This guide covers in detail the best way to buy Bitcoin with wallet which is the safest way to start investing in cryptocurrency.
Bitcoin (BTC) and cryptocurrencies have been growing in the last few years as promising but also potentially risky assets. There are several interested investors in virtual currencies and this can be seen in the interest many users have to buy Bitcoin with a wallet.
In this guide, I will be sharing with you all the necessary information you should have if you are asking how to buy Bitcoin with my wallet. There are several possibilities users have to buy Bitcoin with wallet and I will be sharing it with you in the next few sections.
Where do I Buy Bitcoins?
There are different ways to buy Bitcoin. Basically, we can do so by using centralized cryptocurrency exchanges such as Binance or Coinbase, using peer-to-peer platforms including LocalBitcoins and also platforms like Changelly or Shapeshift.
Each of these platforms has different risks. Centralized exchanges can be easily hacked, as it already happened in the past. This could be very harmful to you if you are involved in the hacked and you lose your funds. Remember that the exchange is the custodian of your funds, not you.
Peer-to-peer exchanges can also be dangerous. You could meet with a person you do not know and that might eventually steal you. Many users have suffered these attacks and they didn’t have the possibility to even keep their Bitcoins.
Finally, platforms such as Changelly or Shapeshift also have some pitfalls when it comes to security. Mostly because these platforms are an easy target when it comes to DDOS attacks or other illegal activities in order to get funds from users. Shapeshift, for example, was affected by one of these hacks.
Can I Buy Bitcoin from my Wallet?
If you are asking “can I buy Bitcoin with my wallet?” then the answer is a big YES. You can definitely do so. There are several services that are allowing users to buy Bitcoin from a cryptocurrency wallet.
The main companies currently offering this possibility include Ledger Nano, Edge Wallet, and also Jaxx Wallet. In the next few sections, I’m going to share with you how to buy Bitcoin with your wallet and how you will be able to exchange crypto from your wallet.
All the aforementioned firms have been operating in the virtual currency market for a long time and they are able to offer users some of the best and most advanced solutions ever.
What is the Best Bitcoin Wallet?
There are different types of wallets in the cryptocurrency market. Some of them are more advanced than others and they will be useful in different situations. There is no wallet that rocks all others. Indeed, each wallet will be suitable to fulfil some of the most exigent users in the crypto market according to the use cases they are looking for.
There are a few different types of wallets: hardware, software, and custodian (through exchanges).
Hardware wallets vs software wallets
Hardware wallets are by far the best solution for long term holders that want to keep their assets safely stored. This is going to provide the peace of mind users need to handle their digital assets over time. These are devices that look like a pen drive and that helps you keep your cryptocurrencies protected from hackers and stealers.
Software wallets make reference to programs that can be downloaded to computers or smartphones and that will help you to handle your crypto funds. These are very safe wallets, however, they are not ideal for long term holders. You must be sure your computer is free from malicious software and you need to always be careful with the files you download.
Finally, exchange wallets are going to also be a good solution for traders. These are the wallets that can be offered by exchanges. Although you believe you control your funds, the money is being held by the exchange.
That means that they can freeze your account at any moment if they consider so. Additionally, these funds are going to be at risk of being stolen by hackers and other attackers that have access to the hot wallets of exchanges. It is always advisable to send your funds to a safe hardware wallet if you handle large amounts of funds in a crypto exchange.
Most trusted Bitcoin wallets
Below is the list which will give you an indication of what I think are the most reliable Bitcoin wallets out there. Of course, there are many more options, however, these wallets have the longest track record in the entire industry.
Electrum is one of the oldest and most popular Bitcoin wallets in the world. It has been working since 2011 and they have been offering support to Bitcoin and Ethereum. You can download the Electrum wallet to your desktop and start enjoying the wide benefits this company is already offering to users.
This is one of the best and most popular hardware wallets in the market. Ledger, the company behind Ledger Nano is currently offering a wide range of solutions to small and larger investors in cryptocurrencies. Companies have also the possibility to acquire hardware products to handle digital assets.
The flagship model offered by Ledger is the Ledger Nano X. The most popular device they have been selling over the last years is the Ledger Nano S.
Edge Wallet is one of the most innovative cryptocurrency wallets in the market right now. The company has been working so as to provide individuals with the necessary tools to protect their data and information.
