If you have been around for a while in the crypto space, you would agree that the Netherlands is one of the hotspots for Bitcoin and cryptocurrency-related activities. The country is one of the early adopters of Bitcoin and that is evident in the huge number of merchants there who accept Bitcoin payment.
Bitcoin is completely legal here, so anyone looking to buy their first Bitcoin would not have much of a problem doing so in the Netherlands. The country has a good understanding of what the future might look like with cryptocurrency and so are fully in support of it. It has dominated many aspects of their economy.
However, if you are buying Bitcoin in the Netherlands as a beginner, you might want to pay attention to some things. You need to learn important information about Bitcoin and how it runs in the country so you won’t be burning your fingers investing in Bitcoin. So let’s get straight into that.
First, Is Cryptocurrency Legal In the Netherlands?
This is perhaps the first question anyone looking to start investing in the Netherlands should ask. Interestingly, the answer is yes! Bitcoin and cryptocurrency are completely legal in the country. There are currently no regulations prohibiting the use and trading of Bitcoin in the country.
Should You Invest In Bitcoin?
Bitcoin is not what you dabble into without first doing your homework and making a well-informed resolution before doing so. One popular thing about Bitcoin is that it is a highly volatile asset. The price regularly fluctuates. That means if you are just eager to start investing in it because your friends or celebrity star are talking about it, you may be in for the wrong reason altogether.
So before you start investing, ask yourself some critical questions, such as:
- Do I really understand how bitcoin and the crypto market work?
- Do I have enough money to spare for this?
- Am I sure I can handle the level of risk attached?
- Is there any evidence showing that price could rise again in the nearest future?
- Do I have a solid investment strategy to help me weather the storm?
If you don’t have good answers to these questions, you might want to reconsider your decision to invest in Bitcoin. If you are eventually going for it, make sure you are not investing with your life savings. Only invest the amount you can comfortably lose.
What Is The Cheapest Way To Buy BITCOIN In The Netherlands?
Talking about the cheapest way to buy bitcoin in the Netherlands, then we will be pointing to crypto exchanges like Anycoin Direct, Kraken, and Coinbase. These three offer very low transaction fees compared to other exchanges in the market. At the same time, a platform like Anycoin Direct is also very easy and simple to use – even to beginners. It has a clean interface and allows you to buy your Bitcoin as simply as possible.
But fees and costs are not the only things you should look out for in a crypto exchange. You will also need to consider some other important factors like the range of cryptocurrencies available on the platform. Check their payment options and read reviews about them online. All these will come together to help you decide if a crypto exchange is right for you or not.
Is It Possible to Buy Bitcoin Anonymously in the Netherlands?
Recently, there is a regulation requiring that crypto exchange platforms collect enough information from their users in the Netherlands. Because of that, many small exchanges and brokers are gradually been driven off from the field. This regulation is to ensure that crypto exchanges are not been used for illegal activities. With that in mind, the best way to buy Bitcoin anonymously in the Netherlands will be to buy from someone who has to sell.
Therefore, you might want to look in the direction of such platforms as Bisq, Mycelium Local Trader, and Paxful, as these ones offer a high level of privacy for their customers. However, the best method will still be to find someone on the street who has some Bitcoin to sell and is willing to trade it instantly for cash.
Can I Buy Bitcoin with a Credit in the Netherlands?
This is very possible. It is no longer news that many crypto platforms in Europe now include credit cards as one of their payment options. Platforms like Anycoin Direct and Coinbase allow you to connect your credit card with your account and then fund the account with the card. The method surely offers a quick way of buying Bitcoin.
However, when buying Bitcoin with your credit card, you should know that there is a limited amount of Bitcoin you can buy. At the same time, purchases made using credit cards always incur higher fees than when you buy using other traditional payment methods.
What Other Payment Options Are Available For Buying Bitcoin In The Netherlands?
Apart from buying Bitcoin in the Netherlands with credit cards, you can as well buy using some other payment options. You only need to find a platform that offers a wide range of payment options, including wire transfer, debit cards, SEPA, Sofort, EPS, Giropay, MyBank, iDeal, and Bancontact.
How Do I Safely Store My Bitcoin?
Well, before you think of buying Bitcoin, you need to have first sorted out the issue of where to store after purchase. In that regard, you can always store your Bitcoin in a digital wallet. A digital wallet or Bitcoin wallet is used to store your Bitcoin just like your bank account helps store and protect your fiat currency.
Here, there are two categories of wallets you can choose from; hot wallets and gold wallets. Hot wallets are digital wallets that require internet connections before they can be used. These types of wallets offer quick transactions but they have a downside of being easily susceptible to hacking – since they are connected to the internet. Examples of hot wallets include Exodus, Coinbase, Mycelium, Electrum, Robinhood, etc.
On the other hand, cold wallets are more secure and tend to be perfect for storing Bitcoin on a long-term basis. But they are also more expensive than hot wallets. Examples of cold wallets are Ledger Nano, CoolWallet Pro, Trezor, SafePals, etc. So before you opt for any Bitcoin wallet, make sure you do your own due diligence and choose one that best meets your needs.
Final Note on Buying Bitcoin in the Netherlands
Now, you can see that buying and investing in Bitcoin goes far more than just wishing. You will have to do your own due diligence so you won’t lose all of your money. Netherland is a hotspot for Bitcoin and cryptocurrency as a whole. There are also no regulations restricting people from getting involved.
Are you looking for a way to buy Bitcoin in the Netherlands, you might want to try Anycoin Direct and Kraken. They both help customers enjoy a wonderful experience buying and selling bitcoin in the Netherlands.