There are several different ways through which bitcoin can be purchased. However, there is nothing easier than to buy bitcoin with a bank deposit. It’s a little absurd to think about getting bitcoins this way because the whole concept of a digital currency is to avoid bank accounts. Nevertheless, this way of getting bitcoin is actually very safe. It’s less risky for the seller to sell BTC by receiving fiat currency directly into bank accounts. You would avoid dealing with charge-back frauds of credit/debit cards.
However, the main reason for picking this method is to avoid the commissions that come with credit/debit cards. To buy bitcoin with a bank deposit you need a service that accepts fiat and gives you BTC in return. Many of those services provide an inbuilt bitcoin wallet. We will take Coinbase as an example. You can check their official website right here.
Buying Bitcoin Through a Bank Deposit
It’s important to note that bitcoin is the oldest crypto currency out there. This means that you can get bitcoin almost anywhere. However, there are still a lot of scams when it comes to purchasing bitcoin. That’s why it’s important to find a reliable and secure service. As we mentioned above, we will use Coinbase as an example. There are several steps you need to follow to buy bitcoin with a bank deposit.
- Register and create an account.
- Go through the verification process.
- Go to the settings and link your bank account.
- Pick the currency in which you want to trade.
- Verify your account.
- Purchase BTC and they will go in your Coinbase wallet.
The low bank fees are what makes buying bitcoin with a bank deposit very popular. However, we suggest one more thing. Don’t keep your bitcoin at the inbuilt wallet. Whether you use Coinbase, Kraken, Bitfinex, or any other digital currency exchange, it’s always better to transfer your bitcoin to a more secure location.
So, once you make your purchase, transfer the BTC to a more secure location. We suggest getting a personal bitcoin wallet, a hardware or paper one because they are the most secure ones. You can check the how to get a bitcoin wallet article for additional information.
Check the Bitcoin Dictionary for more information about bitcoin and other digital assets.