How do I buy bitcoin on a bitcoin marketplace?
Trading real BTC on a P2P marketplace is among the most popular options among crypto enthusiasts. Here investors benefit from all the advantages that real coins have to offer – including anonymity. However, there is also a major disadvantage with crypto marketplaces: It is not possible to trade fractions or units of Cyber Forex. This option is currently only offered by crypto exchanges and neo-brokers such as finanzen.net Zero.
The most important German marketplace is called bitcoin.de, a Bitcoin Group SE company. Here, users trade directly with each other, so the price is formed by supply and demand.
In detail, trading works like this: The registered users post their offers to buy or sell bitcoins with another currency. Buyers can see how many “coins” a seller is offering and at what price. A deal comes about as soon as an offer is accepted by another user, the potential buyer. The purchase price for the purchased currency is transferred to the seller’s bank account and the buyer receives the purchased bitcoins as digital data in his wallet.
A wallet is therefore indispensable here. This e-wallet is like a personal checking account in your pocket, allowing you to make transfers and send and receive online foreign exchange. This transfer does not fundamentally differ from a bank transfer: Instead of an account number, only a receiving address is mentioned. Because the digital currency is sent directly from person to person without an intermediary, the fees incurred are lower than with transactions via banks.
If bitcoins are bought on several portals, they can all be combined in a single bitcoin wallet. A wallet on a smartphone is suitable for everyday use, but a wallet just for online payments on a PC or tablet is also possible. After downloading and installing an “electronic wallet”, it should be secured with a strong password, a so-called passphrase. This access code must then be specified before each transaction in the future.
A notice: If you want to learn more about how to “store” cryptos in a wallet, then we recommend that you continue reading our crypto dictionary.
By the way: Depending on the marketplace, the operators charge a small fee for the exchange, for the deposit and/or for the withdrawal. This fee is usually relatively small. Buyers and sellers each pay half of the Bitcoin fees. To trade via bitcoin.de, we recommend an account with Fidor Bank, which specializes in this. You should note that you have the effort of opening a normal account including the VideoIdent procedure, so the process can take a few days.