How to Get Bitcoin – 7 Methods to Get Bitcoin Fast and Cheap

Although Bitcoin was first introduced in 2009, global interest in the digital currency is only just increasing. Those who were lucky enough to buy Bitcoin in the early years may now be sitting on millions of dollar coins. Still, it's not too late to jump on the train if you want to buy Bitcoin yourself.

In this article, We'll show you how to get Bitcoin in 2020 with 7 proven, affordable methods.

Easiest way to get Bitcoin

  • Buy, sell, trade and store BTC on the eToro platform
  • Get Bitcoin in less than 5 minutes
  • Low trading fees

Method 1: get bitcoin through a bitcoin broker

The easiest way to invest in Bitcoin is to visit an online brokerage site that specializes in cryptocurrencies. The focus is on eToro. eToro is a well-regulated broker that allows you to buy Bitcoin and 15 other cryptos with a daily payment method – for example, with a debit / credit card, an e-wallet, or a local money transfer. The entire process of opening an account, checking and purchasing takes less than 5 minutes. This broker does not charge any trading fees or commissions.

eToro is open to customers in the United States, the United Kingdom and a number of countries around the world, and has over 6 million users worldwide. It is also regulated by CySEC, FCA and ASIC, making it a safer choice than unregulated exchanges like Binance.

By the way, even though you own 100% of Bitcoin at eToro, you cannot withdraw your coins into a Bitcoin wallet on the online platform (you will need to use a cryptocurrency exchange to do this). Therefore, this special option is perfect if you want to buy and store Bitcoin from a regulated broker and don't have to worry about your coins being hacked by an outside bad actor.

Step 1: Open an account with eToro

Open an account by clicking here to get the ball rolling. You need to provide some personal information, e.g.

  • First and Last Name
  • Home address
  • nationality
  • Date of birth
  • Contact details

Make sure that the information you have entered is correct as you will need to review it in the next section.

Step 2: check your identity

Because eToro is a regulated broker, it must comply with national and regional anti-money laundering laws. Therefore, you have to verify your identity.

The process takes 2 minutes and only requires uploading a copy of your government issued ID. This can be a passport or a driver's license – and in some cases a national identity card.

Step 3: deposits

You will be buying Bitcoin with real money, so you need to deposit some funds now. The good news is that eToro offers countless payment methods, including:

  • Debit / credit cards
  • PayPal
  • Skrill
  • Neteller
  • Local bank transfers

Deposits are not only instant (apart from bank transfers), but are also free.

Step 4: get bitcoin

After charging your newly created eToro account, you can now buy your first Bitcoin. Look for the "Top Markets" section at the top of the page and then click on "Cryptocurrencies". You can then view the full list of digital currencies that you can buy and sell on eToro. Click on "Bitcoin" to go to the main trading page for the coin.

Here you need to make sure you are doing things right now that you need to set up a Bitcoin purchase order.

  • First, enter the amount you want to buy in US dollars
  • Next, make sure the lever is set to 1x (if you use the lever, buy a CFD).
  • Choose a stop loss amount when you want to end your Bitcoin trading goes Low by a certain percentage
  • Choose a take profit amount when you want to end your Bitcoin trading goes up by a certain percentage
  • Choose an entry-level price or simply take the next available price to complete the order immediately
  • Confirm the trade to buy Bitcoin
  • The coins are stored in your eToro account so you don't have to do anything else until you decide to sell (or your stop loss / take profit order is activated).

Advantages and disadvantages of using a broker to get Bitcoin

benefits

  • Get Bitcoin quickly in less than 5 minutes
  • Use a daily payment method
  • The choice of a regulated platform offers fund protection
  • You don't have to keep the coins yourself

disadvantage

  • In some cases, you cannot withdraw your Bitcoin into a private wallet
  • The spreads are often higher than on exchanges

Method 2: Buy bitcoins from someone else or through a peer-to-peer marketplace

The next option available to you is to get the bitcoins from someone else in person. This is ideal if you know someone who holds Bitcoin in hand and wants to outsource their coins as you benefit from a direct sale.

Not only does this mean that you don't have to pay any fees or commissions, you may also be able to negotiate a better price. If you don't know anyone who sells Bitcoin, you can also use a peer-to-peer platform like LocalBitcoins.

This online platform is a marketplace for buyers and sellers of Bitcoin. You can filter the marketplace by country of residence to find a local seller. Each seller lists the amount of Bitcoin they have for sale, what price they want to charge, and what payment methods they accept.

For example,

  • You can find a seller in your country who accepts local wire transfers
  • You enter the amount you want to buy and the order is sent to the seller
  • The seller will send you their local bank account number so that you can transfer the money
  • The coins are deposited by LocalBitcoins, which means that the seller releases them as soon as they receive the payment
  • The coins will then be released to you so that you can withdraw them into your private wallet

Advantages and disadvantages of using a Bitcoin peer-to-peer marketplace

benefits

  • Safe for sellers and buyers
  • A number of local payment methods are supported
  • The fees are low
  • Possibility to withdraw your bitcoins in a private wallet

disadvantage

  • Some sellers are slow to confirm payment
  • You may have to pay a premium for certain payment methods (such as PayPal).

Method 3: Use a Bitcoin ATM

Bitcoin Depot claims to add 500 Bitcoin ATMs to its network

If you want to buy Bitcoin with cash, you can also consider Bitcoin ATMs. If you have a Bitcoin ATM near you, all you have to do is:

  • Enter the amount of Bitcoin you want to buy
  • The machine will tell you how many bitcoins you will receive for your specified amount
  • Put the money in the ATM
  • The ATM either prints a wallet barcode and transfers the coins directly into your wallet

Advantages and disadvantages of using a Bitcoin ATM

benefits

  • Easy and quick way to get Bitcoin
  • Get your Bitcoin instantly via a printed barcode or straight into your wallet
  • Thousands of Bitcoin ATMs around the world

disadvantage

  • Super high fees
  • You need to understand how private purses work

Method 4: get bitcoin for selling your old electronics

Cryptocurrency enthusiasts will often argue that Bitcoin is almost certainly playing a role in the future of money. It is now possible to sell products online against Bitcoin. For example, if you have a few little things near the house that you want to sell, you can use a special Bitcoin marketplace like Glyde that works much like eBay.

