Get your first Bitcoin

Bitcoins can be acquired in several ways. You can buy it, mine it or earn it. And in some rare cases you can even find it!

The simplest way to get Bitcoin is by buying it. There are many platforms where you can buy Bitcoin (and other cryptocurrencies), each with their own specialities.

Setup a Bitcoin wallet

The first step to get Bitcoin through whichever means, is to setup a wallet. A wallet is software that allows you to store your Bitcoin. Choose your Bitcoin wallet at the website of Bitcoin.org.

If you have never had a wallet before, a good choice is the Electrum Wallet. It may not be the fanciest looking one, but it is stable, secure and very reliable. Download the Electrum Wallet for your system. Then follow the tutorial to create your first wallet.

Buying Bitcoin

We will discuss three options to buy Bitcoin with fiat currency (EUR, USD, ...).

Mt. Pelerin
Mt. Pelerin is a Swiss based broker that allows you to buy Bitcoin using a bank transfer or VISA/Mastercard.

website: https://www.mtpelerin.com

Pros
  • You don't need to install an app, you receive coins directly in your own (Electrum).
  • Delivery of your coins takes only a few hours after they receive your payment.
  • No KYC verification needed when using bank transfer for small amounts.
Cons
  • The first time you purchase from them, they withhold your coins for 7 days to prevent abuse.
  • Transaction fees are a bit higher than with other brokers, except for the first 500 EUR.
  • Not available in every country (for example the USA and Russia).
Peach Bitcoin
Peach Bitcoin is a Swiss based Peer-2-Peer marketplace that allows you to buy or sell Bitcoin from other regular people.

website: https://peachbitcoin.com

Pros
  • Quality app that is easy to work with.
  • Delivery of your coins takes only a few hours after the counterparty receives your payment.
  • No KYC verification needed.
Cons
  • Harder to understand for new users, since you are not buying from a company but from other people.
  • If a seller is malicious or makes a mistake, you could end up having to file a dispute.
  • Liquidity (amount of Bitcoin available on the platform) could be lower than at other markets, which could make the Bitcoin more expensive here.
Kraken
Kraken is an established cryptocurrency exchange that allows you to buy or sell Bitcoin and many other cryptocurrencies.

website: https://www.kraken.com

Pros
  • Creating an account is fast an easy.
  • Transaction fees are very low.
  • It's a trusted platform with global reach.
Cons
  • You need to verify your identity (KYC).
  • As long as your coins are in your Kraken wallet, you don't really own the coins. Withdraw them to your (Electrum) wallet to make sure only you control them.
  • It can be difficult to use for new users that don't have experience with trading terminology.