Buying Bitcoin in Germany
BISON takes away the complicated processes
Table of Contents
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 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 withBISON, 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, BCH, ETH, LTC, LINK, UNI 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, Solaris. 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.
However, it is not absolutely necessary to download the app: You can also simply register for BISON online and buy and sell cryptocurrencies directly on your computer.
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?
The question of where you can buy Bitcoin at low rates cannot be answered conclusively. First of all, the price of Bitcoin is roughly the same across all online exchanges. Therefore, it is unlikely that someone will sell their Bitcoin at a price significantly lower than current market prices. The situation is somewhat more differentiated when it comes to fees for brokering trading partners with Bitcoin. First of all: All cryptocurrency exchanges and trading platforms must somehow finance themselves. For this purpose, fees for transactions with Bitcoin are charged in varying amounts. So, the cheapest provider is the one with the lowest agency fees. There are no additional trading fees with BISON, only the spread applies. This amount may vary, given that it depends on market conditions and the volume of a transaction.
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?
There are about 60 ATMs in Germany with which you can buy Bitcoin. There, you pay for the desired amount of bitcoins with an EC or credit card, as is customary at ATMs. Many ATMs where you can buy Bitcoin also accept cash to pay for the Bitcoin. A prerequisite for purchasing Bitcoin from an ATM is the existence of a Bitcoin Wallet address. This address must be entered during the purchase process because that is where the purchased Bitcoin is sent. However, there exist fees when purchasing Bitcoin from ATMs. These fees can be up to 5% of the purchase amount, which is of course much more than purchasing, for example, via BISON.
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.
How Do I Keep Bitcoin That I Have Bought?
Store Purchased Bitcoin in a Wallet on Online Cryptocurrency Exchanges. If you have created an account on crypto trading platforms and buy Bitcoin there, a Bitcoin account with a Bitcoin address is automatically created, and you can store Bitcoin there. Security factor: Satisfactory. Important: Keep your Private Key (encryption key for your own BTC) safe!
Store Purchased Bitcoin with the BISON. If you buy Bitcoin with BISON, you do not need to worry about storage. In the BISON account, the user has access to almost all the functions of a Bitcoin wallet (deposit Bitcoin, transfer Bitcoin). However, bitcoins in the BISON account are stored through blocknox GmbH, a subsidiary of the Boerse Stuttgart, which also operates BISON They store bitcoins and also keep corresponding private keys, etc. As a BISON user, you do not have to worry about the safekeeping of purchased Bitcoin. Store Purchased Bitcoin with Your Own Wallet. With the appropriate software, it is relatively easy to operate a Wallet on your own computer. This means that Bitcoin purchased on cryptocurrency exchanges or in the BISON account can be stored if they have been transferred from there to your own wallet.
Store Purchased Bitcoin with Your Own Wallet. With the appropriate software, it is relatively easy to operate a Wallet on your own computer. This means that Bitcoin purchased on cryptocurrency exchanges or in the BISON app can be stored if they have been transferred from there to your own wallet. However, one should be aware that in the event of computer damage resulting in loss of data or loss of the entire device, the bitcoins stored there will be lost.
Hot Storage or Cold Storage to Store Purchased Bitcoin. You can store purchased Bitcoin on cryptocurrency exchanges or on your own computer that is connected to the Internet. This is known as “hot storage”. In contrast, Bitcoin’s “cold storage” takes place on electronic devices that are not constantly connected to the Internet. These can be hard disks or USB sticks. Here, too, users must be sure that they do not lose their devices or forget their access data. In both cases, purchased bitcoins may end up lost because you no longer have access to them.