Although Bitcoin was first launched in 2009, global interest in the digital currency is only just taking off. Those that were fortunate enough to buy Bitcoin within its first few years are now potentially sitting on millions of dollars worth of coins. With that said, it’s not too late to jump on the bandwagon if you want to get some Bitcoin of your own.

In this article, we show you how to get Bitcoin in 2020 through 7 tried and tested cost-effective methods.

Easiest method to get bitcoin OUR RATING Buy, sell, trade and store BTC on the eToro platform

Get bitcoin in under 5 minutes

Low trading fees GET BITCOIN 75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

Method 1: Get Bitcoin through a bitcoin broker

The easiest way to invest in the Bitcoin system is to go through an online brokerage site that specializes in cryptocurrencies. At the forefront of this is eToro. eToro is a well-regulated broker that allows you to buy Bitcoin and 15 other cryptos with an everyday payment method – such as a debit/credit card, e-wallet, or local bank transfer. The entire process of opening your Bitcoin account, verifications, and purchases takes less than 5 minutes.

You can see in our eToro review that it is open to both U.S. and UK customers as well as a number of countries around the world and counts with over 6 million users worldwide. It is also regulated by the CySEC, FCA and ASIC, making it a safer choice than unregulated exchanges like Binance.

As a side note, although you will own the Bitcoin 100% outright at eToro, the online platform does not allow you to withdraw your coins out to a Bitcoin wallets (you’ll need to use a cryptocurrency exchanges for this). As such, this particular option is perfect if you are looking to buy Bitcoin with a debit card and store Bitcoin with a regulated broker and thus – not worry about having your coins hacked by an external bad actor.

Step 1: Open an Account With eToro

To get the ball rolling, open an account by clicking here.

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

eToro USA LLC does not offer CFDs. This publication has been prepared by our partner utilizing non-entity specific information about eToro, and may not be accurate for every entity.

You will need to provide some personal information, such as your:

First and last name

Home address

Nationality

Date of birth

Contact details

Make sure the information that you enter is accurate, as you’ll need to verify it in the next section.

Step 2: Verify Your Identity

As eToro is a regulated broker, it must comply with domestic and regional anti-money laundering laws. As such, you’ll need to verify your identity.

The process takes 2 minutes, and simply requires you to upload a copy of your government-issued ID. This can be a passport or driver’s license – and in some cases, a national ID card.

Step 3: Deposit Funds

You are going to be buying Bitcoin with real-world money, so now you will need to deposit some funds. The good news is that eToro offers heaps of payment methods, which includes:

Debit/Credit Cards

PayPal

Skrill

Neteller

Local Bank Transfers

Not only are deposits instant (apart from bank wires), but they are also free.

Step 4: Get Bitcoin

Now that you have funded your newly created eToro account, you can now proceed to buy your first ever Bitcoin. Look out for the ‘Top Markets’ section at the top of the page, and then click on ‘Cryptocurrencies’. You will then be able to see the full list of digital currencies that you can buy and sell at eToro. Click on ‘Bitcoin’ to be taken to the main Bitcoin trading page for the coin.

Here’s where you need to make sure you do things correctly, as you now need to set up a Bitcoin buy order.

Firstly, enter the amount that you wish to buy in US dollars

Next, make sure that leverage is set to 1x (if you apply leverage you will be buying a CFD)

Choose a stop-loss amount if you want to exit your trade if Bitcoin goes down by a certain percentage

Choose a take-profit amount if you want to exit your trade if Bitcoin goes up by a certain percentage

Choose an entry price, or simply take the next available price to execute the order immediately

Confirm the trade to buy Bitcoin

The coins will be stored in your eToro account, so you don’t need to do anything else until you decide to sell (or your stop-loss/take-profit order is activated)

75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

Pros and cons of using a broker to get Bitcoin

Pros Get bitcoin quickly within less than 5 minutes

Get bitcoin quickly within less than 5 minutes Use an everyday payment method

Use an everyday payment method Choosing a regulated platform will provide fund protection

Choosing a regulated platform will provide fund protection No need to store the coins yourself Cons Inability to withdraw your Bitcoin to a private wallet in some cases

Inability to withdraw your Bitcoin to a private wallet in some cases Spreads are often higher than on exchanges

Method 2: Acquire Bitcoins from another individual or via a peer-to-peer marketplace

The next option available to you is to get the bitcoins from somebody else in person. This is ideal if you know somebody who is holding Bitcoin and wishes to offload their coins, as you will benefit from a direct sale.

