There so many ways to buy Bitcoins but here we will intriduse 3 sites that you can buy coins there and we will explane one of them that almost everyone around the world can buy (or sell) Bitcoin overe there.
1- Get a free online Bitcoin wallet from
Coinbase. If you're not sure what a Bitcoin wallet is, check out our
What is Bitcoin
section. There are also many other providers apart from Coinbase.
Coinbase is one of the larger Bitcoin ecosystems offering a full service across wallets, exchanges to merchant payment software.
The wallet advantage of this is that transactions can be done off the blockchain although this does detract from the main ethos of Bitcoin.
2-
BitPanda, formerly known as Coinimal, is a Bitcoin, Ethereum, Dash and Litecoin web wallet with its own trading facility that allows users to buy cryptocurrencies with fiat currency (EUR) and to receive them within minutes. Bitpanda offers 2-Factor Authentication security and several payment methods for cryptocurrency purchases, including:
- Visa
- Mastercard
- Skrill
- OKPay
- PayPal
- SOFORT Überweisung (Sofort AG)
- NETELLER
- SEPA (European Bank Transfer)
- EPS (Austrian Instant Bank Transfer)
- Skrill OBT (Online Bank Transfer)
Bitpanda also offers coupons and hosts occasional raffles.
3-
Local Bitcoins
is a different sort of exchange that allows anyone anywhere to trade. It therefore has the largest amount of markets - although some without much liquidity - for example in Venezuela and other emerging markets. LocalBitcoins works like an open outcry with people in the same location as you - if you want to trade you can place a buy or a sell for a price and wait to be contacted by someone who wants to execute that trade. After agreeing the trade funds are released and held in escrow and depending on the specifics of the local banking system and times for transactions to get confirmed, the trade will eventually be completed and some how it works like eBay.
There can be complications which mostly come in the form of couterparty risk - where someone refuses to go ahead with the trade as the price in the market has moved in their favour - so they gain by keeping the bitcoins or USD if they have gone up. Localbitcoins has a dispute resolution system in place to handle these sorts of issues - but on the flipside there is a reputation based system - so you can gauge whether your trading party is reliable or not.
Trading fees vary and depend on whether you have placed an advert to sell - whereby LocalBitcoins takes a 1% fee.
In all a good means to exchange Bitcoin but it doesn't have the razor edge price discovery, and execution time of more traditional order driven exchanges.
Now we are going to tech you how you can use LocalBitcoins.com to buy and sell and sent Bitcoin.