How To Buy Bitcoin In Hungary - For Beginners
Congratulations! If you live in Hungary and have decided to finally buy some Bitcoin, this might just be the guide you were looking for. Below, I’ll explain in 3 easy steps how to get Bitcoin in a friendly and safe way.
Now, to be able to thrive in the Bitcoin Community, I would advise that you understand a bit of the fundamentals behind Bitcoin. With that in mind, before we jump into how to buy bitcoin with euros, let’s briefly clarify what Bitcoin is, and what some of its properties are.
What is Bitcoin?
Bitcoin is a Cryptocurrency (here Crypto refers to the cryptography used to secure and encrypt data) that operates on a distributed and decentralized peer-to-peer network, which allows anyone across the planet to store, send, and receive money over the internet, without the need for a financial intermediary, such as a bank.
Bitcoin was launched by a pseudonymous entity known as Satoshi Nakamoto in response to the bank bailout in 2009. As opposed to fiat currencies like the dollar or Euro, which can be printed endlessly, there will only ever be 21 million Bitcoins in circulation. The control over this supply of Bitcoin is not carried out by a any company, government or organization. Instead, it is regulated by a pre-defined, open-source algorithm which does not have a single point of failure.
Twitter CEO, Jack Dorsey, stated: “The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Tyler Winklevoss, CEO of Gemini said “We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
The Bitcoin Duality
There are two aspects to Bitcoin – Bitcoin (BTC) the asset and Bitcoin the network.
Bitcoin the network is an open, censorship-resistant monetary network that operates in a trustless manner. That is, without intermediaries like governments, banks, companies, and so on. Anyone can be a part of this network and use it to move value or information anywhere in the world. It operates for rather low fees.
Bitcoin (BTC) the asset is widely considered to be the digital equivalent of Gold, namely Gold 2.0. That is because it shares a lot of the properties of Gold, such as durability, portability, divisibility, and most importantly scarcity. Arguably, Bitcoin is even more scarce than gold, which makes it an attractive asset class to invest in. As a matter of fact, Bitcoin has been one of the best-performing assets in the past decade.
Bitcoin has gone from a small movement to a mainstream phenomenon. It is now among the top 20 currencies in terms of market cap and has processed trillions of dollars in transactions. The reason why it is such an attractive investment is because it is deflationary in nature (as opposed to fiat currencies, which are inflationary), so it is reasonable to consider it as a hedge against inflation. (Read a brief history of money for a deeper dive into the history and properties of money).
With the theory out of the way, let’s get to buying
How can you buy Bitcoin in Hungary with euros?
In brief, by downloading the Lastbit App, sending euros from your bank and receiving Bitcoin directly on your wallet.
Let’s go over some tips:
- Have clarity on why you are buying bitcoin. Do you want it as a means of transacting? or perhaps as an investment? Are you perhaps just curious about the technology? All are valid, and you can discover them along the way.
- Do not make big investments without doing your own research. While many in the community will want to help you, there’s always malicious people that will try to scam you. As a general rule, if it looks to good to be true, it usually is. Be especially careful about promises of high returns at no risks.
- Invest only what you can afford. Avoid unnecessary loans or credit to buy Bitcoin. Being a volatile asset (for now), sometimes you’ll find yourself in a position where waiting for it to regain value is the correct move. If you pour your entire savings into Bitcoin, you may have to withdraw at an unfavorable price due to an unforeseen circumstance. Take your time and build your Bitcoin savings responsibly.
With that out of the way, it’s time to buy!
How to buy bitcoin with Euros instantly?
Step 1: Download the Lastbit app and complete a brief KYC.
Step 2: Top up your wallet with Euros from your bank.
Step 3: Select the amount you want to purchase and click Buy.
And that’s it! Your Bitcoin purchase is complete, in as little as 3 steps.
If you want a more thorough explanation on how to proceed, find here a detailed guide to buying Bitcoin using the Lastbit app.
Step 1: Know your customer.
We know that the KYC process is usually not fun, but it is for the safety of the community, which is why we have made the process as simple as possible. As soon as you sign in, all you have to do is chat with our mascot/AI robot, and he will guide you through the entire process.
Step 2: Sending the Euros
Simply deposit Euros from your bank account to your Lastbit Euro wallet with a SEPA bank transfer.
Step 3: Buying Bitcoin
Select the amount you want to buy on the purchase tab, and click on Buy. The app fetches the best market price and places the order, which is fulfilled in a matter of seconds and placed on your personal wallet.
Now you are the proud owner of Bitcoin and member of the Bitcoin Community. Congratulations!
Some additional features you can enjoy with Lastbit:
DCA autopilot buying – Buy Bitcoin automatically on a daily/weekly/monthly basis, so that you can average the price and minimize your exposure to volatility.
Lightning Support – Pay and get paid in Bitcoin instantly and cheaply with the Bitcoin Lightning Network.
The Lightning Network is a layer 2 scaling technology on the Bitcoin Network. It allows you to send Bitcoin extremely cheaply (mere cents per transaction), and instantly, as opposed to waiting for conventional blockchain confirmations, which take upwards of 10 minutes and can even take an entire hour.
Spend Bitcoin using the Lastbit Card – Spend your Bitcoin by topping up your Lastbit Debit card with Bitcoin. Your card will be accepted by any merchant that accepts Mastercard worldwide. This essentially allows you to spend Bitcoin everywhere. If you want instant payments, this is likely the best bitcoin debit card for you.
Can I buy a fraction of a Bitcoin?
Yes! Of course you can! One Bitcoin can be divided into 100 million fractions, known as satoshis. Sats, as they are referred to, are to Bitcoin what cents are to Euros, but much more divisible.
What is the minimum amount of Bitcoin I can buy?
You can buy as little as 5 euros worth of Bitcoin.
Where are my bitcoins stored?
There are two ways you can store your Bitcoin – Custodial and non-custodial wallets.
Custodial essentially means a company holds your keys on your behalf, whereas non-custodial means you hold and manage your own private Bitcoin keys. Each comes with pros and cons. Custodial requires you to trust the company, and non-custodial requires you to take full responsibility on safeguarding the keys and never losing them.
In the case of Lastbit, we currently offer custodial services for Bitcoin.
Can I sell my bitcoin anytime?
Yes, you can. Unlike the stock market, the Crypto market trades 24/7 worldwide, so you will be able to buy/sell bitcoin at any time of the year.
Can I withdraw my Bitcoins to another wallet of my choice?
Yes! You can withdraw your Bitcoin to any wallet of your choice.
We strive to make the Bitcoin experience as smooth and complete as possible. You can now download the Lastbit App to buy Bitcoin with ease.