Buy Bitcoin in Bristol in 2021
Cryptocurrencies have revolutionized the financial industry as a growing number of people are looking to invest or trade with these digital assets. There are many reasons why you should consider buying bitcoins.
Bitcoin transactions take place on a peer-to-peer network, which means that financial institutions are not involved in these types of money transactions. Moreover, the price is set to increase as more people show interest in buying it. In our guide today, we’ll explore the most convenient and cost-effective methods of purchasing Bitcoin in Bristol, UK.
If you want more general information on Bitcoin in the UK, we recommend that you read our article on Buying Bitcoin in the UK.
How to buy Bitcoin in Bristol
The crypto industry isn’t in the background anymore – famous companies like Microsoft and Overstock have embraced the future by accepting Bitcoin payments, and many more are set to follow. The city of Bristol is moving with the currents, so it offers plenty of opportunities for people to buy Bitcoin. The list of locations that accept Bitcoin has been growing as quickly as the crypto industry itself. There are several methods available when it comes to buying Bitcoin in Bristol:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on Cryptocurrency Exchanges
Purchasing Bitcoin or other cryptocurrencies can be intimidating at first, but the truth is that it’s never been as easy to buy Bitcoin as it is today.
One of the major concerns when buying Bitcoin, or any other cryptocurrencies, is dealing with safety and security challenges. Whether you worry about privacy, affordable prices, or ease of use, the exchanges that we’ll share with you combine these features. For a comprehensive guide to help you choose a platform, we recommend you have a look at our review of the Best Crypto Exchanges in the UK.
The process of buying Bitcoin through cryptocurrency exchanges is very straightforward. The first thing you should do is create an account. Once you’ve created an account, you’ll need to verify your account and provide personal information along with scans of some required documents. Once you’re verified, you’ll be able to deposit some GBP into your account. In order to make your purchase, you can choose among several payment methods including domestic bank transfer, international bank transfer, and using your debit or credit card.
If you’re looking for the most secure way to purchase Bitcoin, we recommend Binance and Coinbase. They hold customers’ digital currencies in air-gapped cold storage (offline). Binance goes a step further by incorporating their own Secure Asset Fund for their users by allocating 10% of the collected fees for trading.
Sometimes, the schedule fee can play a major role in deciding which exchange works best for your needs. Binance is the cheapest, charging fees as low as 0.1%. Kraken is another exchange appropriate for traders in the UK with an average fee of 0.26%.
If you are buying Bitcoin for the first time, look no further than CoinJar. The exchange is very simple to use and offers outstanding customer support. If you are a more advanced trader, we recommend ChangeNOW. Finally, if you are based in the United Kingdom and are looking for a quick and safe payment method to make GBP deposits, CEX.io is the best choice.
When buying at a cryptocurrency exchange, ensure that you have a digital bitcoin wallet of your own for safety reasons.
Buy Bitcoin with Cash
Despite the fact that buying Bitcoin with cash can be confusing, there are many benefits to it and we’ll demonstrate how easy the process can be. Some of the reasons why you might want to purchase Bitcoin with cash is that it’s normally faster and doesn’t involve a disclosure of personal information or identity verification, which not only keeps your information private but also decreases the risk of identity theft. So, let’s jump right into it and show you the available methods.
Over-the-counter (OTC) trading desks play a vital role in the crypto industry but not many people understand how they operate and what sets them apart from other crypto trading methods. OTC trade occurs between the trading desk and another individual or institution. Keep in mind that OTC brokers are suited only for the needs of large volume investments (more than 3,000 USD). Low slippage and high liquidity are the main advantages of choosing to trade on an OTC. Slippage happens when placing a market order — one that gets executed when the best price to buy or sell emerges. OTC permits you to quote a strike price for the whole order, no matter how large it is. Our favorite OTC trading desks are those offered by Bitbuy, Circle, and Kraken.
We strongly advise against meeting a stranger in person after agreeing to buy BTC from them on peer-to-peer exchanges such as LocalBitcoins and Paxful. This can be very unsafe and you could run into a scam because there’s no middleman to guarantee the transaction security.
Buy Bitcoin from a Bitcoin ATM
According to a report on Statista, as of January 2021, there are 14,000 bitcoin ATMs around the world, and each month the demand for these ATMs is growing. But what is a Bitcoin ATM, and where can you find one?
Bitcoin ATMs or BATMs are similar to the regular ATMs— you choose between cash or a credit/debit card and insert the amount you’re ready to invest. According to CoinRadar, there’s currently one BATM in Bristol at Bedminster stores (premier) that was installed on January 1, 2021. The machine operates 24/7 and you can purchase Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) in exchange for GBP.
Frequently Asked Questions
What is the best cryptocurrency exchange in the UK?
Our top pick for a cryptocurrency exchange is CoinJar. The interface is simple to use and the exchange is located in the UK, meaning that you’re able to deposit GBP immediately. The exchange also offers some of the lowest fees and provides iOS and Android apps, allowing users to trade cryptocurrencies on the go.
What is the easiest way to buy Bitcoin in Bristol?
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.