Monday, August 15, 2022

How To Buy Bitcoin In France

Bitcoin Vs Other Payment Networks

How To Buy Bitcoin in France Safely (QUICK GUIDE)

In terms of acting as payment network, Bitcoin works quite differently from others such as PayPal or Venmo. These traditional forms of payment over the internet, which are tied to the legacy financial system, involve the use of centralized, trusted third parties to order transactions and keep track of user account balances.

How Easy Is It To Make Crypto Payments In France

France is a country that has always been popular among tourists. In most of the boulevards and shops in Paris, payment in crypto is easily accepted. The country also has Bitcoin ATMs. Most recently, Frances Financia Business School has allowed students topay their fees in cryptocurrencies. All of this points out in the direction of mass adoption of cryptocurrencies by the general population.

Extremely Important Things To Look For When Choosing Your Exchange:

There are incredibly large amounts of scammers and hackers in the crypto space, due to the decentralized nature of cryptocurrencies. It has been extremely important since day 1 to do your research before buying Bitcoin and the need for analysis is becoming more crucial every single day. You don’t want to feel your palms sweat and anxiety take over as you realise your hard earned money is gone. As you might have already read, more than $11 Billion worth of crypto has been stolen since 2011. Read Top 5 crypto scams and how to avoid them to learn how to keep your crypto safe.

Being decentralized, thus having no central entity, Bitcoin has no support number you can call if you lose your coins.If your crypto is stolen, it’s usually gone for good!

If you manage to avoid the scammers, you are still vulnerable to high fees from rogue exchanges. This is the wild west and if you are not careful you can lose your money.Other things you need to look out for when choosing a digital currency exchange are:

Read Also: How To Add Money To Blockchain

Bitstamp Great Bitcoin Exchange For Experienced Pros

Bitstamp has been operational since 2011 and offers an advanced platform for seasoned investors with trading tools. There are over 155 markets on offer and traders can buy Bitcoin in the Netherlands in fractional amounts with just 10.

Do note there is a 0.5% standard commission fee at Bitstamp. Moreover, this platform is registered with the DNB. As such, Bitstamp states that Dutch traders must complete the KYC procedure prior to being able to make a withdrawal to an external address.

This is because it is a necessity for regulated exchanges to follow the rules of the jurisdictions they fall under to operate in full. Moving onto the funding of a Bitstamp account SEPA deposits are free of charge to Dutch traders. However, withdrawals are charged at 3.

Bitcoin deposits are fee-free, and withdrawals attract a 0.0005 BTC charge. Credit card purchases command a 5% fee and the platform states that further charges may be stipulated by the provider.

There is no minimum deposit at Bitstamp. Onto features, this platform allows traders to put crypto holdings to good use via Bitsamp Earn. This allows traders to earn staking rewards on crypto they either already own or place an order to buy.

Although traders cannot yet earn rewards when they buy Bitcoin, the platform states that more crypto assets will be added to the list. There is also a mobile app available so that people can buy BTC in the Netherlands on the move.

Number of Cryptos

Blockfi: Best For Earning Interest

How to Buy Bitcoin in France

If you already purchased cryptocurrency on an exchange and want to put it to good use, you should look into BlockFi. BlockFi is the worlds largest provider of crypto savings accounts where you can earn interest on bitcoin, ether, and stablecoins. If it sounds too good to be true, dont be fooled by appearances: the platform is backed by $450 million in venture capital and manages more than $15 billion in user assets.

Special offer: Get a free BlockFi sign-up bonus worth up $250 in BTC with the partner link below.

While its usually recommended to keep your crypto in cold storage, this strategy doesnt let you compound your holdings over time. With the BlockFi interest account, you can earn monthly interest on BTC, ETH, plus a range of different stablecoins with close to zero effort involved. While you cant deposit EUR , you can send your coins over from an exchange like Coinbase and start accumulating interest right away.

