With this beginners’ guide, you will realise that it is quite a simple process to get a hold of some bitcoins in Malta. There are several ways to do it, however, for beginners we usually recommend bitcoin exchange. If you still don’t know what bitcoin is, check out our beginners guide to understanding bitcoin.
Buying Bitcoins from Exchanges
Step 1 – Start by choosing a bitcoin exchange. Even though being similar, every exchange is different from one another and depending on which one you opt for, ID verifications, buying limits and processing times differ.
Step 2 – Register and create an account. You can usually do this through the exchange websites themselves or exchange’s mobile applications.
Step 3 – Choose a payment method. The payment method required might differ from one exchange to the other. Additionally, the country you live in also effects. With some exchanges you may use debit/credit cards or bank transfers, whilst others may only accept other cryptocurrencies as payment.
Step 4 – Make your bitcoin purchase! The most exciting part of the process is when you actually get your bitcoins in your account. The price for each currency changes constantly, therefore, the amount of bitcoins you get for your money will vary. Keep in mind that if you want to get started with bitcoins, but do not wish to buy a whole one, you can opt to buy fractions from it and then build your way up.
Some bitcoin exchanges to consider –
Purchasing Bitcoins from ATMs
Step 1 – Buying bitcoins from ATMs is one of the easiest ways to either purchase or sell. First thing to do is to find the nearest ATM to you. In Malta Bitcoin ATMs are not that popular yet, but there is one in Sliema and two in St Julian’s. In order to start your purchase, you need to have a digital wallet to store the bitcoins in.
Step 2 – Input your wallet information. Since bitcoin is digital and not a tangible currency, bitcoin ATMs function slightly different than the usual ones. Instead of withdrawing cash, you have to add your wallet information in the ATM and transfer the currencies directly to your wallet. If you have done this before, you can just scan the QR code on your wallet and the ATM will automatically read it.
Step 3 – Identity verification. Depending on the ATM, this process might differ slightly. Some ATMs ask you to scan your ID whilst others ask you to input personal details such as your name, phone and address.
Step 4 – Buying bitcoin. Depending on the ATM, the payment methods available might differ. Some accept credit or debit cards whilst others also accept cash. Keep in mind that the prices for digital currencies fluctuate all the time and that you do not have to buy a whole bitcoin at once.
Choosing Bitcoin Cash Sellers
Step 1 – Choosing a service. There are several places from where you can buy bitcoins for cash, including, local sellers, escrow services and retail stores. Some bitcoin ATMs also accept cash.
Step 2 – When using this type of services always be aware of any potential scams. Depending on which service you opt for, you can give the seller cash or through a bank transfer while he sends you the bitcoins to your wallet.
Step 3 – Once the transaction is made, you are now an owner of your first bitcoins. In some cases, you might need to submit your deposit receipt as evidence for your payment.