Buy Bitcoin Worldwide – Full Guide
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Bitcoin is a digital coin that you can own through buying or mining. When cryptocurrencies hit the market a few years ago, no one ever thought they would take the world by storm. Over the few years, it is now possible to buy Bitcoin worldwide. You can buy Bitcoin from anywhere as long as you have some funds and an internet connection. Since cryptocurrencies are digital in nature you can buy them online across the globe. Bitcoin is the biggest of all digital coins and is sold through exchanges. All you need is to create a digital wallet and fund it by buying Bitcoins. Whether you are buying from across the street or across the border, you are not charged an extra fee based on distance.
Methods of Buying Bitcoin Worldwide
There are several ways of buying Bitcoin worldwide. The user always chose what is convenient for them. Some of these include the use of fiat currency (cash), credit cards or cryptocurrencies.
Buying Bitcoin with Cash
Bitcoin is a peer-to-peer digital coin that is permissionless and can be used without intermediaries. You are not required to identify yourself when buying Bitcoin. This means all your transactions remain anonymous. Buying Bitcoin worldwide with cash makes your transaction private. Your information remains secure and you cannot fall prey to identity theft. In addition, your transaction cannot be traced by state agents. For the first time buyer, buying Bitcoin with cash is fast; you do not have to wait for your money to be transferred via the bank or go through the verification process at an exchange. Buying BTC worldwide by cash is fast and you end up saving a lot of time. With the volatile nature of Bitcoin, prices change anytime and waiting for bank transfers or verification can cost you more.
3 Easy Ways to Buy Bitcoin Worldwide Using Cash
Buying Bitcoin in Person (P2P)
Buying Bitcoin in person is a practice that has been used since the invention of the digital coin. This is a person-to-person transaction. This type of trade is through interaction and calls for a lot of trust between the buyer and seller. Such trades happen in Bitcoin meet-ups and are a pleasant way of owning BTC. In person purchases work well when there is trust and you are not charged a big fee. However, the downside is sellers can double cross you and end up losing your cash or sends the money to a different address while aware that the transaction cannot be reversed.
Buying Bitcoin through Automated Teller Machines (ATMs)
Just like your local bank Automated Teller Machine (ATM), there are specific machines that you can buy Bitcoin using cash. These are Bitcoin Automated Teller Machines. These are found in many major cities where there is a larger number of BTC users. These machines are operational tall times. This method is safe and secure.
Buy Bitcoin Worldwide through Exchanges
Cryptocurrency Exchanges are online systems where you can buy, exchange and sell digital currencies. These are the best platforms for buying Bitcoin worldwide. They are secure, fast and you are not restricted to your location. All you need is create a digital wallet where you store the BTC purchased.
Best Worldwide Bitcoin Exchanges
There are many exchanges spread across the globe but, there are several with a global reach. Below are some worldwide exchanges with a global appeal and how they work.
CEX.IO is a cryptocurrency exchange where you can buy or sell your Bitcoin. The platform has a worldwide presence and most countries where Bitcoin is allowed are supported. The system allows users to deposit cash through MasterCard or Visa and bank transfers. CEX.IO supports all countries but there are some restricted to bank transfers and credit card-Bitcoin purchases. It is advisable to check the restricted list from their official website before using your credit card or bank transfer. Some of the supported countries include the USA (24 states only), Canada, UK, Finland among others.
Buying Bitcoin Worldwide through CEX.IO
CEX.IO is user-friendly and to buy Bitcoin all you need is create and fund account on their webpage. Once you are done with funding the account, you need to link it with your MasterCard/Visa, credit card or debit card. Once your card is verified, you can decide to buy Bitcoin from the CEX.IO trading interface by choosing the price that entices you. You can also choose to buy BTC at the current market price. These are the two more popular options available on the platform. It only takes a few minutes for the purchased Bitcoin to show up in your CEX.IO account balance. You have the freedom to sell your coins anytime. There are no restrictions as to when to buy or sell.
- IO allows buying Bitcoin worldwide using credit cards
- The exchange has a global outlook.
- Their vetting process is extensive and seeks to limit users by increasing the buying limits.
LocalBitcoins is an exchange that lets traders buy Bitcoin worldwide. This is a peer-to-peer platform with a global reach. LocalBitcoins is available in almost all countries except the State of New York and Germany. It does not require your personal information to trade. Your personal data is never related to the amount of Bitcoin you purchase. Your trades are kept private and there is no way your transactions can be traced, you can use any payment method available in your country of residence.
