Buy bitcoins: step by step

The crypto-currency Bitcoin is still not mainstream, but you can now pay a lot of products and services. But buying to Bitcoins is a bit of a joke, at least in the beginning.

bitcoins step by step

You want to pay for a product or service with Bitcoin? Unless you happen to have acquaintances who use the currency and are willing to switch to euros, you need an online exchange platform.

As with other money transactions, most people probably prefer a local provider. There is no way around by the partnership with the online bank Fidor and regular security audits leaves the provider from Herford no second Mt. Gox fear: The former largest trading center for Bitcoins filed for bankruptcy in 2014.

Login to bitcoin.de

First, register with your e-mail address at Bitcoin.de or our preferred Coinbase. This is followed by the input of personal data. These are verified by a verification code sent to the smartphone.

If you want to buy Bitcoins, you have to overcome some verification hurdles.

Next you need to confirm your bank account that you want to use for trading. Anyone who has an account with Fidor Bank can save this step because the online bank and Bitcoin.de have entered into a close partnership. Customers of other banks, however, have to go through a verification process, for which Bitcoin.de mostly uses the provider “Sofortüberweisung”.

For some banks Bitcoin.de also offers its own, similar procedure. In both cases, however, you must disclose access data to their online banking, which we strongly advise against. Please ask by mail or phone at Bitcoin.de support Post-Ident. However, you have to pay the fees yourself and pay in advance by bank transfer.

Alternatively, video ident is also possible, ie a verification via video chat with a service provider. Again, you must transfer the fees in advance. For Post-Ident you have to pay 1 Euro, the video version costs according to Bitcoin.de just under 10 €. If you choose Post-Ident, a few days will go into the country until your account is verified. Bitcoin.de has informed that the data was successfully checked, it can go to the purchase of bitcoins.

Buy bitcoins

Bitcoin is not technically a complete stock exchange that brings together buying and selling offers with an automatic trading system. It works more like a kind of eBay, in which you choose your willing counterpart yourself. Click on Marketplace on the “My Bitcoin.de” menu. Here you can either place a purchase offer or view seller lists.

Buyers and sellers are listed on Bitcoin.de. Also remember to get a Hardware Wallet to hold the Crypto offline.

To buy, choose someone from the list. The option “only show offers, which I can serve with my trust level, legitimacy status and the seat of my bank” should be ticked. We also recommend selecting only fully identified sellers and restricting the banks to the seat of their own bank. Not only is the number of bitcoins the respective buyer offers displayed in parentheses, the minimum denominations in which they are sold are always shown in brackets.

Again, it is much easier for Fidor account holders: they can trade with other Fidor users through a fairly convenient express service. For everyone else, Bitcoin shopping is more complicated: you need to transfer the value of the Bitcoins to your vendor’s bank account and confirm within an hour on Bitcoin.de that you have transferred. Remember: When transferring, be sure to specify the transaction ID as the purpose.

The seller will hopefully quickly confirm the receipt of the money and instruct the coins to their Bitcoin.de account. Note that Bitcoin.com takes a one percent fee – half of which is borne by the buyer and seller. After a successful transaction you have to be patient sometimes, because until everything is done, sometimes two days can go into the country.

Interested in different Cryptocurrencies check out this other blog post.

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