In the last decade, Bitcoin has become one of the most interesting ways to exchange value across the web. From its early days as an experimental virtual currency, all the way to becoming the digital gold of our era, Bitcoin has completely changed the way we use money in our daily lives.
So, should you own Bitcoin? And if so, should you buy Bitcoin with a bank transfer or use another method instead?
Let’s take a step back and give an introduction to the world’s most popular cryptocurrency.
Understanding how Bitcoin works
Bitcoin is a digital payment system that uses bitcoins as a means of exchange. It was created in 2009, shortly after the start of the latest financial crisis, to offer a better alternative to government-printed money.
The current flaws and drawbacks of the traditional financial system make this digital currency better in many ways, including as a means of payment and as a store of value. In more detail, here’s what makes Bitcoin unique:
- You can send Bitcoin to anyone in the world. There are no limitations related to countries or timezones.
- Bitcoin transactions have minimal fees, which are paid to the miners of the network to confirm your transfer. This, in turn, ensures that your coins are delivered in seconds.
- Bitcoin is not controlled or limited by any third parties, such as governments or banks. As such, no one can access your coins, reverse your payments or lock you out of your wallet.
- In some ways, you can better understand how Bitcoin works by comparing it to cash. Only you are in full control of your paper money. You choose who to give it to, how to spend it, and even how to store it. If your money is lost or given to the wrong person, chances are you’ll never see it again. The same goes for Bitcoin, as blockchain transactions cannot be reversed. You are the only one responsible for the safety of your funds.
Aside from being a great alternative currency, people also invest in Bitcoin to make a profit in the long term. This is because of Bitcoin’s limited supply, which is capped at 21 million coins, and the ever-increasing demand.
With such a limited supply and a predesigned system aimed to increase mining difficulty, the value of each coin keeps increasing, making it a great store of value.
If you are watching this, you most likely want to buy Bitcoin with a bank transfer. Let’s take a quick look into that as well, shall we?
What are wire bank transfers?
A wire transfer or bank transfer is an electronic transfer of money from one bank account to another. In most cases, wire transfers are completed within one business day, making them a great way to send money across the globe.
As their name implies, wire transfers have been used to send money ever since the days of the telegraph. Their purpose has always been to transfer funds or make a payment as quickly as possible, eliminating the delays of other money transfer methods.
Due to the popularity and convenience of wire bank transfers, many people are now looking for ways to use this method to acquire cryptocurrencies.
But what are the steps required when one chooses to buy Bitcoin with a bank transfer?
Bitcoin wallet - Choosing the best option
First off, you will need to create a Bitcoin wallet. You will use this wallet to store your newly bought coins.
Bitcoin wallets can generally be found in four different forms, depending on your preference:
Online wallets
First off, you can use an online wallet. This is a great option for people looking to buy a relatively low amount (say $100 worth) of Bitcoin. Online wallets can be created and accessed by any device that has an internet connection. They are also very convenient, especially for first-time buyers. If you choose this option, we recommend you add more layers of protection, such as two-factor authentication or SMS verification, to protect your account from cybercriminals.
Desktop wallets
If you would rather go for a safer option, you can use a desktop wallet. To use these, you simply download and install the wallet on a device of your choice. From that moment onwards, the computer that contains your wallet will be the access point to your funds.
Hardware wallets
Moving on, when buying Bitcoin in larger amounts, you will probably need something better than online and desktop wallets. For that reason, we recommend using a hardware wallet. Ever since their introduction to the market, hardware wallets have been the most secure option to store your Bitcoins. Due to their physical nature, each transaction needs to be authorized manually, which adds more layers of security and, as such, keeps your funds safe. These devices are quite costly, ranging anywhere from 70 to 200 dollars, but the price is well worth it for the protection they provide.
Paper wallets
Finally, if your budget is somewhat low but you still want maximum security, you can also create a paper wallet. This type of wallet is a physical copy of your public address and private key printed on a piece of paper. You can transfer Bitcoin to your paper wallet by making a deposit to your public address or by accessing your funds using your private key. Paper wallets have grown in popularity thanks to their ability to store funds offline, but they are quite risky because a piece of paper can easily be lost, damaged or destroyed. If you choose this type of wallet, consider laminating it to ensure its resistance to time and weather conditions.
This information should be enough to help you choose your first Bitcoin wallet.
Now that you have your wallet ready, it’s time to buy Bitcoin with a bank transfer. To do so, you will need to find a cryptocurrency exchange that allows wire to Bitcoin transactions.
Use Paybis to buy Bitcoin (BTC) with a bank transfer
Cryptocurrency exchanges are digital platforms that allow users to buy and sell cryptocurrency. Due to the large number of exchanges currently available, it is always best to choose a platform that is easy to use, has positive reviews, and has a strong customer support team.
At Paybis, we know that the process of choosing an exchange can be somewhat difficult, especially for beginners. For that reason, we have developed a platform that helps you make all your future transactions a success.
To start off, our exchange’s easy-to-use interface makes the process of buying Bitcoin very simple for all levels of experience.
Next, depending on the payment method you choose for your transaction, each order takes approximately five minutes to complete.
The delivery of your funds may take a little longer, and that will solely depend on the processing times of your bank. In most cases, this shouldn’t take more than one working day.
If this is your first time buying Bitcoin with a bank transfer, you will also need to verify your identity. This simple step is very important. It ensures your compliance with government regulations and confirms that no other party is spending money on your behalf.
If you have any doubts regarding this process, feel free to reach out to our customer support team. We are well known for our personal approach to each customer and score near-perfect on popular review platforms like Trustpilot.
Next, let’s see how a transaction is performed.
Make a transaction
The process of buying Bitcoin with a bank transfer is very easy. Here is what you need to do:
Step 1: Visit Paybis and create an account. If you already have an account, please log in.
Step 2: Select “Bank Transfer USD (WIRE)” from the left column and “Bitcoin (BTC)” from the right column of the main page.
Step 3: Indicate the amount you want to purchase and enter your Bitcoin wallet address.
Step 4: If this is the first time you are buying Bitcoin with a wire bank transfer, you will now need to verify your identity.
Step 5: Once that is done, all you need to do is complete the payment.
Step 6: After the payment is received, your Bitcoin will be sent to the wallet address you provided.
If you’d like to see the process in further detail, scroll further down and read the “step by step” section.
Finally, if you have any questions or doubts, feel free to contact us via email, phone or live chat. Our support team is available at all times to help you make each transaction a success.
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