- Trades involving cash deposits are delivered within an hour
- You get in-person trades organized fast.
- Delivery speeds are entirely dependent on the other party you are dealing with to confirm a transaction.
Coinmama is an online exchange platform where you can convert several coins such as; Bitcoin, Ethereum, and Cardano. The platform was established in 2013 and one of the leading Bitcoin buying marketplace. This is a simple interface that works like PayPal. Coinmama is supported globally except in countries that their website describes as high risk. It is supported in select US States, Europe, South Africa and the UK among other countries.
How Coinmama Works when buying Bitcoin Worldwide
To buy Bitcoin from Coinmama, you only need to go through three major steps. Their transactions are online, fast and secure.
- The first step is to choose your mode of payment. You can choose between credit card, bank transfer or cash.
- Depending on the payment option you choose, you will be prompted with simple instructions that are hassle-free.
- If you follow the prompts, you complete your payment and confirm that your Bitcoin has been transferred to your specified wallet address.
Coinmama does not offer wallet services and their transaction fees are among the highest in the market. Credit cards and debit card users are charged 5.00% extra.
- It is a simple platform to use even for the newbie.
- They accept Visa and MasterCard.
- They do not offer wallet services.
- You cant sell coins.
This is a global cryptocurrency exchange with wide range digital coins to choose from. It allows traders to sell and buy Bitcoin worldwide. Buying and selling on the platform is instant and you get real-time transaction confirmation. They offer the lowest rates in the crypto to crypto market.
How does the Changelly Platform Work?
The Changelly platform is automated and works like a robot that is integrated into other major exchanges. To buy Bitcoin, you need to create an account first with them and once verified, start buying Bitcoin. The beauty of Changelly is that it accepts buyers from all countries irrespective of the currency they use. The exchange supports all countries in the US, Europe, Asia, Africa and the Middle East. However, to buy Bitcoin your local currency will be automatically converted to the USD or Euro. Due to the volatile nature of Bitcoin, there are no fixed rates; you buy at the current rates. The platform has a fixed fee of 0.5% on all Bitcoin purchases.
- The interface is intuitive and user-friendly
- They offer the nest limits and liquidity
- A quite bad reputation.
Buy Bitcoin anywhere in the World
Buying Bitcoin anywhere in the world is possible since transactions are online. However, you need to find out which countries are restricted and the mode of payments accepted in your country. There are some countries where credit cards are not accepted when buying Bitcoin. You also need to check the currency accepted when buying your BTC worldwide. Below are some commonly used methods to buy Bitcoin worldwide:
Buying Bitcoin worldwide using a credit card is very easy; however not all exchanges accept this form of payments before you create an account, you need to do some research on which platforms accept credit cards. Once you identify an exchange accepting your card, you create an account and once verified you can buy your Bitcoin. All you need is to create a digital wallet with a provider of your choice. You might be subjected to a verification process and once you are accepted, you can link your credit card with your wallet, transfer the amount you need to purchase BTC with and buy. CEX.IO and Coinmama accept credit cards. You need to check first before making any transaction since there are some countries where they do not accept credit card payments.
- Transactions are fast and verification takes a few minutes.
- You do not have to use third parties making transactions fees low.
Buying Bitcoin worldwide through bank transfer has become very popular. It is one of the most trusted ways to buy BTC. There is no risk involved since the bank does the transaction on your behalf. However, you need to first check if the service is available in your country. The process is straightforward; you identify an exchange that accepts bank transfer as a method of buying Bitcoin. When verified, you need to fund your bank account with the amount of fiat you are ready to use, transfer the amount to the exchange and provide then with your BTC wallet address where the digital coin will be sent. Some of the exchanges that accept bank transfers include CEX.IO and Coinmama.
- Transactions are reversible.
- Low fees.
Using PayPal to buy Bitcoin
This is a conventional money transfer platform that you can now use to buy Bitcoin worldwide. However, PayPal is only available in select countries and does not have a global appeal. To get started, you need to select the exchange that accepts the money processor create an account and fund it using PayPal. From there you can buy your BTC and store it in your digital wallet. PayPal accepting exchanges charge the highest fee in the market and chargebacks are also expensive.
Private Channels to Buy Bitcoin Worldwide
There are also some private channels like Western Union and cash that you can use to buy Bitcoin worldwide. However, these are slow and sometimes you need to trust your partner that the deal does not go sour. Western Union is a money processing platform that has been existence and you can only send money hoping the recipient will receive it and deposit the same value of Bitcoin to your wallet. Western Union available worldwide and the process is not transparent. There is no way you can trust the Bitcoin seller or agent with your cash and hope they will own the trade. This calls for due diligence before sending money.