This is why they have developed a multi currency wallet that allows users to be protected while using digital assets rather than simply using a crypto exchanges with centralized services and solutions.
Exodus is a cryptocurrency wallet that allows users to control and manage their funds using a wide range of tools such as a desktop program, a mobile application and a hardware wallet. This would allow users of all kinds to have access to some of the most advanced digital currency solutions ever.
Jaxx Liberty is helping clients to manage Bitcoin and more than 85 other virtual currencies in the world. This is not only an application that allows users to control their data, but they can also see real-time crypto prices, read the laest news and get access to third-party services.
For example, users can buy Bitcoin with wallet using a third-party trading service provided by Jaxx Wallet.
Can I Buy Bitcoin with Google Wallet?
You will not be able to buy Bitcoins with Google wallet. The reason behind this is quite simple: there is no Google wallet to buy Bitcoin. If you want to exchange crypto from your wallet, the best thing you can do is to follow this guide and learn how to do it.
Steps to Buy Bitcoins with your Wallet
Next in this guide, I’ll explain to you what steps are needed to install, set up your wallet, and finally buy the ‘mighty’ Bitcoin 😎
Steps to Buy Bitcoin with Ledger Nano
The first thing you need to do is to buy a hardware wallet from Ledger store. You can buy the wallet you want, the Ledger Nano S or the Ledger Nano X. With both of them, you will have the chance to buy Bitcoin with your wallet.
The second thing you will have to do is to download the Ledger Live application to your computer or smartphone. The app will be synchronized with your Ledger wallet and it will allow you to exchange crypto from your wallet.
Finally, you can select the option “Buy Bitcoin” directly on the Ledger Wallet app and you will be buying Bitcoin from wallet automatically using Coinify’s services in a secure, fast and easy way.
Steps to Buy Bitcoin with Jaxx Wallet
Users that prefer to use the Jaxx wallet for mobile phones will have the possibility to buy Bitcoin with wallet using the Shapeshift platform. Before you are able to buy Bitcoin with your wallet, you will have to download in just a few seconds the Jaxx wallet to your smartphone.
Once you do it, you can select the option to acquire cryptocurrency. The Shapeshift platform will be providing the services you need to buy Bitcoin using the Jaxx wallet. As the integration has been done into the Jaxx application, you will not find any issues to buy the digital currencies you need without leaving the safety of your wallet.
Steps to Buy Bitcoin with Edge Wallet
Edge Wallet allows users to buy and sell cryptocurrencies using their application. Individuals will have the possibility to buy Bitcoin and other digital assets through a wide range of methods such as credit cards, Apple Pay, cash, gift cards, and even bank transfers.
In order to acquire virtual currencies using the Edge Wallet, you will have to select the “Buy Cryptocurrency or Sell Cryptocurrency” feature on the main screen. Then you will have to select the country from which you are operating and you will see all the partners that are offering services in the location where you are,
Take into consideration that none of the solutions mentioned above to buy Bitcoin with wallets are provided by the platforms themselves. They are simply using services provided by third parties that would then help you to get access to Bitcoin.
Exchange Crypto from my Wallet: Pros and Cons
As I explained above there are some benefits by exchanging crypto from your wallet and the most important one would be safety and security. For example, the Ledger Nano would be the safest in this case, because private keys remain in your control and you can take your wallet off-line.
Also, it’s important to know that exchanging crypto from your wallet is expensive mostly because you have to use third party providers. In this example, Edge charges 1% in fees for every single transaction you make. Centralized exchanges like Binance, however, are much cheaper and offer you 0.03% for every transaction being made.
Buy Bitcoin with Wallet vs Centralized exchanges
|✓ Pros||✗ Cons|
|You are in full control of your crypto assets||You need to sync with blockchain at every start-up|
|All your crypto assets in one place||Trading small cap cryptocurrencies is very hard|
|Buying Bitcoin can de done instantly|
All in all, we have to conclude that the starting cryptocurrency user with an interest in buying and holding could benefit most from this approach. Particularly, starting Bitcoin investors using this method can safely enter the cryptocurrency markets. Also, they can gain some proper experience in all the needed tools and ongoing developments out there. This is a big plus for real user adoption.
Finally, with this guide in buying Bitcoin with your wallet, I hope I have given you some clarity in the buying process. Also, this guide contains all the necessary info for entering the cryptocurrency markets in the safest way possible. Take care and happy investing!
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