Not only does this mean that you won’t need to pay any fees or commissions, but you might be able to negotiate a better price. If you don’t know anyone selling Bitcoin, you can also use a peer-to-peer platform like LocalBitcoins.

This online platform is a marketplace for buyers and sellers of Bitcoin. You can filter the marketplace by your country of residence to find a local seller. Each seller will list the amount of Bitcoin they have for sale, what price they want to charge, and what payment methods they accept.

For example,

You find a seller located in your country that accepts a local bank transfer

You enter the amount you wish to buy and the order is sent to the seller

The seller sends you their local bank account number, so you transfer the funds

The coins are held in escrow by LocalBitcoins, meaning that the seller will release them once they receive payment

The coins are then released to you so you can withdraw them to your private wallet

Pros and cons of using a bitcoin peer-to-peer marketplace

Pros Safe for both sellers and buyers

Safe for both sellers and buyers Range of local payment methods supported

Range of local payment methods supported Fees are low

Fees are low Ability to withdraw your Bitcoins to a private wallet Cons Some sellers can be slow to confirm the payment

Some sellers can be slow to confirm the payment You might need to pay a premium if you buy Bitcoin with PayPal etc.

Method 3: Use a Bitcoin ATM

If you’re looking to acquire Bitcoin with cold-hard cash, you can also consider Bitcoin ATMs. If you have a Bitcoin ATM near you, all you need to do is:

Enter the amount of Bitcoin that you want to buy

The machine will tell you how many Bitcoins you will get for your stated amount

Insert the cash into the ATM

The ATM will either print a wallet barcode, and transfer the coins directly to your wallet

Pros and cons of using a Bitcoin ATM

Pros Easy and quick way to get Bitcoin

Easy and quick way to get Bitcoin Instantly receive your Bitcoin via a printed barcode or directly into your wallet

Instantly receive your Bitcoin via a printed barcode or directly into your wallet Thousands of Bitcoin ATMs located around the world Cons Super-high fees

Super-high fees You need to understand how private wallets work

Method 4: Get Bitcoin for selling your old electronics

Cryptocurrency enthusiasts will often argue that Bitcoin is all-but-certain to play a role in the future of money. With that being said, it’s now possible to sell products online in exchange for Bitcoin. For example, if you’ve got a few bits and pieces lying around the house that you wish to sell, you can use a specialist Bitcoin marketplace such as Glyde, which operates in a similar nature to eBay.

All you will need to do is list your item for sale, ship the goods and get paid in Bitcoins.

Pros and cons of using Bitcoin marketplaces

Pros No need to risk your own money buying Bitcoin

No need to risk your own money buying Bitcoin Sell things online that you no longer need in exchange for Bitcoin

Sell things online that you no longer need in exchange for Bitcoin Avoid all fees and commissions Cons Difficult to find buyers that have the means to pay in Bitcoin

Method 5: Get paid in Bitcoin

If you have a skill that you can sell online (like writing, programming, web development, etc.), then why not ask your client to pay you in Bitcoin? In fact, there are a number of online job marketplaces that specialize exclusively in cryptocurrencies.

As such, any tasks that you perform for your client will be remunerated in Bitcoin (or an alternative digital currency). Take note, as Bitcoin is a decentralized currency, there is always the risk that a client might not pay you what they owe. As such, stick with job websites that offer an escrow service.

