Wednesday, May 18, 2022

How To Buy Bitcoin In New York

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Why Should You Buy Bitcoin

How to buy Bitcoin and Cryptocurrencies in New York, USA & Canada?

Bitcoin is the worlds first decentralised cryptocurrency based on blockchain technology- and it is also undoubtedly the most popular cryptocurrency. It was launched in 2009 by the anonymous Satoshi Nakamoto and was intended to be a low-cost medium of exchange that bypassed centralised financial middlemen. Bitcoins popularity grew slowly until 2017 where the use of the cryptocurrency boomed, with record-breaking trading volumes and meteoric price rises. The boom has died down, but bitcoins relevance as a payment method certainly has not. With lower prices comes more viable purchasing opportunities. Bitcoin technology has also been advancing with improvements like the Lightning Network, that allows for faster and more cost-effective transactions, resolving the problem of scalability that has plagued bitcoin since its boom in 2017. The future is promising for bitcoin and as the technology improves, so does its potential for becoming an alternative to existing payment systems.

How To Buy Bitcoin With A Credit Card Or Debit Card

RockItCoin lets you buy Bitcoin with a debit card or credit card in four simple steps. To get started, scroll up and enter the amount of Bitcoin you wish to purchase. Enter a BTC amount or a dollar value and the other field will be filled in automatically. Then provide the address of your Bitcoin wallet and click Continue.

On the next page, fill in your credit or debit card information. Then check the box to agree to our Privacy Policy and ToC and click Next Our virtual point of sale, powered by Simplex, accepts both debit and credit cards from either Visa or Mastercard.

The following page will ask for your billing address, email address, phone number, and date of birth. Fill in the required fields and click Pay Now.

Lastly, youll need to upload a copy of a valid government-issued document to confirm your identity. This helps us keep our clients safe, ensuring that only you can purchase Bitcoin with your credit card.

If you want to buy cryptocurrencies other than Bitcoin with your credit card, the process is almost exactly the same. Just select the coin you wish to purchase from the dropdown menu at the top of this page when getting ready to buy. And be sure to provide an address for a wallet that supports that coin. Otherwise, the process is identical to buying bitcoin with a credit card.

How To Buy Bitcoin In New York Coinbase

  • Sign up at Coinbase
  • Complete the KYC process Provide ID
  • Enter the amount you want to spend
  • Select Bitcoin
  • Select a payment method
  • Alternatively, you can top up your account via bank transfer and then use the funds to buy Bitcoin in the same way; however, you will need to select pay with account balance when choosing a payment method.

    Its also worth noting that Coinbase offers a free $10 in Bitcoin when making your first purchase of $100 Bitcoin or more on the Coinbase standard platform.

    Coinbase users can also head to the Coinbase Earn section of the site and earn over $10 in free cryptocurrency by completing a few short quizzes.

    For more experienced traders, Coinbase Pro offers lower fees and comes at no extra cost.

    The sign-up bonus is only available on the standard platform, so we recommend using that before using the Pro version.

    Coinbase Overview

    • Low Fees when using Coinbase Pro
    • Great sign up incentives
    • High fees on the Standard platform

    Visit Coinbase Now

    Read Also: How To Secure Your Crypto Wallet

    Bitcoin & Cryptocurrency Trading In New York

    New York can lay a convincing claim to be the center of world finance. Certainly, the city is the undisputed capital of American banking and business.

    With the face of finance changing so rapidly over the last two decades, you may think that the New York establishment would be open to new ideas, new technologies, and new forms of money.

    New York was an early haven for Bitcoin enthusiasts and innovators, such as Charlie Shrem’s startup BitInstant which was founded in Brooklyn in 2012.

    Yet the aggressive approach that New York’s financial regulators have taken makes things difficult for many New Yorkers looking to get into crypto.

    The BitLicense – a license only issued to government-approved firms – means that all exchanges and cryptocurrency service providers operating in the state are highly regulated. It could be argued that this protects New Yorkers from shady operators, or that it drives them to seek out other, less regulated providers.

