How to Purchase Bitcoin in the US & UK. Since the start of 2017, the price of Bitcoin has gone from $1,000 to $68,000. In 2022, the price of Bitcoin has gone back down to about $18,000 (18,915 EUR).
Want to get on board? Here are the steps to buying bitcoins in the UK.
Buy Bitcoins in the UK
- Set up a Bitcoin wallet to store any bitcoins you might get.
- Visit a website with a good reputation that lets you exchange your Fiat currency for
- Bitcoin. Fiat currency is any legal currency whose value is backed by the government that gave it out. For example, this is true for Sterling in the UK.
- Give the seller your wallet’s ID so an exchange can occur.
- Move money from your bank account to a seller or an exchange.
- Wait for the bitcoins to come in the wallet.
- Spend away!
1. Set up a bitcoin wallet
Before you run out and buy digital money, ensure you have a safe place to store it. This is what your Bitcoin wallet is for. There are bunch of places where you can get a wallet, and many coin exchanges have their wallets that you can use.
Even though it may seem smart to sign up for a wallet with the business you plan to do business with, this isn’t always the best move because some are shaky.
You’ll be much safer if you use a wallet from a third party. If you get Bitcoin fever, you now have a place to store all the other coins you want to buy. These wallets also typically benefit from buying different currencies in the same wallet.
Although plenty of safe wallet options are available, we suggest Coinbase because of how easy it is to use, how clean its interface is, and how useful its iOS and Android apps are. In addition, you can now also buy bitcoins from other people through Coinbase.
2. Exchange your Fiat currency for bitcoin
Now that you have your wallet, it’s time to eliminate your common pounds, dollars, euros, or whatever currency you use and invest in the future.
You can get bitcoins in many different ways. For example, you can purchase them from an exchange, a wallet service, face-to-face meetups, or a physical Bitcoin ATM or try mining.
Buying from an exchange or wallet is boring because you must jump through many hoops. But if you are okay with being known and want to trade often, exchanges and wallets are great options.
Visit Howtobuybitcoins.info to see a list of all the exchanges in your country where you can easily buy bitcoins.
You can stay anonymous when you buy in person or through an ATM, but it can cost more than when you use an exchange or wallet.
They are going to Meetup.com to find a public gathering where people can buy and sell bitcoins. With its Bitcoin ATM map, Coindesk has made it easy to find a Bitcoin ATM.
If you are thinking about mining bitcoins yourself, don’t. The process has become too complicated for a home computer to handle, and buying the tools needed to mine the pool of coins, which is getting smaller and smaller, is not a good use of money.
If you want an effortless way to get bitcoins online, you should check out Bittylicious. Even though it has a bad name and a simple website, it’s a great place to connect buyers and sellers without talking to anyone.
3. Supply your wallet ID to the Seller
To ensure that your bitcoins arrive in your wallet, no matter how you decide to get them, you must send your Bitcoin address to the seller or exchange.
This 34-character encrypted address is safe to share with other people because it only lets people send you money. No one can take your money or make purchases in your name with this address. It’s just one way that Bitcoin keeps everyday activities safe.
If you use a Bitcoin ATM, you don’t need to worry about your Bitcoin address. Instead, all the information you need to get your bitcoins will be printed or sent instantly when you scan a QR code.
4. Send the seller or exchange your money
Each seller or exchange will give you their bank account information so you can transfer your Fiat currency into their account. Then, you have to set up a transfer from your account to theirs.
Some services let you pay in other ways, like with a credit card, if you want to avoid doing a bank transfer. But it would help if you were very careful about doing this on a site you don’t know much about. A bank transfer is the safest way for both sides to pay, so only a few places let you pay in other ways.
One of the reasons we like Bittylicious so much is that it gives UK people more ways to pay, like PayM, Barclays PingIt, Natwest PYC, and credit/debit cards.
If you plan to purchase something from a Bitcoin ATM, you must put money in the machine.
5. Wait for your bitcoins to come rolling in
If you’ve done all of those things, all you have to do now is wait for the bitcoins to arrive.
If you use a Bitcoin ATM, the money should arrive almost immediately, and exchanges and wallets should have the Cryptocurrency ready for you soon.
Some services take longer, but you can see how your transfer is going, and you won’t lose your files once the process has begun.
Bittylicious promises that your money will be transferred within two hours or your money will be returned. Usually, it takes less time.
6. Go forth and spend
Now that you have your bitcoins, it’s time to spend them.
Many stores and businesses are accepting Bitcoin and other alternative coins.
How to Buy Bitcoin in the US
The directions for people in the US are similar to those for people in the UK. For example, you can still open a wallet account with Coinbase, Gemini, or Kraken. In addition, you can add money to your account after creating it to purchase Bitcoin. But keep in mind that the process of proof takes a long time.
You can buy Bitcoin from Coinbase or Kraken when you add the money. Of course, you can also use PayPal, Venmo, or Robinhood to buy Bitcoin. But Cryptocurrency can’t be moved off-platform. So, you should probably use Coinbase.
Bitcoin Buyers Unite
Have you lately purchased Bitcoin? Please tell us what you think in the comments!
Are you feeling hungry? Takeaway.com lets you use Bitcoin to pay for your local takeout. But, a break would be nice. PrivateFly lets you pay for a private jet trip to any place with Bitcoin. Or, you could go to Coinmap and see all the places near you that accept Bitcoin.