In terms of trust, BlockFi has a solid team behind it and boasts high levels of transparency. More importantly, BlockFi is regulated in most US states and uses NYDFS-regulated Gemini for storing clients assets under strict banking laws, which makes it one of the most trusted providers in the crypto space.

Read More: Full review of BlockFi.

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French Lawmaker Signs Petition To Allow Central Bank To Buy And Hold Bitcoin

A French parliament member has signed a petition to amend the laws to enable the central bank of France to buy and hold bitcoin as well as other cryptocurrencies. The petition urges lawmakers to urgently consider the matter, warning that not owning bitcoin will put France in a financially weak position within 5-10 years.

The Best Alternative To Banking Has Come To France

Receive, store, send, buy, sell and use Bitcoin, Ethereum, Litecoin and other cryptocurrencies easily, quickly and safely. Get your debit card!

Also traditional money, like euros! Manage cryptocurrencies and traditional money in the same way. With the opening of your free account you will receive a shared Spanish payment account number to deposit funds.

The Bit2Me freedom formula is: Cryptocurrencies + Traditional money + Debit card + IBAN + Payments between friends + Simple exchanges.

  • Deposit with credit, debit or prepaid card
  • Deposit with bank transfer

Also Check: Can You Get Free Cryptocurrency

Do I Need To Pay Taxes On Bitcoin

In most countries you will need to pay some kind of tax if you buy bitcoins, sell them, and make a gain. In the US you must do this on every transaction.

Be sure to check with your countrys tax authorities to make sure you are paying all the required taxes on your bitcoin use.

It is possible to buy bitcoin & crypto in an IRA.

Bitcoin Has A Fixed Supply

How To Buy Bitcoin in France [Cryptocurrency 2021]

Bitcoin has a fixed supply of 21 million BTC tokens. As such, there are only a certain amount of Bitcoins accessible. At the time of writing, over 19 million Bitcoin have been mined.

  • According to macroeconomic theories, when the supply of a valued good or service is constrained, demand will increase and the price will follow
  • Fiat currencies may be produced at will and are backed by governments and central banks
  • In contrast, Bitcoin has a fixed supply and no conventional backing. Its long-term value could rise as a result

That said, traders who wish to buy Bitcoin in the Netherlands should still carry out thorough research prior to investing. There are no guarantees when investing in cryptocurrencies.

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How To Buy Bitcoin Safely In The Netherlands

Safety is key when electing to buy Bitcoin in the Netherlands. As we touched on earlier, a major risk is the infiltration of the crypto exchange a trader is using.

Not to mention the many other criminal activities people fall victim to, such as phishing scams, or having their private keys stolen. There are measures that can be taken to stay as safe as possible when trading cryptocurrencies.

  • This includes opting to buy BTC from a regulated platform rather than a lesser-known crypto exchange.
  • Its also hugely important that traders consider a secure storage option.

Those still deciding where to buy Bitcoin in the Netherlands may opt for eToro for many reasons.

In terms of safety, eToro traders are able to buy cryptocurrencies with ease and can keep them in cold storage via the main platform.

The platform also operates in accordance with multiple regulatory bodies such as ASIC, the FCA, CySEC, and the SEC. All of the traders personal information is protected by SSL encryption and all clients funds are kept in separate tier 1 banks.

Bitcoin Is In A Consolidation Period

2022 has seen Bitcoin drop to its lowest levels since 2020 and this could represent an opportunity for people looking to buy Bitcoin in the Netherlands to grab a bargain.

Many believe that this is due to broader economic uncertainties. Everything from the global pandemic and military conflict in Europe to inflation and rising interest rates has played a part in falling stock and cryptocurrency prices.

Cryptocurrency markets are highly volatile and prices rise and fall sharply regularly. Moreover, deciding to buy the dip isnt without its risks, as it can backfire if the crash becomes long-term.

That said, many analysts dont foresee this being a problem as the crypto crash is expected to be short-lived.

