits with rising and falling Bitcoin prices
"Real" Bitcoin
  • You buy "real" bitcoins
  • You can freely dispose of your Bitcoin
  • Requires technical understanding
  • Security measures strongly recommended
  • Profits are only made when the share price rises

How can you buy Bitcoin with cash at the machine?

Since buying Bitcoin on the crypto exchanges is a little more complicated, resourceful companies have developed machines where you can buy Bitcoin directly.

Due to legal difficulties, the machines are currently only available at a few locations in Germany. Austria and Switzerland are more liberal and have already made further progress in this sector. Therefore, there are vending machines for buying Bitcoin in many places.

The German machines are currently only in Berlin, Hamburg, Bremen and Essen. Customers can only buy Bitcoin on it, but not sell it. These are so-called "one-way machines". From a purchase amount of 500 euros, users also have to identify themselves. There are also fees of 4.5 percent.

To complete the purchase, the buyer simply enters the amount at the machine and inserts the banknotes into the slot provided. The amount to be paid is calculated based on the current Bitcoin rate.

Then the buyer has to enter the address of his Bitcoin wallet (by scanning a QR code). With some machines you can optionally have a paper wallet printed out. In any case, make sure not to show this wallet to anyone.

What are the advantages of Bitcoin ATMs?
  • Buying is very quick (if there is a machine nearby)
  • Payment with cash is possible
  • Flexible storage options
What are the disadvantages of Bitcoin ATMs?
  • Relatively high fee
  • In Germany currently only as "one-way machines"

After the purchase: how does a Bitcoin wallet work?

If you buy "real" Bitcoin directly, you have to keep it somewhere of course. Basically, you can leave your Bitcoin on the crypto exchange where you bought it. It's like leaving your money in an account with a bank. However, this storage tends to be insecure, because hackers all over the world leave no stone unturned in order to steal this Bitcoin. Of course, the crypto exchanges protect themselves against this, but there is always a risk, because on the Internet security always lags behind the criminals.

To avoid this, many providers offer so-called "wallets". A wallet is like a digital wallet and safe in one. If you want such a wallet, you can download one and use it as software on your computer or smartphone. Well-known software wallets are Electrum, Exodus and Atomic Wallet. These wallets are better than no security and are also practical, as you can get your Bitcoin relatively easily. However, they also tend to be vulnerable.

Which Bitcoin wallet is the safest?

A wallet with "cold storage", where you buy a dongle, i.e. a hardware key, is even more secure. To move or spend your Bitcoin, you need this dongle every time. Since an Internet attacker does not have this dongle, it is currently impossible to steal your Bitcoin if it is in "cold storage". Well-known providers for this type of wallet are Trezor and Ledger.

[su_icon_text icon = "icon: info-circle"]Practical tip: If you set up such a cold storage wallet, the so-called "seed" is particularly important. This is a multi-word (very secure) code that you can use to restore your wallet. If the seed is lost, burned or faded, recovery is no longer possible and your Bitcoin would be irretrievably lost.

To avoid this, the manufacturer Cryptosteel offers various, almost indestructible, steel systems on which you can secure your seeds. I strongly recommend buying and using such a system together with the wallet. But be careful: Whoever has this system (and thus the seed) also has unlimited access to your wallet. [/ Su_icon_text]

  • Safer than storage on a Bitcoin exchange
What are the disadvantages of Bitcoin wallets?
  • A certain technical understanding is required to use it
  • It is strongly recommended to work in and work out safety measures
  • Often only available in English
  • Moving / spending Bitcoin is much more cumbersome with a wallet

How Much Bitcoin Should I Buy?

The Bitcoin calculator simplifies the calculation. Simply enter here how much money you would like to spend on the Bitcoin purchase to find out how many coins this will result in.

Bitcoin calculator