Buying Bitcoin in Germany
Bitcoin is by far the most popular cryptocurrency, of which there now exist several thousand. That can be read from, among other things, market capitalization – the value that all existing bitcoins represent as a whole. According to this, the approximately 19 million currently existing bitcoins have a combined value of about 160 billion EUR (February 2020) and thus make up two-thirds of the entire crypto market (about 240 billion EUR). Altcoins such as Bitcoin Cash, Ethereum, XRP, or Litecoin follow, but trail quite a bit behind.
Bitcoin is not only the first, and therefore oldest, digital currency based on blockchain, but also by far the largest. Bitcoin is also the most in-demand in the cryptocurrency market. Every day, two to three million bitcoins are bought and sold worldwide. Bitcoin’s trading volume exceeds that of all other cryptocurrencies.
In recent years, it’s become easier and easier for private investors to buy Bitcoin. Although there was still a lot of uncontrolled growth and uncertainty when buying Bitcoin during the initial years following its launch in 2009, its trading situation has become much clearer and more reliable due to governmental measures. Fixed processes and methods have developed, making the Bitcoin system manageable for private investors. On the one hand, a distinction can now be made between the various cryptocurrency trading platforms, such as the large Bitcoin exchanges, most of which are operated abroad. On the other hand, with the BISON app, a purchase option “Made in Germany” is now available, which is “powered by” Boerse Stuttgart. But how do these offers differ when buying Bitcoin?
What do investors have to consider when buying Bitcoin?
BISON takes away the complicated processes
BISON is simple and intuitive – you don’t need a wallet, a deposit etc., and you don’t have to deal with any tedious paperwork. There are no complicated technical barriers or processes. All you need is the BISON app and you are ready to go!
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What Is Needed in Order to Buy Bitcoin in Germany?
To buy Bitcoin, you essentially need three things:
- Capital: The financial means to purchase Bitcoin
- Technology: A smartphone or a standard PC with Internet access
- Identification Card: An official document to prove your identity
Regarding 1 – Capital to Buy Bitcoin
To buy Bitcoin, you need money to pay for the purchase. This can be in either EUR or USD, but also some other cryptocurrencies as well. When buying Bitcoin, many financial experts advise investing only capital in cryptocurrencies, the loss of which can be afforded in emergencies. Bitcoin has been on the market for over 10 years and, on top of that, is quite successful. Nevertheless, there still exist risks when purchasing it. Theoretically, the value of Bitcoin can drop to zero from one day to the next because its value is not guaranteed by anyone – not a single bank, state, or enterprise.
Regarding 2 – Technology, in Order to Buy Bitcoin via the Internet
Anyone wanting to purchase the digital currency Bitcoin must have a device that is connected to the Internet. Smartphone, tablet, laptop, PC – it sounds trivial, but you can only buy Bitcoin with modern communication technology. You don’t, however, need any sort of high-performance supercomputer. Normal devices are completely sufficient. The BISON app can be installed on most standard smartphones.
Regarding 3 – Proof of Identity to Buy Bitcoin as a Real Person
Most countries have now enacted laws and regulations that impose strict requirements on the trading platforms where Bitcoin can be purchased. The most important regulation for an investor concerns the unequivocal determination of their identity. If you create a customer account in cryptocurrency exchanges or the BISON app, you must, during the registration process, prove that you are really the person you claim to be. Through a video identification process, a passport or an identity card should be used to prove the identity of the person operating the respective account to the cryptocurrency exchange provider. This proof is required before you can buy Bitcoin. This regulation, also known as KYC (Know Your Customer), is designed to prevent criminals from concealing their true identity to carry out illegal transactions.
Step-by-Step: How to Buy Bitcoin with the BISON App
- Download the BISON App on a Smartphone First, download the free BISON app on your smartphone. The BISON app is available in relevant app stores: iOS (Apple): apps.apple.com Android (Google): play.google.com/store
- Create a User Account To open a personal account in the BISON app, only a valid e-mail address and a self-chosen password are necessary for the first step. Enter your data and confirm your email.
- Test All BISON App Functions in the Demo Mode Buying and selling BTC, ETH, LTC, and XRP can be tested easily and without any hesitation using the BISON app’s demo mode. With a lot of play money (fake money), you can get to know the app without verification and test out all the functions yourself.
- Switch to Real-Money Mode: Determine Identity via Video ID Procedure Due to legal regulations, the identity of every person who purchases cryptocurrencies such as Bitcoin with the BISON app must be clearly verified. This process is called KYC (= Know Your Customer). In the BISON app, a person’s identity is verified using a video identification procedure. A corresponding function can be found in the settings. Before starting this process, you should have your identity card or passport ready. These documents will then be verified in a short video chat. Shortly after successful completion of the Video-Identification-Procedure, you can use the real-money mode
- Deposit EUR into the BISON App After you have been activated to use the real-money mode, you will be able to deposit EUR into the BISON app. You will find a corresponding International Bank Account Number (IBAN) in your account settings. This IBAN is created individually for each user and an account is automatically created in the background under BISON’s German partner, Solarisbank. The legal deposit protection of 100,000 EUR on the monetary balance applies to this account. The deposited amount is usually available in the BISON app within one business day.
- Buy Bitcoin in the BISON App When the user’s deposit in EUR is available in the BISON app, the user can buy bitcoins. To do this, go to the “Bitcoin” area in the app and click “Buy”. The next page will display the price for buying bitcoins. You can, however, specify how much EUR you want to invest to buy Bitcoin. Parts of a bitcoin can, of course, also be bought; the purchase is possible from 20 euros. When you click on “OK, send”, the purchase is carried out. A short time later, your purchased Bitcoin are available in the app.
What Exactly Does One Buy When Buying Bitcoin?
Can Bitcoin Be Bought in Germany?
Where in Germany Can Bitcoin Be Bought?
What Must One Consider When Buying Bitcoin?
What Are the Costs of Buying Bitcoin?
Where Can One Buy Bitcoin at a Low Price?
Can Half a Bitcoin Be Bought?
Is Special Software or a Certain PC Program Needed in Order to Buy Bitcoin?
Can Bitcoin Be Bought with a Smartphone?
Can Bitcoin Be Bought from an ATM?
Can Bitcoin Be Bought via Paypal or with an Instant Bank Transfer?
Can Purchased Bitcoin Be Resold at Any Time?
How Do I Transfer Bitcoin That I Have Purchased?
- You need, of course, a device – smartphone or PC – with an Internet connection to access a trading platform.
- You need access (login data) to your personal wallet on the trading platform where your purchased bitcoins are “situated”. For security reasons, logins to cryptocurrency exchanges often require a two-factor authentication (Two Factor Auth – 2FA).
- You need to know the private key of your own Bitcoin. The private key is a series of numbers and letters that are generated with cryptographic mathematics the moment Bitcoin is purchased and transferred. The “private key” is unique and cannot be recovered if lost. If the private key is lost, purchased Bitcoins are irretrievably lost because they cannot be transferred.
- To transfer purchased Bitcoins, you need the address of the wallet to which you transfer the purchased Bitcoins.