Traders who have an appetite for risk may want to take this opportunity to buy Bitcoin whilst its trading almost 70% lower than its all-time high of over $68,000. Its also possible to purchase a fraction of Bitcoin at eToro by allocating just $10.

Also Check: Can You Buy Bitcoins With Green Dot

What You Need To Do To Purchase Bitcoin

Now that you have decided which exchange you would like to trade on, it is time to register an account and get a Bitcoin address! After registration, it is perfectly normal if exchanges require you to verify your identity. This is what we call Know Your Customer or KYC. The process will involve you submitting photos to prove your identity. After submission, the process may take a few hours or up to a few days to complete. Be patient!

After KYC is complete, you should now be allowed to deposit money into your account. Referring to the above, please select the option that makes the most sense for you. We recommend going via a local bank transfer if possible, but a SWIFT transfer or via a third party payment processor also works. Only use credit cards for small sums of purchases as the fees do add up!

Once the money is deposited, you are ready to buy your first Bitcoin! Remember, you dont have to buy an entire Bitcoin you can buy part of a Bitcoin, as each Bitcoin is broken down into 100 million Satoshis!

Gemini: Best For Trust And Dollar Cost Averaging

How to Buy Bitcoin in France

Gemini is the brainchild of Tyler and Cameron Winklevoss the twins who famously sued Mark Zuckerberg over the invention of Facebook. The Gemini exchange was launched in 2015 with an aim to become a fully compliant crypto company with banking-like standards. As we watch the crypto sphere becoming increasingly regulated, many view Gemini as a platform ready for the future of government scrutiny.

Special offer: Trade on a fully regulated and insured exchange that has never been hacked:

Gemini is a good starting point if youre a new investor and dont like Coinbase. Gemini supports around 40 coins, from large ones to small altcoin tokens. It has one of the simplest interfaces in this lineup of exchanges that makes the whole buying and selling process a whole lot simpler. If youre an active day trader, Gemini also has a more techy trading platform called ActiveTrader.

A major selling point for trading with Gemini is its insurance coverage for digital assets and legal segregation of customers fiat funds from the companys own. You can deposit EUR via SWIFT wire or SEPA transfer and set up a single or recurring buy of your favorite coin over time at set intervals.

Recommended Reading: Is Crypto To Crypto Taxable

Bitcoin & Cryptocurrency Trading In France

With the recent announcement that Bitcoins will now be accepted as currency in France, Bitcoin developers and owners alike are celebrating.

However, others are uncertain as to what this means and are looking for a way to get on board with this trend. If you’re among those, this article is for you.

Keep reading to learn more about Bitcoin in France and how you can get some to start spending it yourself.

In 2019, the French government allowed Bitcoin to be accepted as a form of currency.

Thanks to the integration between Bitcoin software and point-of-sale software, it’s now easy to pay for physical merchandise with cryptocurrency. Because of this, it’s expected that Bitcoin will continue to gain popularity in France. Those who already have it will finally be able to use it and those who don’t have any can look into getting some.

Quality Of Customer Support

For the customers, receiving answers to their questions is always an indicator of the quality of work. Making everything possible to ensure fast processing of your inquiries, the customer support at CEX.IO works 24/7. And each member of the support team goes through carefully designed intensive training to be able to deal with any possible queries. In such a way the platform may often be identified as the most responsive among Bitcoin exchanges.

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How To Select The Best Crypto Exchange In France For You

There are hundreds of Bitcoin platforms to choose from, and not all of them are licensed, regulated, and safe. This makes choosing the best Bitcoin exchange a challenging job. To make it easier for crypto users, consider the following key factors while comparing the Bitcoin platforms:-

Is That Cryptocurrency Exchange Support EURO?

What is the point of choosing the largest Bitcoin exchanges in France if they do not support Euro? Hence, the first thing one must check while choosing an exchange is their list of supported currencies, fiat and crypto. This will ensure smooth cryptocurrency trading through a reputable platform.

