There used to be a time when buying Bitcoin was one of the most complicated processes on the internet. That is completely normal when there is something brand new until many more people “understand” it and come up with good ideas about how to improve it and make it easier to come by. Back then, when you want to “trade” you had to know the seller directly, or know a bitcoin trader who can carry out the trade for you with cash or pay to a bank account. Cutting it short, it was complicated.
The process used to be laborious and it required a lot of trust between the parties. Despite all that, people still made an effort to acquire Bitcoin.
Today, platforms just like iCE3 make it way easier and secure. The market has simplified the process by providing several automated options for users to buy Bitcoin and other cryptocurrencies. Despite the fact that cryptocurrency exchanges are the best and most secure way to buy/sell bitcoin along with other altcoins, below is a list of the most popular payment methods to buy Bitcoin in 2019.
Since 2013 iCE3 have constantly been developing ways to simplify the process whereby Sellers can sell Bitcoin and other cryptocurrencies, accepting payment only through the preferred payment method. In other words, you can sell or buy bitcoin with FIAT currencies like South African Rand or Nigerian Naira. Furthermore, you can trade other altcoins for bitcoin. See the list of all the cryptocurrencies on iCE3.
Likewise, Buyers can choose offers based on their preferred payment method.
Still, we at iCE3 decided to come up with some brief information about the different methods to pay for bitcoin other than cryptocurrency exchanges. I want to reiterate again that exchanges are the safest way to do so, but it’s up to you how you want to trade! Your assets, your choices, not ours!
PayPal is one of the most popular online payment systems. It is well adapted to suit online merchants and can be connected to users’ credit/debit cards. Paypal is widely used but is restricted in some countries around the world. We have dedicated an article about paying for bitcoin via Paypal. If you want to know in details about it – Buy bitcoin with PayPal “how to” instructions, and why you shouldn’t.
This is an electronic wallet that enables fiat payments. It is also well adapted with online merchants. When making payments most of the users of Alipay use the app on their devices to scan QR codes. Same applies when using it to buy or sell Bitcoin.
China is a huge marketing space. When it comes literally to anything – they have their “own” style and methods. After all, with such a big population that’s not an issue to afford, isn’t it? Wechat Pay is a popular kind of electronic payment system in China. It has an eWallet similar to Alipay, only that this one is connected to the Chinese bank account of the user. This makes it restricted to Chinese users only because it requires to have a Chinese bank account or to be affiliated with China.
When it comes to Swiss origin – this is a mobile payment app by them. By using your smartphone the TWINT app enables you to pay for products and services. All you need in order to buy Bitcoin using TWINT is the ability to scan the QR Code and five-digit payment code. Others are your personal security settings like your password and PIN. Here is a short video of how to use TWINT if you are feeling confused.
While writing about Swiss app, let us remind you that there were “organisation” who tried to use Swedish name to come up with some “unique” Swedish cryptocurrency that “they have claimed” is backed up and requested from the Swedish government. Purely that was a scam and iCE3 were the first to make people aware of this after much research. Here is the article for more information: Sweden Officially Backs a CryptoCurrency.
This is another system that made it onto our list of the most popular payment methods to buy Bitcoin in 2019. PayTM originated in India and remains a popular means of making payments over the internet in this Asian country. It is a versatile payment system that is being used in the region to settle all kinds of bills. People can now use it to buy Bitcoin.
This is a payment method that is better known as an “online transfer system”. Many people use Neteller to send money across the globe. It is widely accepted in many countries and is one of the most popular methods to buy or sell Bitcoin in 2019.
Like Neteller, Skrill is also known as an online money transfer system. Over 20 million people are using Skrill around the world to send money. It is also adaptable as a payment system by merchants. It is common to find sellers requesting Skrill as a method of payment when selling Bitcoin.
Let us remind you that when you are using Neteller or Skrill you have to trust the other side that you are going to trade with. After all, there is no middle man, such as cryptocurrency exchange iCE3 to secure that if you buy, you will get your bitcoin and vice versa!
Growing in popularity recently is this electronic payment system that has been used by many. Many online transactions use Payoneer today as it is versatile and good for business. Many people nowadays advertise their sales to include their preferred payment method as Payoneer when selling or buying Bitcoin. In other words, they are asking if you are using Payoneer to do the transfer.