All you have to do is put your item up for sale, ship the goods and get paid in bitcoins.

Advantages and disadvantages of using Bitcoin marketplaces

benefits

  • You don't have to risk your own money when you buy Bitcoin
  • Sell ​​things online that you no longer need in exchange for Bitcoin
  • Avoid all fees and commissions

disadvantage

  • It is difficult to find buyers who have the ability to pay in Bitcoin

Method 5: be paid in Bitcoin

If you have a skill that you can sell online (such as writing, programming, web development, etc.), why not ask your customer to pay you in Bitcoin? In fact, there are a number of online jobs that specialize exclusively in cryptocurrencies.

Therefore, all the tasks you do for your customer are paid in Bitcoin (or an alternative digital currency). Since Bitcoin is a decentralized currency, there is always a risk that a customer will not pay you what he owes. Therefore, stick to job websites that offer an escrow service.

Advantages and disadvantages of paying in Bitcoin

benefits

  • Offer your customers your skills online in exchange for Bitcoin
  • Many crypto-specialized job markets online
  • Avoid all fees and commissions
  • You don't have to spend your own money

disadvantage

  • There is always a risk that a customer will not pay you

Method 6: Complete tasks and surveys and get Bitcoin for free

There are a number of ways to get Bitcoin for free without having high skills. These include, for example, Bitcoin taps, earning Bitcoin through gaming, and doing basic data entry tasks online.

Check out the following ways to earn Bitcoin for FREE.

Bitcoin taps

Although less common than it used to be (due to the fact that Bitcoin is now worth thousands of dollars), some Bitcoin faucet websites are still up and running. In short, the tap delivers a tiny amount of Bitcoin to members of the site for FREE.

Don't be too excited because the amounts are worth a few cents at best. Still, they could be worth a lot more in the future if Bitcoin reaches its full potential!

play games

With millions of apps now active in Google Play and Apple stores, competition between game developers has never been so strong. As a result, developers must reward users for trying out their games in the hope that this will push their app up the leaderboard.

One such method is to offer FREE Bitcoin to those who reach certain game levels. Again, the amount offered will be tiny, even though it's FREE!

Complete tasks and surveys

If you have a bit of free time, there are a few things you can do on websites to earn Bitcoin. The tasks can range from solving captcha puzzles to data entry. In any case, the tasks are very simple, so you don't need any skills or experience to do this.

Advantages and disadvantages of Bitcoin free of charge

benefits

  • Do basic tasks in exchange for Bitcoin
  • No skills or experience required
  • Play newly released games in exchange for Bitcoin
  • You don't have to spend your own money

disadvantage

  • The amount of FREE Bitcoin will be worth a few cents at best
  • Very time consuming

Method 7: Bitcoin mining

The last option available to you when you search for Bitcoin is mining. For those who don't know, miners are responsible for confirming Bitcoin transactions and keeping the underlying network secure. You don't have to have any skills as everything is automated.

With that in mind, you need a special hardware device that can cost hundreds, if not thousands, of dollars. In addition, you also need to use a lot of electricity to keep your hard work going 24/7. The main workaround is to join a Bitcoin mining pool that costs you significantly less than DIY-based mining.

Advantages and disadvantages of bitcoin mining

benefits

  • Earn Bitcoin block rewards in return for confirming transactions
  • No previous knowledge or experience required
  • Join a Bitcoin mining pool to keep costs down
  • Earn passive income

disadvantage

  • Bitcoin mining hardware now costs thousands of dollars
  • No guarantee that you will make money
  • If you mine on a DIY basis, your electricity costs go through the roof

Conclusion

Once you've read our guide on how to get Bitcoin from start to finish, you should now know exactly the many different buying methods available to you. As mentioned earlier, the easiest way is to use an online broker like eToro and pay for your Bitcoin with a debit / credit card or e-wallet.

However, if you're not too keen on risking your own money, we've also given you some useful tips on how to get Bitcoin by making it or selling goods online against the digital currency.

If you decide against using an online broker to get Bitcoin, make sure you know the pros and cons of how private wallets work – as you are personally responsible for the security of your Bitcoin!

Easiest way to get Bitcoin

  • Buy, sell, trade and store BTC on the eToro platform
  • Get Bitcoin in less than 5 minutes
  • Low trading fees

FAQs

What is the easiest way to get bitcoin?

The easiest way to get Bitcoin is to use a specialized online broker. You can register an account within minutes and deposit money using everyday payment methods such as debit / credit card or e-wallet.

How can I get Bitcoin anonymously?

If you want to buy Bitcoin anonymously, you can make a purchase at some Bitcoin ATMs without providing an ID.

How can I get Bitcoin for free?

Bitcoin is now a multi-billion dollar asset class, so getting it for free is no easy task. Even so, you can still earn a small amount of Bitcoin for free by using an online tap or playing newly created app-based games.

How do I sell my Bitcoin?

This depends on how you bought it. If you bought Bitcoin from an online broker, you can simply sell it back to the broker. If you keep your Bitcoin in a private wallet, you'll need to sell it on a cryptocurrency exchange.

How do I get paid in Bitcoin?

There are now a number of online job markets that specialize exclusively in cryptocurrency payments. If you have a skill that you can market online, why not get paid in Bitcoin?



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