Fee Structure of Crypto Exchange

The second most important factor that crypto users must check is the fee structure of their chosen cryptocurrency exchange. The fee structure should be transparent without any hidden fees. Usually, cryptocurrency trading includes transaction fees, trading fees, inactivity fees, and deposit and withdrawal fees.

Deposits and Withdrawals Charges

The deposit and withdrawal charges can determine ones trading experience since high charges may increase the cost of trading, thereby reducing profitability. These charges are a part of the exchanges profits but can be perilous for French users with small profit margins.

Security

Is That Licensed?

Do I Need A Bitcoin Account Before Buying

How to Buy Bitcoin in Germany

With Bitcoin, there are not really accounts.

Instead, you should have a Bitcoin wallet. If you want to store bitcoins, then a wallet is where you keep them.

In Bitcoin these wallets are not called an account but a wallet functions almost the same way. The only difference is you are responsible for the security if your wallet rather than placing the security in the hands of a bank or trust.

Also Check: Can I Transfer Bitcoin To My Bank Account

Petition To Allow Central Bank To Buy Bitcoin

Jean-Michel Mis, a member of the French National Assembly, the lower house of parliament, announced in a tweet Friday that he has signed a petition to amend the laws to enable the Banque de France, the countrys central bank, to buy and hold bitcoin, as well as other cryptocurrencies.

The petition residing on the French Senates e-petitions platform was started on March 5 by Fran├žois-Xavier Marie Jean Elder Thoorens it can be signed until Sept. 5. Petitions with at least 100,000 signatures within six months are forwarded to the Conference of Presidents, which will decide whether to follow up on the matter. At the time of writing, 583 signatures have been lodged.

Many companies now have acquired large sums of bitcoin, the petition states, naming Michael Saylors Microstrategy and Elon Musks Tesla as examples. It further notes that Some public entities like the mayor of Miami are positioning themselves to be able to buy bitcoin.

Moreover, The reason given is the risk of a weak dollar over the next 5 years destroying medium-term financing capacities, the petition continues, adding:

France cannot decently remain as an observer of a race which has already started. Not owning bitcoin will put it in a financially weak position within 5-10 years. It is urgent to take up the matter.

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Do you think Frances central bank will buy and hold bitcoin? Let us know in the comments section below.

Kevin Helms

Best Crypto Exchanges And Platforms Available In Europe

Here are the best places to buy Bitcoin and crypto for Europeans, based on years of research:

  • Best overalland best for beginners:Coinbase
  • Best for stocks and crypto: eToro
  • Best for earning interest on crypto:BlockFi
  • Best for day trading and advanced users:Kraken
  • Best for trust and DCA: Gemini
  • Best European exchange:Bitpanda
  • Best for derivatives and tokenized stocks:FTX

Use a hardware wallet to keep your crypto safe: Consider moving your coins away from exchanges to a hardware wallet like the Ledger Naxo X. Hardware wallets store your private keys offline and make you sign all transactions with a separate device. They cant be hacked unless you share your secret seed phrase.

Also Check: How Do I Buy Cryptocurrency With Paypal

Coinbase Is One Of The Most Secure And Easy To Use Crypto Exchanges

Coinbase is the leading digital currency exchange in the world. Founded in 2012, they now offer services in 190 countries worldwide. A great user interface and fast KYC process make coinbase the perfect exchange for beginners.

Pros
  • “Instant Buy” available when buying with debit card
Cons
  • High fees with debit and credit card purchases
Payment methods

Headquarters: San Francisco, California, United States

Trade Sell Or Convert Your Bitcoin

Bitcoin Trading

Deciding on whether to trade, sell or convert your crypto is based on your goals and how much time youre willing to devote to technical analysis. A best practice is to take profits on the way up while keeping a portion of your tokens for the long term. Most exchanges will allow you to convert your crypto into cash, and this will allow you to remain financially solvent while still having exposure to the market.

In general, day traders sell their tokens based on technical analysis for short-term gains. On the contrary, investors can ignore short-term price volatility to realize gains over the long term.

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