- Their transaction fees are moderate depending on your location.
- You can use cash.
Internet payment services
Just like buying Bitcoin worldwide with PayPal, using internet payment services like Skrill, Neteller and Paysafecard have limitations. However, you can buy BTC using Skrill through Localbitcoins and Bitpanda– this is an Australian Based exchange which acts as a broker. It is online based and you can purchase from anywhere worldwide. They do not have fixed fee but the price will be shown when checking out. You only need to create an account, get it confirmed through an SMS and fund it using EURO. Once funded, you can buy your BTC.
- Offer the lowest Bitcoin buying fees globally
- The providers are trusted.
Bitcoin Handling Speed
The Bitcoin payment protocol was designed in such a way that only 7 transactions are verified every one second. Only one complete block can be mined within 10 minutes. This affects the handling speed of each transaction made through the network. When the handling speed of a payment method is factored in, some bitcoin payments take longer to process when compared to others. In general, however, bitcoin payments accompanied with a high miner’s fee are verified faster compared to those with low miners’ fee attached to them.
Bitcoin Exchange Rates
Currently, there is no official exchange rate for Bitcoin. The rates vary from one exchange to the other and it is important to do a background check on the rates before making a purchase. Cryptocurrencies are volatile in nature and the price changes in no time making hard to have a fixed rate. These rates are not affected by where you are buying from but by market forces including demand and supply.
When buying Bitcoin Worldwide, the fee is calculated using the purchase amount you enter. If the fee is set at 1.4 percent and you want to buy $100 the total amount that you need in your wallet will be $100 plus 1.4%. When selling the fee is subtracted from the amount you enter and these fees are dependent on the exchange you are using and not where you are located.
There are limitations when it comes to buying BTC worldwide. There are some countries where you cannot buy Bitcoin. This happens to prevent fraud or money laundering just to protect the users. Before using any exchange services, confirm if they allow users from your country.
Different exchanges have different forms of verification when it comes to Bitcoin buying. Most of the verification is however done online and it does not usually affect where you are buying Bitcoin from. If your identity is from countries restricted by the exchange, you automatically cannot be allowed to buy from them.
Storing your BTC is very important; you need to be careful when choosing your digital wallet. Wallets are just like your bank account; the only difference is that you are storing virtual currency. There are two types of wallet; Hot and cold wallets. Hot wallets are online and are prone to hacks. The private keys are stored in your online wallet and are not very safe. All your transactions are done through a device that is online and can be hacked or even stolen. Cold storages are the best since your information including your private keys is stored off-line. This could be a USB, safe deposit box or on paper. This is easy to keep and cannot be hacked unless you grant others access to the secret keys to your wallet.
Bitcoin Worldwide Regulation
Given that Bitcoin is a virtual coin and transactions are anonymous, regulating it has always been difficult. Bitcoin can only be tracked through a ledger with user information stored in a digital wallet. To regulate it for tax purposes has always been difficult and different countries handle BTC differently.
The new tax laws enforced in the US earlier in the year make it clear that all Bitcoin transactions are taxable. Converting one bitcoin into ethereum will attract taxes. Bitcoin miners will also be required to pay self-employment taxes. But other than that, the Bitcoin industry is largely unregulated in the US.
Currently, you can buy BTC freely whether you are a resident in Germany of you are using the services of exchanges located in Germany. Whether you are buying goods or services using BTC, the Germany government will not tax you since tracing the transaction and taxing the user is currently not possible.
Plans are underway to regulate Bitcoin in Europe but at the moment anyone in Europe can sell or buy BTC worldwide. This might happen in the near future if the risks involved in the digital money markets are not minimized.
Chine has been pushing for the regulation and taxation of Bitcoin and other cryptocurrencies but this has not been adopted to date. However, bans on some exchanges and launching of new ICOs seem to have affected the Bitcoin trade in China with the effects being felt worldwide.
At the time of writing, there are no Bitcoin regulations in India and users are not being taxed for spending BTC. However, the finance authorities and the RBI has tried and failed in regulating the digital currency in the sub-continent.
In a Nutshell
The growth of Bitcoin appears unstoppable despite the risks involved, however, buying of BTC worldwide calls for due diligence and it is important to approach the trade with a lot of caution. You can only invest what you are ready to lose.
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