    The introduction of the BitLicense was met with applause by some sections of the crypto community – such as Gemini’s Winklevoss twins – and resignation by others such as ShapeShift, Bitfinex, and Kraken, the latter of which called it “a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth.” No other U.S. state has taken such a proactive approach to the creation and tightening of laws regarding cryptocurrencies and digital assets.

    Is Bitcoin A Good Investment

    How To Buy Bitcoin In New York

    Yes, Bitcoin is worth investing even in 2021. Bitcoin has been a high-risk high reward investment until now. Started at mere few cents and now Bitcoin is worth more than $28000. Bitcoin should be part of everyones portfolio under high-risk, high reward investment. As suggested by many professionals, you should invest only that amount in Bitcoin, that you are ok losing.

    Don’t Miss: Which Crypto Coin To Buy Now

    Buying Bitcoin With Atms In New York

    Bitcoin automated teller machines are one other viable method to buy Bitcoin in New York easily. Not just Bitcoin, residents in the states can equally purchase and sell other digital currencies using the machines. Transacting from the machine gives you a similar experience as that of the bank ATM except, in this case, you are dealing with cryptocurrencies.

    Using Bitcoin ATMs can be easy, and there are about 115 of them installed across New York, according to the data from Coin ATM Radar.

    Buy Bitcoin & Other Cryptocurrencies Online Now

    What are you waiting for? Our payment processor and customer service team are ready and at your disposal. You can also visit our FAQ page if you have any lingering questions about the process or cryptocurrency in general. Or give us a call at 1-888-70-BITCOIN if you need help buying crypto with a credit or debit card, or with anything else.

    Recommended Reading: How Can I Invest In Cryptocurrency

    Heres How To Check Out With Crypto

    Step 1

    Shop online and select PayPal at checkout.

    Step 2

    On eligible purchases, PayPal will automatically make crypto available to you as a funding option, as long as you have enough crypto to pay in full at that time.

    Step 3

    If you choose to check out with crypto, PayPal will automatically convert it into USD or other currency at no additional fee.1 No worries we do it all for you.

    Is It Smart To Buy Bitcoin

    Where can you buy Bitcoin in New York, Hawaii, Canada , Virgin islands, TX, and All 50 States?

    Short answer: Yes, it is a smart choice to Buy Bitcoin. Bitcoin is a new age currency, and it has been around for the last 10+ years. A lot of people who bought Bitcoin have made significant money. However, it is important that you understand how Bitcoin works, and other details before you buy Bitcoin. The information like where do you buy Bitcoin from, how do you store it is a piece of important information before you purchase bitcoins.

    Recommended Reading: How To Trade Bitcoin On Etrade

    Choosing The Best Bitcoin Exchange

    The very first step involves choosing an exchange or trading platform that supports the deposit and withdrawal of your local fiat currency. Many exchanges are localized and only support a select number of currencies. This page allows you to see which exchanges support your currency of choice.

    Using our extensively collected data from all exchanges, we are able to rank these exchanges based on volume, liquidity and each exchanges estimated number of users. We hope this ranking can help you better decide where you would like to buy your first Bitcoin!

    You can also check if exchanges are licensed and regulated, the different deposit and withdrawal methods they support, their fees and trading commissions and their Bitcoin price. We have conveniently displayed all the information for you to make your decision on just one page.

    These subjects might sound a little mundane, but it is important to remember that a crypto exchange has to operate under similar rules to a stockbroker. This means that they have very high standards for documentation to comply with the local laws. Certain exchanges might not be a good fit for you because of the country you are from and it is helpful to know that in advance, so that you can choose the best place to buy Bitcoin and crypto for your own situation.

