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In the economy of the last few years the use of cryptocurrencies has increased significantly and more and more users are interested in buying them, loot them or simply make use of them, however, due to misinformation many of them are unable to buy them, either due to lack of knowledge or the idea that it is a rather complicated process. However, the process of buying cryptocurrencies, including Bitcoin, is really simple. In this article we will tell you how to buy Bitcoin and other cryptocurrencies in Madrid.
It should be noted that the purchase of cryptocurrencies does not have to be affected by the user’s location, since the user can purchase them online. Below we will look at both online and physical purchasing processes through Bitnovo.
How to buy cryptocurrencies in Bitnovo online?
In case you want to buy cryptocurrencies with Bitnovo online the process is very simple, we will explain it below:
- The first step is to go to Bitnovo’s official website and select the option to buy cryptocurrencies. You can go directly from this link.
- When we have entered the purchase page, we will have to select the amount of euros we want to convert into cryptocurrencies, the cryptocurrency we want to buy and click on the “buy” button.
- Then we must enter the following requested data: our wallet address where we want to send our cryptocurrencies, our phone number, an e-mail and of course, the payment method (card, bank transfer or other cryptocurrencies).
- Finally, we must perform the identity verification, also called KYC, which is required by the government to combat money laundering in banking, financial and stock market activities. It is a very simple process that can be completed in minutes. Once this quick process is approved, the cryptocurrencies will arrive in our wallet shortly.
If you still don’t know what a wallet is, we will explain it later.
This would be the online purchase process that can be done both to buy cryptocurrencies in Madrid and from anywhere, since for this we only need a device with internet access.
This process has a great advantage and is that you do not need to move and in addition to buying by card, you can also buy by bank transfer.
Buying cryptocurrencies physically in Madrid
If you are in Madrid and want to buy cryptocurrencies physically, either paying in cash or by card, Bitnovo has ensured that you can do it from almost any location. You just need to be near a Fnac store, Worten or any of the more than 40,000 Bitnovo associated points of sale.
There you can buy our cryptocurrency coupons. This is a very simple way to exchange your euros for cryptocurrencies, since you only have to buy the coupon and then redeem it on our website or app. This process is very similar to when we buy a Netflix or Spotify gift card.
To understand it better, I will explain the process step by step:
- First you must go to the store closest to your location (you can find it on the map on our website or app). For example, you can access the Fnac located at Calle Preciados 28.
- The second step is to order a Bitnovo voucher for the amount in euros that you want (they can be from 25, 50, 100, 250 or 500 euros).
- To purchase, pay cash or credit card and receive the coupon with the code to be redeemed.
- Finally, log in to our website or app, redeem the coupon for the cryptocurrency of your choice and send the funds to your wallet.
Another very similar option is our cryptocurrency ATMs, where you can exchange your cash for coupons. Once the cashier has issued the voucher, you can redeem it for cryptocurrencies on our website or app. You can find one of the many ATMs available at Crypto Plaza.
The advantage of purchasing coupons is that you don’t need to go through the registration process and you can buy in cash.
What should you know before buying cryptocurrencies?
Before you go to buy cryptocurrencies in Bitnovo it is essential that you know one of our main advantages and that is that we are not custodians of cryptocurrencies. This means that we will never store your funds, so you will be the sole and absolute owner of them. Therefore, it is necessary that you have your own wallet where we will send the cryptocurrencies you buy in Bitnovo.
What is a wallet?
A wallet is nothing more than a digital wallet where we will store, manage and save our cryptocurrencies. In more technical terms, it is a software that allows us to access the blockchains of each cryptocurrency respectively. However, we must know this concept well before taking the big step.
A wallet offers us the possibility to check our account balance at any time, receive currencies, send currencies, among other options. But most importantly, it allows us to be the sole owners of our cryptocurrencies.
Before creating a wallet we should know that we can choose between different devices and formats to store our cryptocurrencies. Most users tend to choose web wallets and mobile apps. Below we will tell you the differences between them:
- Web wallet: In this case your funds will be under the custody of an exchange and will not really be yours until you send them to your own wallet.
- Mobile application: Here the funds will be yours and it is one of the most practical options. You can download the app to your mobile or tablet to carry the wallet with you at all times and manage your cryptocurrencies at all times.
- Desktop wallet: Similar to the mobile application but through computer software.
- Paper or USB memory: There is also the possibility of printing the code of your wallet in paper format or saving it in a USB memory. This way our cryptocurrencies will always be safe.
- Hardware Wallet: This is the option that best combines security and simplicity. They are devices specifically designed to securely store cryptocurrencies and their cost is higher than the previous options.
Share your wallet address
When we have created our wallet-account, we will have the possibility to access our address also known as public key. This will be your wallet “code” that you will use to receive transfers and cryptocurrency remittances. Something like the “IBAN” of our bank account.
The wallet address can be in two different forms:
- Alphanumeric code: It would be a fragment composed of letters and numbers.
- QR Code: This would be the dot matrix or barcode where the information with the address of our wallet is represented. This code is generated through the mobile application. This will be the address that you will have to enter with Bitnovo so that we can send you the cryptocurrencies you buy.