How to Buy Bitcoin Online 2024
Bitcoin is in the news today more than ever.
Thanks to skyrocketing prices and roller coaster dips, everyone and their dogs are interested in learning how to buy and sell Bitcoin.
As the most popular form of cryptocurrency (and the blockchain technology that powers it), Bitcoin enjoys worldwide acceptance and has a growing number of applications.
If you want to take advantage of that, though, you first need to know how to buy Bitcoin and what to do with it when you have.
Step 1: Find a reliable Bitcoin wallet
Digital “wallets” store Bitcoin until you are ready to spend them or exchange them for another currency.
Wallets range in terms of features, platforms that accept them, and level of security, so it’s essential to choose one that works for you — though probably steer clear of the one evangelized by John McAfee.
For those just getting started, your best bet is to use the wallet that’s automatically provided to you on our recommended exchange, Binance.
However, it’s also a good idea to set up a wallet that’s not linked to crypto exchange to ensure you’ll have ready access to your Bitcoin even in the event of overwhelming traffic or site closure.
Here are our recommended options:
Exodus: An all-in-one offline application with support for several cryptocurrencies, including Bitcoin, Exodus is free to use, has built-in shape-shift trading, and includes some simple graphing tools to help you visualize your cryptocurrency portfolio.
Mycelium: This one is a popular mobile wallet known for being compatible with more advanced tech, like Trezor hardware wallets (for maximum security) and Tor.
Bitcoin Core: A free and open-source choice that serves as a Bitcoin node, Bitcoin Core does an excellent job at verifying payments, only accepting payments from valid blockchains.
Step 2: Choose the right Bitcoin trader
The best place to make your first Bitcoin purchase is on an exchange.
There are a lot of exchanges out there, with varying performances.
Some are less trustworthy than others, and some are limited, so it’s crucial to pick the right exchange.
We recommend using Binance, though there’s no harm in checking out the competition using a Bitcoin exchange comparison site, avoiding crypto scams.
Sign up for a Binance account now!
Best Way to Buy Bitcoin in 2024 – The Complete Guide from Binance P2P
One of the most popular questions from people who buy and sell Bitcoin is: “How can I buy Bitcoin with cash?”
The Binance Peer-to-Peer (P2P) platform supports cash transactions.
In this short guide, we walk you through all you need to know to buy Bitcoins safely with cash.
If want more information about each method available on Binance P2P, keep on reading, here is what we will cover:
- Why buy Bitcoin with cash?
- Bitcoin peer-to-peer trading
- Buying Bitcoin with cash in person
- Buying Bitcoin with a cash deposit at a bank
- Buying Bitcoin through an ATM
- Where can I Get Cash for Bitcoin?
- Conclusion on which method is best
Why Buy Bitcoin with Cash?
There are advantages to buying Bitcoin with cash.
In fact, it is one of the easiest and quickest ways to get cryptocurrency and also an anonymous method of buying bitcoin.
Privacy
Nowadays, more and more people care about their privacy and pay attention to what they share with the world and what they do not.
We all want to be the owner of our money and be free of the obstacles of traditional financial infrastructures like high fees
If you buy Bitcoin with cash in person, you don’t need to use any bank account or online wallet to make the fiat transaction.
Quick and Easy
Cash trades in person are fast, there is no waiting for the arrival of bank transfer, which usually takes 1 to 3 business days.
It will help you to save time and money, especially when Bitcoin price is skyrocketing.
Cash trades in person are easy, you just need to go to Binance P2P, a marketplace where you can find bitcoin buyers or sellers near you.
Filter the payment method by “cash in person”, schedule a meetup with the seller, and physically complete the trade-in person.
Bitcoin Peer-to-Peer Trading
How does bitcoin peer-to-peer trading work?
P2P exchanges like Binance P2P, match buyers, and sellers.
The sellers are setting their own cryptocurrency ads, they can set price, fiat (local currency), and what types of payment methods they will accept, like bank transfer, cash in person, etc.
The local crypto exchange acts as a dating service, matching people interested in trading Bitcoin.
Binance P2P is a peer-to-peer cryptocurrency platform that brings together traders from all over the world to buy and sell cryptocurrency directly with each other.
With over 150 payment methods and 0 trading fees, you can safely trade crypto in exchange for your local currency.
Binance P2P’s escrow service safeguards every transaction, giving traders peace of mind.
Buying Bitcoin with Cash in Person
Binance P2P support for cash in-person transactions as a payment method for peer-to-peer trading since October 2020.
It allows users to buy and sell cryptocurrency through their selected offers, and give or receive cash for those transactions offline in person.
Among the 150 payment methods supported on the Binance P2P platform, cash-in-person is the only payment method that involves face-to-face (F2F) meetings to complete a transaction.
Cash-in-person transactions allow you to exchange cryptocurrencies without an amount limit but beware of the risks and responsibilities before you choose to trade cryptocurrency in cash.
Guidelines to buy/sell Bitcoin with cash on Binance P2P
It works similarly to other payment methods.
Before you conduct a P2P cash trade, make sure you have passed identity verification and add your available payment methods.
If you don’t have a Binance account yet, register here for free and get a 10% spot trading fee discount.
To buy BTC on Binance P2P with cash follow these 3 simple steps:
- Find a proper merchant: on the Binance P2P page, you can use filters to easily search and sort active offers. Select cryptocurrency, fiat currency, and choose Cash-In-Person payment.
- Negotiate the cash transaction details: once you place an order, you can send the merchant a message to discuss how and where you will meet, and agree on a meeting time.
- Complete the transaction offline: meet with the seller/ buyer, pay in cash, and complete the crypto transaction on the Binance P2P platform.