    We Make It Simple To Buy Bitcoin And Other Cryptocurrencies So You Can Build A Portfolio For The Future Of Money

    Buying and selling, made simple

    We make buying and selling crypto a simple, reliable, and secure experience. Build your portfolio, create price alerts, and schedule recurring buys

    Expert support

    Were here to help you. Our customer support team is available 24/7 to answer any questions you may have, so ask away!

    Industry-leading engineering

    Were continually growing our product offering to optimize our customer experience. Gemini was the first major exchange to launch full support of SegWit and offers native SegWit addresses.

    Read Also: How To Do Technical Analysis Cryptocurrency

    How Do You Buy Crypto

    To buy cryptocurrency, youll need to create an account with a crypto exchange. You may need to obtain a crypto wallet to hold your cryptocurrency, or your exchange may provide one. Be careful when picking a crypto exchange as some, like Robinhood, provide wallets that do not let you transfer your coins off of the platform. This may create security risks, for instance if Robinhood were hacked, or tax issues if you ever wanted to move your crypto off of the platform. Youd have to sell and rebuy your coins, which might cause you to realize some capital gains.

    Once youve picked an exchange and a wallet, youll be able to buy crypto by transferring U.S. dollars into your account via an ACH or wire transfer. You may even be able to buy crypto with a credit or debit card, though this may carry additional fees, some of which can get quite high, possibly up to 5% of your transaction. Some crypto exchanges will let you use other cryptocurrencies or their own branded stablecoins to fund transactions.

    Note: If you want to use crypto to save for retirement, youll need to open a self-directed individual retirement account or a Bitcoin IRA.

    First Debit Card Bitcoin Purchasing Options

    How to Buy Bitcoin in New York Easily

    The other BitLicense was approved for LibertyX, which becomes the very first regulated company to let New Yorkers buy bitcoin from traditional ATMs.

    Last year, the company announced a partnership with Genmega. There are over 100,00 Genmega ATMs throughout the US, where users can buy BTC with their debit cards.

    Speaking on the matter, Chris Yim, co-founder & CEO at LibertyX said:

    After an extensive review process, we are delighted to receive the blessing of the NYDFS and offer the first debit card Bitcoin purchasing options to New York State residents.

    The DFS has so far approved sixteen BitLicense applications, including Robinhood and LibertyX.

    What do you think of the DFS granting BitLicense to both Robinhood and LibertyX? Dont hesitate to let us know in the comments below!

    Images courtesy of Shutterstock

    Don’t Miss: How To Buy Cryptocurrency On Coinbase

    How Does A Crypto Exchange Work

    Crypto exchanges work a lot like brokerage platforms you may be more familiar with. Each offers a portal where you can create different order types to buy, sell and speculate on cryptocurrencies with other users.

    Crypto exchanges can be centralized, meaning they are managed by one corporate authority, like a brokerage company that facilitates the security of trades, or decentralized. Decentralized exchanges generally distribute verification powers to anyone willing to join a network and certify transactions, much like cryptocurrency blockchains themselves. This may help increase accountability and transparency as well as ensure an exchange can keep running if something happens to a company running an exchange.

    How To Buy Bitcoin: Steps For Beginners

    To complete your first purchase, you will need to select the coin you wish to buy on the exchange. Exchanges have a Trade section and within this you will need to choose a coin, such as BTC, ETH or another. Cryptoassets are traded in pairs. The largest coins will have pairs that match the main government currencies. This means that you can buy directly from USD, EUR, GBP, etc. into your coin of choice.

    Purchases can either be made at the current market price or you can set a price that you would like to buy at. If you set your price too far below the current market price, your deal might not be concluded for some time, or possibly never! It will only be concluded if the asset falls to the price that you have entered.

    Many smaller coins and assets do not have pairs with fiat currencies. To buy or sell these, you will need to transact via another asset, usually BTC, ETH or a stablecoin based on the U.S. dollar. To do this, you should select a coin, select BTC and then make your purchase. A few seconds later, your account will show you as holding BTC rather than your deposited currency. Now you can select a new trade, using BTC as one half of the pair and your coin of choice as the other. The exchange will be concluded at the current coin to coin market rate.

