Read more: What's a Non-Custodial Bitcoin Wallet? Why do I need to verify my identity to purchase bitcoin? If you don't have a bitcoin wallet yet, check the Wallet - easy-to-use, non-custodial Bitcoin wallet trusted by millions. As long as you maintain key management best practices, you'll never have to worry about getting hacked, nor will you be exposed to counter-party risks like a centralized exchange getting hacked or going bankrupt. Perhaps most importantly, non-custodial wallets are more secure. This means you can save money on transaction fees when you're not in a rush, or pay more to send faster when you are. The best non-custodial Bitcoin wallets also enable you to customize the 'network fee' each time you send. If you've been deemed a security or fraud risk, for example, you may be locked out of your account with no recourse to action. It's also not uncommon to have your account frozen altogether. In some cases (PayPal for example), withdrawals of any kind are simply not permitted. For example, you may be asked to register an address before sending bitcoin to it, and you may be required to wait several days before being allowed to make a withdrawal. It also means you can send your bitcoin wherever you want, whenever you want.īy contrast, many custodial Bitcoin wallets impose severe restrictions on what you can do with your bitcoin. This means you can receive your bitcoin without waiting for a third party like a centralized exchange to approve the transaction. When you hold bitcoin in a wallet you control (known as a 'non-custodial' wallet), you never have to ask for permission to use it. a centralized cryptocurrency exchange or a payment app like PayPal).
For example, you could give cash to your friend in exchange for receiving an agreed amount of bitcoin.Īs for where your bitcoin goes after you buy it, the options are: Of course, it's also possible to buy bitcoin face-to-face. Platforms/venues for buying bitcoin include digital wallet providers, centralized spot exchanges, OTC desks (private 'Over-The-Counter' exchange services used primarily by high-net-worth individuals), peer-to-peer marketplaces, and even payment apps like PayPal.
Each payment method carries tradeoffs in terms of convenience, privacy, and associated fees. Payment methods range from credit card to bank transfer, payment app (PayPal, Apple Pay, Google Pay, Samsung Pay, etc.), face-to-face with cash, and even barter. The three key points to consider when buying bitcoin are:
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