Safety tips for cash trades in person
Only top-performing merchants are qualified to post-trade ads with cash-in-person transactions.
When choosing the merchants, pay attention to the merchants’ number and completed transactions, and overall completion rates.
In the description of an ad, take a look at which city the transaction is available.
If everything suits you, place an order and contact the merchant using the built-in chat for further details.
Always check all the details in advance.
For security reasons and to avoid further controversy, please only use the built-in chat message to negotiate and discuss the nuances of the transaction.
In case of any disputes, our customer support service can only take the chat messages into account.
Please be aware that cash settlement happens offline, the cryptocurrency will be reserved on the Binance P2P platform during the transaction until the merchant confirms receipt of the cash and releases crypto.
Cash transactions can always carry certain risks, therefore we highly recommend you observe certain security measures and reject the transaction if there’s any doubt or suspicion.
Here are some security tips for cash-in-person transactions:
- The place of the transaction must be in public and safe, for example, an office in a downtown business center. Do not agree to meet at the city outskirts or at private areas like someone’s home, etc.
- Check the cash in the presence of both parties, and do not allow anyone to carry away the money until the transaction is completed.
- Better bring a friend with you as a witness of the cash trades.
Be careful and more careful with cash trades in person.
If you find any errors after the transaction is completed, it will be hardly possible to appeal.
Click here for the detailed security rules and guides on P2P cash trades.
Buying Bitcoin with a cash deposit at a bank
Cash Deposit to Bank is a payment option where a buyer can directly deposit cash to the seller’s bank account.
The transaction can be conducted in a bank.
Cash Deposit to Bank is a proper option when a buyer would like to pay in cash yet is not able to transact in person with the seller.
The benefits of Cash Deposit to Bank include instant transactions and zero costs.
In other words, when you deposit cash to your trading counterparty’s bank account, the money transfer is instantly completed, and you are not charged any additional transaction fees by banks.
To buy or sell cryptocurrency on Binance P2P using a cash deposit, you can select “Cash Deposit to Bank” in the filter and find a suitable offer by price and volume.
Then follow the standard processes – contact your counterparty using the built-in chat to clarify the details.
Buying Bitcoin Through an ATM
It is possible to deposit cash or checks in a bank account using a deposit-enable ATM.
To buy or sell cryptocurrency on Binance P2P using an ATM cash deposit, select “Cash Deposit to Bank.”
Cash deposits thought an ATM might be available immediately or within one business day.
Before you begin your deposit, look around to ensure the environment is safe.
Also, verify that the ATM accepts deposits.
To make a deposit using an ATM, select “deposit” on the ATM screen, introduce the bitcoin seller bank account, enter the amount you want to deposit, inset the cash into the ATM and get a receipt.
You should always keep your receipt when depositing cash via ATM as proof of payment, just in case of a delay in the receipt of funds or malfunctions of ATMs.
When you finish, confirm on the Binance P2P platform that you make the payment and communicate with your counterparty using the built-in chat to let him know that you completed the transaction.
Also, you can send him a photo of the receipt through the chat.
Where can I Get Cash for Bitcoin?
If you want to sell your bitcoins for cash, you can use the Binance P2P platform.
Select I want to “sell” and filter by your fiat currency and your preferred payment method, for example, “cash-in-person ”.
Conclusion: Which Method is the Best
The best option is the one that meets your needs.
For example, if you need cash quickly, the best option is cash in person.
However, if you don’t mind waiting one to three days for the ATM or bank to process the payment, the best option would be a deposit.
If you don’t want to use cash, it would probably be better to use an online wallet or a bank transfer.
Step 3: Buy some Bitcoin and store them in your wallet
Exchanges provide you with information on how many (or how much of a) Bitcoin you can buy for specific sums of money.
However, Bitcoin prices can vary dramatically by exchange and moment to moment because of its volatile nature.
That means that even if you have a lot of money to burn, you’ll probably be buying a fraction of a Bitcoin.
There’s nothing wrong with that, and for most people, this is the route they’ll go down, as few but the wealthy can afford to purchase several Bitcoins in one go.
To make your first trade, input the amount of Bitcoin you want to buy in the provided field and click the buy button.
On Binance, this will be a standard market buy order, which will purchase Bitcoin at the best market rate.
Alternatively, you can place a limit order, which lets you set a price you’re willing to pay for a certain amount, and a trade will only happen if that amount shows up at that price.
Once you’ve made your purchase, your newly gained Bitcoin will transfer into your Binance wallet for storage.
You should then seek the option to transfer these funds to the address of the Bitcoin wallet you have created.
You must pay a small fee to move the funds out of the exchange, but that is part and parcel of Bitcoin transfers.
Fortunately, the cost of such transfers is much lower than it has been historically.
Just a heads up: Bitcoin transfers can be on the sporadic side.
When you buy Bitcoin funds, the transaction needs to be recorded and affirmed in the blockchain, unlike other currency trades.
The transfer process can take a while (about an hour or two) to complete, especially during busy trading hours.
It’s a good idea to plan your transfers accordingly before jumping in.
Step 4: Get ready to use it
Whether you plan to sell your Bitcoin (hopefully at a profit) or use it to purchase goods or services, be ready to do so at a moment’s notice.
Bitcoin’s value fluctuates wildly, so it’s essential to plan your endgame early on.
Prepare now by setting up a seller account on an exchange, or figure out how to buy what you want with it before the time comes to make a purchase.
That way, you won’t be in a panicked rush to complete your transactions when the time comes.
We’ve compiled a list of compatible online stores to give you an idea of where you can spend your bitcoin.
Do your research by reading reviews and fine print before making any Bitcoin purchases or exchanges.
Sign up for a Binance account for Free now! If you don’t have a Binance account yet.
