Since its inception in 2009, Bitcoin has spread far and wide, especially since the beginning of 2017. The mainstream acceptance of Bitcoin as a payment method and an asset worth investing in has helped the cryptocurrency grow out of the shadows of the internet and move into the global spotlight. And perhaps nowhere is that growth as evident as it is in the easiness with which one can now buy Bitcoins.
Whereas in the early days people had to either resort to mining or arranging purchases from miners, nowadays anyone can get their hands on Bitcoin faster and more easily than ever before. If you too are interested in buying Bitcoins, feel free to use our guide to buying Bitcoins Instantly and get help with finding places where you can buy faster.
Buying after ID Verification
In general, there are two ways you can buy Bitcoin: you either buy privately or you go through an identity verification process. In either case, you will be able to buy instantly, with the difference being that you’ll first have to finish the verification process before being allowed to buy where there is one. The most common way of buying after you’ve been verified is by using Bitcoin exchanges.
Bitcoin Exchanges
Bitcoin exchanges are marketplaces where you can place orders to buy Bitcoin at a specific price and find an appropriate seller match. With most exchanges, you will be asked to verify your identity before you are allowed to make a deposit into your account to fund your purchase. There are also some exchanges that allow smaller purchases without verification.
So, to buy Bitcoins instantly, you will first have to register with the exchange and confirm your identity. Luckily, this process can be finished within a few hours with a large number of Bitcoin exchanges. And once you do that, you will be able to make instant purchases by making market orders, i.e. orders that match the best available seller on the exchange and execute your buy instantly.
Exchanges also offer a variety of payment methods you can use to top up your account, including bank transfers, other cryptocurrencies, as well as credit and debit cards. If you’ve never used an exchange before, or you just need more information on how the whole process should work, you can refer to our guide to Bitcoin exchanges.
Buy Without ID Verifications
If you prefer to make more private purchases instantly or buy anonymously, you will have to resort to other buying options. Some of these options allow credit card deposits, or even PayPal, while others only take cash or other forms of payments.
Peer to Peer Exchanges
Peer-to-Peer (P2P) exchanges are basically marketplaces that connect sellers and buyers together but offer more payment options than traditional Bitcoin exchanges. The most common P2P services are Paxful and Local Bitcoins and they both allow you to find sellers that accept all sorts of payments, from cash to Amazon gift cards, and more.
Local Bitcoins, for example, let’s you order Bitcoins from any seller online and pay with bank transfers, credit cards, and gift cards, but also arrange a meeting in person to pay with cash. If you want to buy instantly, you will have to register an account and use the search tools to find a seller that accepts an instant payment method.
Paxful, on the other hand, offers even more payment options (especially for gift cards) but has a smaller user base. At this exchange, you can likewise filter sellers according to the payment method they accept and the amount they are selling, but you can also have the service find the best seller for you automatically.
In both cases, you will have to register first before you place a buying order. Once you do, you will be given a limited amount of time to make the payment and confirm it, during which the Bitcoins you’ve ordered will be put into escrow. There are also some sellers that might ask you to verify your phone number or ID before accepting your request, although this is rarer.
Buying at Bitcoin ATMs
Although they are rarer than traditional ATMs, Bitcoin ATMs can still be found in many tech hubs across the globe where they offer instant top-ups for your Bitcoin wallet via cash deposits. However, before you can buy instantly with an ATM, you will first need to install a Bitcoin wallet on your phone and locate an ATM near you.
Buying through an ATM is a very simple process. You first place an order for the number of Bitcoins you want to buy, confirm your phone number through an SMS code, and then insert the required cash amount by the machine. After you pay, you will then be prompted to scan the QR code of your wallet through the machine and your Bitcoins will be sent directly to you.
Things to Keep in Mind
Whether you prefer to buy from a seller through a P2P exchange, swap in your iTunes gift card for some BTC, or buy by executing market orders from a Bitcoin exchange, it’s good to have a few things in mind before buying your first Bitcoins instantly.
First, and foremost, you will need to consider the fees you’re facing before choosing your best buying option. There are a number of fees you might be charged in the process. Currency exchange fees, trading fees, penalties for charge-backs, and withdrawal fees are only some of the charges you might incur by using various Bitcoin marketplaces.
And secondly, you should always have a clear understanding of how the buying process should work before initiating a transaction so that you can avoid facing any risks while buying. How secure is your wallet, how should you make and confirm your payment, or what to do in case of an error, are all questions you should get answers to before making your first buy.