Germany is listed amongst those countries that are first in regulating cryptocurrencies and in recognizing Bitcoin and a unit of account, a financial instrument. Buying Bitcoin in Germany allows you to use it for payments like you normally would with EUR or gold. Since 2013, Bitcoin is recognized as private money in Germany. Being a pioneer in blockchain adoption and cryptocurrency, Germany does not give Bitcoin the same status as other foreign fiat currencies, but digital coins are not seen as a threat to the currency of the nation as well. So, your funds here will be safe because there are no heavy-handed laws in the market of cryptocurrency.
Bitcoin: what is it?
Bitcoin is the oldest and the biggest digital currency in the world by market cap. Created in 2009, this is a type of electronic decentralized cash made to be a good alternative to the traditional fiat currency. Instead of dealing with a centralized authority like a bank, in Germany Bitcoin holders can easily transfer their coins to each other using a peer-to-peer networking connection. These transactions are tracked on a blockchain that is a public ledger. Those people who work as miners verify these transactions and then update the blockchain.
How to Invest in Bitcoin in Germany
Buying and investing in Bitcoin is a simple process that uses the following three steps. Follow the simple steps below to invest in Bitcoin in Germany.
Step 1: Choose your Bitcoin wallet.
Before you buy Bitcoin in Germany, you have to set up your digital wallet where you will be safely storing your coins. Bitcoin wallets do not hold actual coins, but they store the private keys that are needed to access the public address of Bitcoin and sign the transactions. There are multiple options for choosing your Bitcoin wallets. These include:
- Hardware wallets: offer offline storage for the private keys.
- Web wallets: provide online and convenient access to Bitcoin.
- Desktop wallets: Are downloaded on the computer and store on your private keys to the hard drive.
- Mobile wallets: Allows managing of BTC from iOS or Android devices.
- Paper wallets: Allows printing of Bitcoin private and public keys and using this paper as the wallet.
From these multiple wallet options, choose the best option to make your digital wallet to save your coins and start your journey.
Step 2: Choose cryptocurrency exchange
After making your digital wallet, you need to decide where and how to buy your Bitcoin. With multiple options to decide from, here are some of the broad categories listed below.
- Cryptocurrency trading platforms
These trading platforms allow buying of Bitcoin with the use of cryptocurrencies. While they may offer a lower fee than other brokers, they provide access to a diverse and greater range of coins. Because you need to own another cryptocurrency for this exchange, it isn’t the best option for beginners.
- Bitcoin brokers
Brokers are the easiest and the quickest way to get Bitcoin and allows you to pay for the digital coins making use of fiat currency like USD or EUR. These Bitcoin brokers utilize user-friendly methods, allowing them to buy Bitcoin with similar methods of payment like bank transfer or credit card. The problem is that it charges a fee greater than other options.
- P2P, peer-to-peer Bitcoin exchange
This is a direct payment method that cuts out any middleman and encourages direct contact with one another. The seller can freely set their desired price and payment method. Hence it allows trading with greater privacy. However, this may mean you settle a price greater than the actual exchange rate in the market.
Step 3: Buying Bitcoin
The final step to investing in Bitcoin is that you have to submit an order using the platform you decide. Most first-timers in Germany make use of the Bitcoin Broker because it seems to be a convenient option. Regardless of which exchange type you use, you will have to sign up and create an account first. Based on what exchange method you choose, you will gave to provide the necessary details like your full name, contact number, email address, or ID, etc, before you can trade.
After your account is verified, you have to enter the BTC amount for buying, choose the method for payment, review fees, and total transaction cost, and then finally confirm your purchase.
Amongst all other services for Bitcoin, why should be your priority? Choose us because we offer the best!
- We offer quick services
- We keep your details confidential
- Our staff transact and speak in different languages for better service.
- We ensure your exchanges are secure
- We have affordable pricing.
Benefits of investing in Bitcoin in Germany
Like any other thing that has benefits and disadvantages, investing in Bitcoin in Germany also has its advantages. Here are some of the benefits that Bitcoin investment brings.
- Inexpensive and fast
With Bitcoin investment, it is only a matter of minutes that your money is sent anywhere around the world. The best part is that it isn’t very expensive at all as opposed to other bank transfers. With Bitcoin, the cost is almost near zero. There are no geographical limitations, and you can exchange money anywhere around the world.
- A decentralized issuance
One other advantage of Bitcoin is that it is not regulated by any central bank or government, so it cannot be distributed or created by them. With no third-party interference, no one can charge, freeze, or demand any of your coins. The government cannot seize them not can they be stolen.
- Low transparency and fraud risks
Because Bitcoin allows transactions without disclosing any confidential seller information, reducing the risk of fraud, as the identity of the person is completely hidden. The biggest benefit of Bitcoin is anonymity as the data is confidential and stored with the blockchain method. With transparency, users are allowed to conduct transactions according to their own choice and time. BTC has the advantage of giving complete freedom and power to the users while keeping your coins stable and safe.