How To Get Bitcoin In Spain

Many people say that we are just entering the crypto bull market and crypto prices especially on Bitcoin experienced a huge rise recently climbing up to a record high of $93,000. This brings back the old FOMO feeling that we experienced a few years ago in the last bull run.

Therefore, many investors are looking into buying Bitcoin all around the world, including Spain.

But are there any special things that you need to know or different steps to acquire Bitcoin in Spain? – Not really.

Whether you are investing as a hobby, or planning something more serious with Bitcoin from Spain, you need to learn all the steps on how to get Bitcoin the right way.

Why Bitcoin, You Ask?

Well, it is the most popular cryptocurrency in the world and the most expensive one that everyone has their eyes on. The way Bitcoin moves affects the entire crypto market. On top of that, this is the original cryptocurrency that started this movement, and Spain saw a surge in Bitcoin adoption in the past couple of years, with more than 3 million Spaniards holding BTC hoping to get to $1 million.

So, it is the biggest cryptocurrency at the moment, with the largest institutional acceptance, which is why so many people are interested in Bitcoin and not any other cryptocurrencies.

Step 1: Choose Your Bitcoin Wallet

The first step is to choose where you are going to hold your Bitcoin. Remember, your traditional bank account or physical wallet won’t do you any good. You’ll need a blockchain alternative.

When it comes to storing your crypto there are several ways, such as:

1. Hardware Wallets: These are recommended if you are investing more than $5,000 and want to keep your crypto safe. They are practically USBs that keep your BTC offline.
2. Software Wallets: Otherwise known as hot wallets, they are companies that can keep your BTC and pay you interest.
3. Exchanges: Not the most advisable way, but still an option for small investors. You can keep your BTC at the crypto exchange in your hot wallet.

If you want to use your BTC for other things like gambling, check out which is the best Bitcoin wallet for online gambling at evo.io.

Step 2: Pick a Reliable Cryptocurrency Exchange

This is the most important step! Pick the right exchange! We’ve seen many big exchanges collapse in the past making all that crypto that people kept vanish in minutes. That’s why you need a reliable company that is actually backed up with gold or money.

When it comes to Spain, there are a few choices, such as:

Coinbase – which is one of the most reliable crypto exchanges in the world and also supports EUR transactions. They are known for their incredible security measures.

Binance – This is another major exchange that has seen some backlash in the past but is still a good choice for buying Bitcoin.

Lastly, we have Kraken, which has robust security and is more user-friendly than Binance aimed at casual investors who don’t want to get into complicated data and candles.

There are a few things you need to consider before picking the right exchange, such as:

• What kind of security options do they have?
• Their Fees?
• How easy is it to use?
• Do they have good customer support?

Step 3: Verify Your Identity

Most reputable exchanges require you to verify your identity to comply with Spain’s anti-money laundering (AML) regulations. Don’t worry; it’s not as tedious as it sounds.

What You’ll Need:

• ID Proof: A copy of your DNI (Documento Nacional de Identidad) or NIE (Número de Identificación de Extranjero).
• Proof of Address: A recent utility bill or bank statement usually does the trick.

Why Bother?

Identity verification helps prevent fraud and ensures that the platform complies with legal standards. Plus, it adds an extra layer of security to your account.

Step 4: Fund Your Account

Time to load up your exchange account with some euros. You’ve got options:

Payment Methods:

• Bank Transfer: Typically has lower fees but can take a few days to process.
• Credit/Debit Card: Faster but usually comes with higher fees.
• SEPA Transfer: Great for intra-European transfers with reasonable fees.

Pro Tip: If you’re a frequent trader, setting up a SEPA direct debit can save you time and hassle.

Step 5: Buy Your First Bitcoin

With your account funded, you’re ready to make your first purchase. Here’s how:

1. Navigate to the Buy/Sell Section: This is usually prominently displayed on the exchange’s homepage.
2. Select Bitcoin: Choose BTC from the list of available cryptocurrencies.
3. Enter the Amount: Decide how much Bitcoin you want to buy. You can specify either the amount in euros or the quantity of Bitcoin.
4. Confirm the Transaction: Review the fees and confirm your purchase. Voilà, you’re now a Bitcoin holder!

Step 6: Secure Your Bitcoin

Now that you’ve got Bitcoin, the next step is to keep it safe. Remember, with great power comes great responsibility.

Security Tips:

• Enable Two-Factor Authentication (2FA): This adds an extra layer of security to your accounts.
• Use a Hardware Wallet: Store your Bitcoin offline to protect against hacks.
• Backup Your Wallet: Ensure you have a secure backup of your wallet’s private keys. Lose them, and you lose your Bitcoin.
• Stay Updated: Keep an eye on the latest security practices and updates from your wallet provider.

Frequently Asked Questions

Is Bitcoin Legal in Spain?

Absolutely! Spain recognizes Bitcoin as a digital asset. However, it’s crucial to stay informed about tax obligations. As of 2024, any profits from cryptocurrency trading are subject to capital gains tax. Always consult a tax professional to ensure compliance.

What Are the Risks of Investing in Bitcoin?

Like any investment, Bitcoin comes with its set of risks:

• Volatility: Bitcoin prices can swing wildly in short periods.
• Regulatory Changes: New laws or regulations can impact Bitcoin’s value and usability.
• Security Threats: Hacks and scams are real threats, emphasizing the need for robust security measures.