    Recommended Reading: How Do You Buy Crypto

    Buy Bitcoin Using Your Regular Stockbroker

    Grayscale Bitcoin Trust , a publicly-listed, closed-end fund that holds Bitcoin.;

    Anyone can buy and sell it through their regular stockbroker without restriction.;

    Plus, its price movements follow Bitcoin very closely.;

    During 2017 as the wild and woolly crypto bull market sent Bitcoin blasting up to all-time highs GBTC shot up more than 1,300%.

    So you see, GBTC is virtually the equivalent of investing in Bitcoin itself. And that can be quite a good thing especially if you’re a newcomer to crypto, with little time to spend familiarizing yourself with this quirky new class of investment assets.

    So far, so good. But we live in a world of trade-offs. And as you saw with Bitcoin ATMS, convenience always comes with some kind of cost.

    Here, the major drawback is that GBTC shares consistently trade at prices well above what the underlying Bitcoin is actually worth.

    How To Find Nearby Libertyx Locations

    how to buy BITCOIN and ETHEREUM in United States, Nevada , New York with creditcard

    We created the LibertyX mobile app to make your bitcoin purchasing experience as simple and quick as possible. Our app is free to download and is available on both iOS and Android platforms. You can also search locations on our website, though we recommend our app for best experience.

    Open the LibertyX app and click the Near Me button to use geolocation to pull your location. Otherwise you can enter your city or ZIP in the search field. You will see LibertyX locations near you. The default view is List but you can click the Map icon and see all the locations show up on a map as well.

    Recommended Reading: How Much Is One Crypto Coin Worth

    How Do I Open A Crypto Exchange Account

    To open a crypto exchange account, visit the exchanges website or download its app. Each crypto exchange has its own unique registration process, and with some, you may be able to make an account and buy and sell small amounts of crypto without verifying your identity or submitting much sensitive information. But as the industry has evolved, the U.S. government has introduced certain Know Your Customer regulations to prevent money laundering and fraud. In general, youll need to provide:

    • Name
    • Mailing address
    • Social Security number

    You may also have to verify your identity by submitting a photo or scan of a government-issued ID.

    Is It Legal To Buy Bitcoin In New York Using Atms

    Lately, there were uncertainties with buying Bitcoin in New York when the states virtual currency license was enacted in 2015. However, there are now over a dozen Bitcoin ATM providers currently operating in the state the required Bitlicense. Liberty X is reportedly the first Bitcoin ATM company to receive the New York virtual currency license in early 2019 alongside Robinhood.

    Following recent information from Statista, there were only about 7,000 Bitcoin ATMs available all over the world during the start of 2020. However, the number has significantly increased since the year to 13,660 installed Bitcoin ATMs, according to CoinATMRader. More than 75 percent of these machines are located in Northern America, and at least 130 Bitcoin ATMs are presently available in the city of New York, and around 60 of them in Brooklyn alone.

    You May Like: Where Is Gemini Crypto Exchange Located

    Buy Bitcoin With Credit Card

    Coinify guarantees a seamless and safe way for you to buy bitcoin with credit card. Bitcoin purchases are instantaneous and provided at a low fee. Our buy and sell service allows anyone to purchase bitcoin, ensuring the security and credibility of the purchase by operating on 3 trade levels, each with its own limits and requirements to upgrade the account. Level 1 is the initial level and all new traders start at this level. We accept the widely-used Visa and Mastercard credit cards. When buying bitcoin with your credit card for the first time, you will be asked to enter your card payment details. If you have already bought bitcoin with us before, your credit card information will be saved for your next purchase and you will only be required to enter your CVV code for confirmation the next time you buy with us. If you have any questions, please do not hesitate to contact our dedicated customer support team either by submitting a ticket or sending a query via our messenger support. We are ready to assist you.

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