Webmoney was founded in 1998 and has sustained its relevance as an online payment system ever since. The platform was able to achieve this due to its ability to adapt to technological changes and evolve with the trend. The payment system was founded in Russia but is popular in almost every part of the world. When Russians are involved there is no way the system to not be well thought out. And if the system is able to adapt to something new coming and/or evolve, there will be always be grounds for people to use it.
Payza was founded in 2012 in Montreal, Canada. Right now, the headquarters of Payza is in London. This payment system has spread to many parts of the world, including Africa and Asia.
This is one of the solutions that has encouraged borderless payment. With Transferwise, you can pay sellers in your local currency, and they get a settlement in their own local currency. It is used by many people today to buy Bitcoin or any other cryptocurrency. It’s really convenient because it gives the opportunity to “escape” from using global FIAT like dollar or euro. You send your local FIAT currency and other side receive theirs. Brilliant!
This is a payment method that is a little over 4 years. It seems like a purpose-built system for a time like this. It is a UK fin-tech platform that offers banking services that extends even to a cryptocurrency exchange. The platform’s mobile app supports spending and ATM withdrawals in 120 different currencies.
This is another product out of Russia. They obviously know where to invest. It has been around since 2002, and in 2016 a survey by TNS classified it as the largest electronic payment service. Yandex money serves for both individual and merchant payment. Many people are using this payment system to buy Bitcoin. Also, Yandex is most popular as a Russian search platform just like Google. Many people claim that it is even better than Google and very strict in the algorithm when it comes to websites organic placement.
This is the native money of the Apple brand. However, its use goes way beyond the Apple platform. This kind of money is stored in the user’s Apple wallet and can be used to make payments online. People are using this payment method to buy and sell Bitcoin. With such a large user base that Apple has, it’s completely normal to have such a payment method.
If Apple has it, Google won’t step back. Also, Google is one of the largest investors in the tech world. They are always ready to buy or build from the ground up something that would have a future, such as Google Pay. Except for iPhones, the rest of mobile devices (almost all of them) are using Android which is Google’s OS and which carries Google Pay in it.
As we said this is another payment method that was developed by one of the most popular brands on the internet. Also, in this case, using Google Pay extends beyond the brand’s circle. It can be used to make payments on websites or through its mobile app. Again, many people are adopting this as a payment system to buy Bitcoin.
Venmo is a mobile payment system that can only be used by people in the US. To be able to use Venmo to buy Bitcoin, both buyer and the seller must be based in the US. Just like China, the US also likes to have its “own” things. Big boys toys, as we like to say. The payment app is a product of PayPal and is responsible for huge volumes of transactions that are taking place over the internet.
This is one of the most traditional systems for making transactions. Many Bitcoin sellers who want to be paid in fiat would use the local bank transfer system. Just keep in mind that many countries, including the banks located there, don’t like the idea of transferring FIAT currency to buy/sell bitcoin. With other words, if your bank gets to know that you got X amount of money because you have sold bitcoin, they can “freeze” that amount of money, or whole account and you won’t have access to your money. So, have that in mind!
This is an app that is used for transferring funds. It works in the UK and Saudi Arabia. If you want to buy Bitcoin and you are in any of these two countries mentioned above, the STC Pay could be a viable option for you.
Using other cryptocurrencies to buy Bitcoin is one of the most popular transactions that happen across exchanges. It happens during speculative trading and also when building a portfolio. Many people also follow this route when they want to extract value from those altcoins that cannot be traded with fiat directly. They use such an altcoin to buy Bitcoin first, and then sell the Bitcoin for fiat.
iCE3 is the largest cryptocurrency exchange platform in South Africa with the biggest amount of offered markets to trade altcoin for bitcoin. Therefore, you are not restricted to use just FIAT or some altcoins, but many of them. Have a look at iCE3.com to see all of the markets!
No matter your preferences, or in what form your money is, chances are that you will find a suitable method that fits your circumstances among the list above.
Very large volumes of Bitcoin change hands every day, and the methods of transactions that are used to execute these trades vary. The list above gives us a comprehensive compilation of the most popular payment methods to buy Bitcoin in 2019.
In conclusion, we want to show you that for a little bit more than 10 years how largely bitcoin has spread into our lives.
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.