Buy Bitcoin

No affiliate links are used - This is not about fiat money, this is about freedom.

As Bitcoin continues to gain popularity, the landscape for acquiring it has experienced significant changes. While the early days of Bitcoin were marked by a 'Wild West' atmosphere of minimal regulation, the current era is seeing a tightening of controls around how and where individuals can purchase Bitcoin using fiat money. This evolution is largely driven by governments and regulatory bodies implementing laws and rules to address concerns such as money laundering, terrorism financing, financial stability, and consumer protection. In reality, they don't want to let go of their control over money. I've had numerous accounts closed without the corresponding companies telling me the reason. To be clear, I don't engage in money laundering, I don't engage in terrorism financing and I don't engage in scamming people - WTF.

Now if you want to buy Bitcoin you will have to find an onramp which allows you to get access to Bitcoin and after that store your Bitcoin on a hardware wallet you control. Governments can seize and confiscate all money from your accounts, alleging criminal activity, tax evasion, or violations of international sanctions at any time. They will control your money unless you take full ownership of your property. You don't want to get screwed by your government, so take the necessary steps to avoid that.

Bitcoin onramps

Bitcoin onramps refer to platforms and services that allow the exchange of fiat money (such as USD, EUR etc.) for Bitcoin. These include cryptocurrency exchanges, broker services, and even some traditional financial institutions that have entered the Bitcoin space. Onramps play a critical role in the adoption and accessibility of Bitcoin, serving as the primary entry point for new users and investors.


Depending on where you live, you'll need to check which Bitcoin onramps are available. Most of them will require you to go through a KYC (Know Your Customer) process so that the corresponding authorities can collect all your data and track your purchases. If you dislike this, you can try to find a non-KYC onramp or search for like-minded people who are willing to trade Bitcoin directly with you (peer-to-peer).


I will list some Bitcoin onramps that are usable in Switzerland. Please check which possibilities are available in your country.

Bitcoin only service which automatically exchanges your bank transfers into Bitcoin and sends them directly to your own bitcoin wallet. No KYC needed up to 1000 CHF / 950 EUR per day with a 1.5% fee (FAQ). Die Pocket app is available for Android und Apple devices.

Map with Bitcoin ATMs in Switzerland. Sometimes this is the only way to buy Bitcoin without going through KYC. Please keep in mind that ATMs can charge exorbitant fees, check before you buy Bitcoin! Normally only amounts up to 1000 CHF can be bought. There is a mobile app available for Android and Apple devices to search for the nearest ATMs around.

Buying process

The process to buy Bitcoin with the first two mentioned Bitcoin onramps are similar:


  1. Install the corresponding app (check links above).
  2. Register in the app and create a user account.
  3. Create a new Bitcoin wallet.
  4. Backup (write down) the seed words - Please check the red warnings below!
  5. Send fiat Money (CHF) over a bank transfer to the indicated account.
  6. Bitcoin will automatically be bought when funds arrive.
  7. Bitcoin will automatically be transferred to your wallet.
  8. Check your wallet balance :-)


If you buy Bitcoin at an ATM, you will receive a 'paper wallet' (piece of paper) that contains the private and public keys to access your funds, or you can choose to have the Bitcoin transferred to an existing wallet (depending on the type of Bitcoin ATM).


After you have received your Bitcoin in your mobile app or on a 'paper wallet', you should check how to store Bitcoin on a hardware wallet, because it's much more secure. If your mobile phone get's hacked you could lose your Bitcoin.

Warnings

When you create a new Bitcoin wallet, you will receive a seed phrase consisting of 12 or 24 words, and it's necessary to protect this seed phrase at all costs. The seed phrase is the only thing you need to access your Bitcoin, and if you lose the seed phrase, your Bitcoin is lost forever! Yes, forever! So, please review the following list and ensure you truly understand the implications of protecting your seed phrase:


  1. Don't ever make digital copies of the seed phrase (no photos, text files, excel sheets, cloud drives...).
  2. Write down your seed phrase on paper or use metal plates to store it for a long time (backup type depends on the value of your Bitcoin).
  3. Test the backup of the seed phrase to ensure that it works correctly (use it in a hardware wallet and check if the funds show up).
  4. Store the seed phrase backups in different geographical locations (Use tamper-evident bags for higher security).
  5. Secure the access to the seed phrase backups (use a safe/locker if you have to secure a high Bitcoin value).
  6. Check your backup plan from time to time - Don't trust, verify!