Bitcoin exchange or cryptocurrency exchange – where to buy Bitcoin?
Buying bitcoin these days is very simple. Anyone interested can do it at any time, allocating selected funds for it. In the case of cryptocurrencies (in particular bitcoin), we have two basic shopping options: exchange office and cryptocurrency exchange. So it is worth considering which of them will be more beneficial for beginners, and which for more experienced people – familiar with cryptocurrencies. There are several important factors to consider when buying bitcoin, namely:
- the ease of carrying out transactions and its speed,
- available payment methods,
- possible verification requirements (KYC).
If we analyze the purchase in terms of the above criteria, we will be able to choose the bitcoin purchase method that will be optimal in a specific situation.
Cryptocurrency exchange offices – the biggest advantages and disadvantages
A much faster way to buy bitcoin is to use a cryptocurrency exchange office. Some exchange offices do not require any verification, so the entire transaction can be shortened to the absolute minimum. Of course, in this case, you have to take into account a slightly higher price, but also the need to have an active cryptocurrency wallet to which the purchased bitcoins will be sent. Please note that exchange offices add additional fees for transactions. In addition, you cannot use as many payment methods as in the case of cryptocurrency exchanges, although there are also methods rarely found on exchanges, such as buying bitcoin via blik.
The entire process of buying BTC in the exchange office is simplified, because you only need to enter the amount for which you want to buy bitcoin and then make the payment. A potential currency exchange client only accepts (or not) the terms of the exchange, and after a few hours, they see the purchased bitcoins in their wallet. The biggest advantages of this solution include: a much faster purchase procedure and the lack of a verification process (in some exchange offices). The disadvantages include: fewer payment methods, added commissions, the need to have an online wallet, higher prices.
Cryptocurrency exchange – the biggest pros and cons
The most popular option to buy BTC are currently extensive cryptocurrency exchanges. More and more customers are choosing to buy bitcoin in this way. You should bear in mind that the first bitcoin purchase in this case may be a bit longer. It is much shorter when someone has already made this type of transaction. People who have just created an account on the exchange must undergo account verification, for example by sending a scan of their ID card. The three popular exchanges in Europe where you can open an account are:
Everyone decides which exchange they want to use at a given moment. When setting up an account, you set your password and 2FA code, needed to log into the exchange account (similarly to a bank account). When registering, we specify our citizenship and default currency. However, if the account is to be fully active, it must be verified, then you will be able to make deposits and withdrawals in traditional currencies. After successfully completing the registration and verification process, the zlotys deposited are converted into bitcoins. During the purchase, the price we want to pay is determined, if we find the seller who will accept this price – the transaction takes place.
The purchase procedure itself is not too complicated, but some people may find the tedious verification process difficult, depending on the chosen exchange. Buying bitcoin through the exchange has many advantages: low price, a large number of payment methods and a large amount of altcoins available. The disadvantages include: a long verification process.
Currency exchange or bitcoin exchange – summary
The final decision is always up to the customer, but the cryptocurrency exchange will be a better choice for most people due to the price. Sometimes it is worth spending a bit more time completing the transaction, but you can enjoy lower prices. However, if we primarily care about time and do not have an account on the stock exchange – we will choose a cryptocurrency exchange.