Where can I sell my bitcoins
Buy & sell Bitcoin in Germany: How to invest in cryptocurrency
You can buy Bitcoin on various marketplaces on the Internet - or you can invest in derivatives and earn money from the currency's price development.
About the offer: Bitcoin trading at eToro *
The contents of this article:
»Wallet - the virtual wallet
»Buying and Selling Bitcoin: Trading Platforms
»Register with a platform: step-by-step instructions
»Alternatives to Buying Bitcoin
»PayPal as a payment option
»Buy Bitcoin from the Sparkasse?
Buy Bitcoin: Wallet - the virtual wallet
Since Bitcoin is a digital currency, it logically does not fit in a normal wallet. The virtual counterpart to the leather wallet is the so-called wallet: all bitcoins and digital data are stored here. Sending and receiving or buying and selling cryptocurrency works similarly to a classic bank transfer.
A wallet has a number that acts as the receiving and sending address for your Bitcoin purchases and sales. You remain anonymous; other buyers and sellers only know your wallet number, but not your name or other personal data. A uniquely defined, private key made up of randomly combined characters is your access code to your wallet and should be protected from prying eyes.
Wallets are traditionally online storage locations, so-called hot wallets. If, as has already happened several times, a hacker attack on a crypto exchange occurs, these wallets can, however, be looted. Suitable wallet apps / programs that you can use to save your coins offline on your computer or smartphone are even more secure. There is also a residual risk of hacker attacks or a destructive virus. The safest wallets, so-called cold wallets, are special USB sticks or other external storage media that you can keep in the wall safe or in another safe place. COMPUTER BILD has tips on hardware wallets for you in a separate article.
Buying and Selling Bitcoin: Trading Platforms
Various trading platforms have specialized in trading Bitcoin & Co. The best-known providers for buying Bitcoin in Germany are eToro, Binance, Bitpanda, Coinbase and Bitcoin.de. When comparing the aspects of demo account, security, fees, minimum budget, payment methods, available cryptocurrencies and regulation, many Internet comparisons come to the conclusion that eToro is particularly well suited for beginners when it comes to buying Bitcoin. You can find more about this in the article "Bitcoin Trading".
About the offer: Bitcoin trading at eToro *
Register on a platform: step-by-step instructions
Once you have decided on a Bitcoin marketplace, there are only a few steps left before you can buy your first bitcoins. In concrete terms this means:
- Sign in to the platform with an email address and account.
- Verify your registration. Usually you have to prove your identity by video or PostIdent and often also fill out a questionnaire. The latter aims, among other things, to check your experience in trading Bitcoins and other risky assets and to save you from possible bad investments.
- If your account is activated, you deposit money for the Bitcoin purchase and / or connect your marketplace account to a bank account. The common credit cards and PayPal can usually be selected as payment methods. An instant transfer from an account at the Sparkasse or another bank is also suitable for sending money.
Now you are ready to make your first Bitcoin purchase on the marketplace. Good to know: The prices for Bitcoin can differ greatly on the various trading venues and stock exchanges - so a regular comparison is worthwhile.
Alternatives to buying bitcoin: CFDs and certificates
If you don't want to buy Bitcoins directly yourself, there are two alternatives for making money with Bitcoins: Buy Bitcoin CFDs or Bitcoin Certificates.
CFD stands for "Contracts for Difference" or contracts for difference. These are highly speculative derivatives that track the Bitcoin price development. When you buy a Bitcoin CFD, you do not own any Bitcoins yourself, but only benefit from the price development - if it is positive. If the price falls, there is a risk of total loss. With a lever you can even maximize possible profits. If you choose this way to earn money with Bitcoins, you can trade with it via CFD brokers - payment also works here with credit card and PayPal.
About the offer: trade Bitcoin CFDs with eToro *
A slightly less risky form of investment is buying Bitcoin certificates. These are derivatives that trace the rate 1: 1 (against the US dollar) and with which you do not buy your own bitcoins, but rather depend on the price development. The purchase works like any other security and can be processed via the securities accounts of regular credit institutions.
Buy Bitcoin: PayPal as a payment option
As mentioned above, PayPal is getting into the Bitcoin business. In Germany, however, it is not yet possible as a PayPal user to buy bitcoins via paypal.de. Most Bitcoin trading platforms offer, however, to deposit money via PayPal into the user account opened there.
Buy Bitcoin: Sparkasse is not included yet
There are always talks and even draft laws to pave the way for trading in crypto currencies for the Sparkasse and other banks. So far, however, it is not yet possible to buy Bitcoin there. Actually, crypto currencies and the underlying blockchain technology also contradict the banking system: Bitcoin & Co. were originally developed to carry out financial transactions independently of state-regulated financial institutions. Only the purchase of cryptocurrency certificates is possible through traditional banks.
* Our independent experts regularly deal with products and service providers. We will provide you with the resulting articles free of charge. COMPUTER BILD receives a small commission if you click on a link or conclude a contract with a linked provider. Note: The content on computerbild.de is not a specific investment recommendation and only contains general information. Authors, editors and the cited sources are not liable for any losses that may arise through the purchase or sale of the securities or financial products mentioned in the articles. Complex financial products such as CFDs in particular harbor a high risk: According to the company, 67% of retail investor accounts with eToro lose money when they trade CFDs from this provider. Regarding cryptocurrencies: These are not regulated and their prices can fluctuate widely. Therefore, cryptocurrencies are not suitable for all investors. The trading of cryptocurrencies is not subject to any supervision by the EU regulatory authorities. Your capital is at risk.
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