Pros and cons of getting paid in Bitcoin

Pros Offer your skills to clients online in exchange for Bitcoin

Offer your skills to clients online in exchange for Bitcoin Lots of crypto-specialist job marketplaces online

Lots of crypto-specialist job marketplaces online Avoid all fees and commissions

Avoid all fees and commissions No requirement to spend your own money Cons There is always the risk that a client won’t pay you

Method 6: Completing tasks and surveys and get free Bitcoin

There are a number of ways to get free Bitcoin without possessing any high-level skills. This includes the likes of Bitcoin faucets, earning Bitcoin by playing games, and completing basic data entry tasks online.

Check out the following ways to earn Bitcoin for FREE.

Bitcoin faucets

Although less prevalent than they once were (due to the fact that Bitcoin is now worth thousands of dollars), a number of Bitcoin faucet websites are still in operation. In a nutshell, the faucet will release a tiny amount of Bitcoin to members of the site for FREE.

Don’t get too excited, as the amounts are worth a few cents at best. With that said, they might be worth considerably more in the future if and when Bitcoin reaches its full potential!

Playing games

With millions of apps now active in the Google Play and Apple stores, competition between gaming developers has never been stronger. As such, developers are required to reward users for trying there games, with the hope that it will push their app up the ranking ladder.

One such method is to offer FREE Bitcoin to those that reach certain levels of the game. Once again, the amount on offer will be minute, albeit, it’s FREE!

Completing tasks and surveys

If you’ve got a bit of spare time on your hands, why not complete some tasks on websites to earn Bitcoin? The tasks could be anything from completing Captcha puzzles to data entry. Either way, the tasks will be super-easy, so you don’t need any skills or experience to do it.

Pros and cons of getting Bitcoin for free

Pros Complete basic tasks in exchange for Bitcoin

Complete basic tasks in exchange for Bitcoin No skills or experience needed

No skills or experience needed Play newly released games in exchange for Bitcoin

Play newly released games in exchange for Bitcoin No requirement to spend your own money Cons The amount of FREE Bitcoin on offer is going to be worth a few cents at best

The amount of FREE Bitcoin on offer is going to be worth a few cents at best Very time-consuming

Method 7: Bitcoin mining

The final option available to you in your quest to get Bitcoin is that of mining. For those unaware, miners are responsible for confirming Bitcoin transactions, as well as keeping the underlying network secure. You don’t need to have any skills per-say, as everything is automated.

With that said, what you will need is a specialist hardware device that can cost hundreds, if not thousands of dollars. Moreover, you will also need to consume heaps of electricity to keep your hard operational 24/7. The main workaround to this is to join a Bitcoin mining pool, which will cost you significantly less than mining on a DIY basis.

Pros and Cons of bitcoin mining

Pros Earn Bitcoin block rewards in exchange for confirming transactions

Earn Bitcoin block rewards in exchange for confirming transactions No prior skills or experience need

No prior skills or experience need Join a Bitcoin mining pool to keep costs down

Join a Bitcoin mining pool to keep costs down Earn passive income Cons The costs of Bitcoin mining hardware are now in the thousands of dollars

The costs of Bitcoin mining hardware are now in the thousands of dollars No guarantee that you will make money

No guarantee that you will make money If mining on a DIY basis your electricity costs will go through the roof

Conclusion

If you’ve read our guide on how to get Bitcoin from start to finish, you should now have a firm grasp of the many different purchasing methods available to you. As we noted, the easiest way is to use an online broker like eToro and buy Bitcoin with a credit card, debit card or e-wallet.

However, if you’re not too keen on risking your own funds, we’ve also given you some handy tips on how to get Bitcoin by earning it, or selling goods online in exchange for the digital currency.

Ultimately, if you opt against using an online broker to get Bitcoin, just make sure that you know the ins and outs of how private wallets work – as you will be personally responsible for keeping your Bitcoin safe!

Easiest method to get bitcoin OUR RATING Buy, sell, trade and store BTC on the eToro platform

Get bitcoin in under 5 minutes

Low trading fees GET BITCOIN 75% of retail investor accounts lose money when trading CFDs with this provider. Crypto assets are highly volatile unregulated investment products. No EU investor protection.

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