Buy Bitcoin Bristol 2021
Making Crypto Simple
Did you know that a small survey suggests that up to one-fifth of UK citizens have bought Bitcoin so far? The increasing public demand for Bitcoin is evident, as its value regularly makes headlines and the volumes of crypto transactions grow every day. So isn’t it about time we accepted that Bitcoin has slowly conquered the world’s economy?
While you’re thinking about how to make your first move in the world of digital investments, we’re here to show you the most convenient purchase methods in Bristol. The UK market today has a variety of choices adapted to meet the most specific customer needs. Read our compact guide and learn how to buy Bitcoin for the first time with ease. Before you start, you can also take a look at How to Buy Bitcoin in the UK to get a more general feel of the UK crypto market.
How to Buy Bitcoin in Bristol
If you start doing some detailed research on the internet, thousands of available offers in Bristol will appear on your screen. You’ll come across local Bitcoin offices, international centralized exchanges, individual sellers, Bitcoin ATM location trackers… a bit overwhelming, isn’t it? Besides, is it possible for a beginner to make a reasonable distinction between a reputable service and an online scam? Based on deep market analysis, our team narrowed it down to the most trustworthy methods of buying Bitcoin:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via OTC Broker)
- Buy Bitcoin from a Bitcoin ATM (BATM)
Buy Bitcoin on Cryptocurrency Exchanges
In a nutshell, a cryptocurrency exchange is an online platform that allows the buying and selling of Bitcoin and other blockchain-based coins in exchange for fiat or digital assets. It operates as a third party to ensure safe trading and charges specific fees for the intermediary services.
Cryptocurrency exchanges are the safest solution for a beginner. Of course, this is not true for all of the hundreds of platforms available. A good cryptocurrency exchange is secure, supportive, and easy to use. It also accepts deposits in your local currency, charges fairly, and executes transactions in a reasonable time frame.
We have a separate article on the Best Crypto Exchanges in the UK for 2021 where you can find valuable information about their specific features. For this article, we’ll take CEX.io, one of the UK favorites, to see what the Bitcoin purchase process looks like on a crypto exchange:
- Visit the CEX.io page or download their iOS/Android mob app to create an account.
- Activate 2FA authentication.
- Confirm your account and proceed with profile setup by providing the required personal information.
- You need to know that all reputable crypto exchanges operate in compliance with AML/KYC regulations. For this reason, you’ll need to undergo a verification process. Follow this CEX.io customer support section to find out what type of documents you’ll be asked to submit.
- Once you’ve completed the identity verification successfully, go to Buy/Sell at the top of the page.
- Insert the amount of Bitcoin you plan to buy and choose a payment method: SWIFT, SEPA, ACH, or Faster Payments. Besides regular bank transfers, CEX.io also supports debit and credit cards.
- The time it takes for your Bitcoin to be transferred to your account will depend on the selected payment method.
Buy Bitcoin with Cash
Over-the-counter (OTC) trading is one of the most advantageous methods of buying Bitcoin with cash. It’s also known as off-exchange trading since it’s done directly between the buyer and the seller with an OTC broker as a personal intermediary. Bitcoin purchases through OTC desks are an elegant solution for large investments providing several key benefits over regular crypto exchanges:
- Buy a large amount of Bitcoin anonymously as your offer is not exposed on public ledger books to affect the overall market price.
- Get highly personalized service offering beneficial market insights and expertise.
- Ensure high liquidity and a fixed price for your trade. It means that your high-volume trade won’t be divided into separate “pieces” resulting in an undesired price, much higher than what was initially agreed. This financial phenomenon is known as slippage.
When it comes to OTC desks in the UK, you should know that most of the top-rated exchanges offer such private services including Coinbase, Coinjar, Coinfloor, Binance, and Kraken. There are also well-recognized OTC desks like Genesis or itBit that you can always count on.
Buy Bitcoin from a Bitcoin ATM
Even though there is currently only one Bitcoin ATM available in Bristol, located on 54 Filton Rd, we consider this purchase method promising enough to give it proper attention as one of the most convenient ways of buying Bitcoin.
Bitcoin ATMs, usually referred to as BATMs, are physical centers where you can buy bitcoins with fiat money or debit cards. The majority of BATMs require ID verification for access. Depending on the operator, you will have to provide personal information of varying degrees, such as scanning your ID card or fingerprint. The exact purchase process also varies from one BATM model to another, but all of them follow the same sequential steps.
Once you’ve verified your identity, you’re set to buy some Bitcoin. You’ll need to enter the amount of GBP for which you plan to buy Bitcoin and insert the cash or submit the debit card into the designated deposit port. Next, you’ll have to scan a QR code that represents your digital wallet address, confirm the order, and your Bitcoin will be instantly transferred to your Bitcoin wallet. Such a convenient process with a fast transaction is not free. An average BATM commission is around 8% of the total transaction which doesn’t sound desirable for high-net purchases.
Frequently Asked Questions
Despite the huge trading volumes and the increasing number of online retailers who accept Bitcoin, the UK government lacks specific laws on digital currency. Officially, Bitcoin and other altcoins are not covered under the definition of “money” in the UK, although it’s completely legal to trade Bitcoin in exchange for fiat or digital assets. However, Bitcoin in the UK is regulated for anti-laundering purposes under the authority of the Financial Conduct Authority (FCA), which means that any cryptocurrency exchange operating within the territory of the UK has to be FCA registered.
You can find a few peer-to-peer exchanges like LocalBitcoins available in the UK. Unlike centralized crypto exchanges, P2P services allow direct communication between buyers and sellers without an intermediary to guarantee the transaction and provide support. This way of buying Bitcoin is considered outdated and insecure due to the high risk of potential frauds.
Almost all high-rated cryptocurrency exchanges feature a Sell option where you can exchange your Bitcoin and Ethereum for fiat money or other altcoins. Besides Bitcoin and Ethereum, some platforms allow the selling of other popular currencies like Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), and Zcash (ZEC). After you find a suitable exchange platform, double-check the withdrawal terms and conditions to see the exact fees and the estimated time of transaction.