Bitcoin developers have made the development process extremely transparent. Anyone using the network has the ability to see the code and check every Bitcoin transaction. But despite its full transparency, many people still find it complicated to buy Bitcoin instantly.
Many exchanges require that users buy cryptocurrency with Bitcoin or another major cryptocurrency, leaving the obvious problem of how newcomers to crypto can build crypto assets. Here, bank transfer or SEPA transfer is a reliable alternative for those who want to buy BTC with fiat (traditional) currency.
Before buying your first BTC by bank transfer, here are a few important considerations:
- To store your BTC, you will need a reliable BTC wallet, such as a bitFlyer wallet.
- Write down your Bitcoin wallet address, which you will need to indicate upon buying.
- As in any market, values fluctuate. Bitcoin is traded 24/7 and its price changes quickly. This can enable higher returns on investment for active traders.
- The price of Bitcoin can vary dramatically depending on the way you buy it. Being aware of the market price for Bitcoin will ensure that you don’t overpay on dishonest exchanges. Typically, Bitcoin is quoted against the US dollar but can be bought with other world currencies.
- Carefully select the crypto exchange on which you want to trade. bitFlyer is a top-10 exchange globally for Bitcoin volume licensed by financial regulators in Europe, as well as in 42 US States, and winner of the 2017 Nikkei Superior Products and Services Award. It offers easy to understand trading tools that make it an excellent starting point for newcomers to crypto.
Advantages of buying Bitcoin (BTC) via SEPA Transfer
There are several benefits of buying BTC with a bank transfer. Let’s cover the main ones:
- Reliability. A bank transfer is a reliable and convenient means of payment for many kinds of purchases. With exchanges like bitFlyer, it’s simple to buy Bitcoin with a bank transfer.
- Low fees. A bank transfer is one of the cheapest deposit methods for buying digital money.
- Higher limits. In most cases, trading limits are higher for verified account holders when using a bank transfer than other methods of payment.
- Easy entry point. The simplicity of buying crypto via bank transfer makes BTC and other top coins more accessible for new traders. Because you have the ability to conveniently add to your balance, you can easily hone your trading strategy without worrying about unreasonably low purchasing caps or delayed transfers.
Steps to buying Bitcoin (BTC) via Bank Transfer
There are some steps need to buy Bitcoin, they are as follows:
- Create an account on bitFlyer, or log in if you already have one.
- Decide the amount of BTC you need or the euro amount you want to invest.
- Make a bank transfer to your account in the euro equivalent of the desired amount of BTC.
- Use the simple “Buy/Sell” feature to input the amount of BTC you want to buy and click the “BUY COIN” button.
- An alternative option is using bitFlyer Lightning to place an order specifying the amount of BTC you want to buy and the price you offer.
- That’s it, you are done. Congrats on having your first BTC!
Other methods for buying Bitcoin (BTC)
Apart from crypto exchanges, there are other ways to purchase Bitcoin whether you're an amateur or a serious crypto-enthusiast. Are you wondering how to buy Bitcoin without going through a crypto exchange? There are a few options available to you.
The most common ways are:
Bitcoin ATMs that let you buy bitcoins with cash locally or via cash deposits. However, you should be aware that Bitcoin ATMs often sell at prices 5-15% above the market rate.
Person-to-person transactions. bitFlyer connects you with other people who want to sell their BTC, making it easy to buy the amount you want at competitive prices.
Accept payment for goods or services in BTC. Even five years ago this was very uncommon but, today there is a growing number of companies that offer employees the option of receiving their salaries in Bitcoin.
The best way to buy Bitcoin depends on a number of factors such as the amount needed, the price you are willing to pay for it, and the terms of the trade. No matter which method you choose, ensure you do it via an exchange that is licensed by financial regulators.
The Bottom Line
Bitcoin adoption is happening rapidly. Once dismissed as the pipe dream of tech enthusiasts, crypto is now an unignorable part of the financial landscape. Crypto is now more accessible than ever and can be easily purchased using the same payment methods used for other everyday purchases.
The easiest way to buy crypto is by using a crypto exchange. But with dozens of crypto exchanges out there, finding the right one is easier said than done. bitFlyer offers significant advantages in reliability and ease of use over other exchanges for buying BTC. It’s also one of the only to offer the option to buy Bitcoin with a bank transfer, giving users the cheapest exchange rate possible.