Before we jump into how to buy bitcoin with euros, let’s briefly understand what is bitcoin, some of its properties and use-cases. Bitcoin is a Cryptocurrency (here Crypto refers to Cryptography used to secure and encrypt data) that operates on a distributed and decentralized peer-to-peer network that allows anyone across the globe 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 there can only ever be 21 million Bitcoins in circulation and the control over this supply of Bitcoin is not carried out by a single company, government or organization but 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.”
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 without intermediaries like governments, banks, companies, etc. Anyone can be a part of this network and use it to move value or information anywhere in the world for low fees.
Bitcoin (BTC) the asset is widely considered to be the digital equivalent of Gold or Gold 2.0 since it shares a whole lot of properties with 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. 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 history and properties of money)
Now, let’s look at how you can buy bitcoin in Latvia with euros
Important to remember:
- Be clear on why you are buying bitcoin
- Do not invest without doing your own research
- Invest what you can afford, avoid taking unnecessary loans or credit to buy Bitcoin
How to buy bitcoin with Euros instantly?
Step 1: Download the Lastbit app and complete KYC
Step 2: Top up your wallet with Euros
Step 3: Select the amount you want to purchase and click Buy
And Voila! Your Bitcoin purchase is complete.
A detailed guide to Buying Bitcoin on Lastbit app
Step 1: We know that the KYC process is usually not fun which is why we have made the process super simple! All you have to do is chat with Gaargod the bull and he will guide you throughout the process.
Step 2: Once you have completed the KYC you are all set to go!
Deposit Euros from your bank account to your Lastbit Euro wallet with a SEPA bank transfer.
Step 3: And now it’s time to buy Bitcoin!
Select the amount you want to buy and click on Buy, the app fetches the best market price and places the order which is fulfilled in a matter of seconds.
Now you are the owner and participant of the Bitcoin network congrats!
Additional features you can enjoy on Lastbit:
- DCA autobuy – Buy Bitcoin automatically on a daily/weekly/monthly basis
- Lightning support – Pay and get paid in Bitcoin instantly and cheaply
(Lightning network is a layer 2 scaling technology on the Bitcoin network which allows you to send Bitcoin cheaply and instantly as opposed to waiting for 6 network confirmations which might take an hour or more)
- Spend Bitcoin using Lastbit card – Spend your Bitcoin by topping up your Lastbit Debit card with Bitcoin (which will be accepted in any merchant that accepts Mastercard worldwide)
- Can I buy a fraction of a Bitcoin?
Yes you absolutely can! 1 Bitcoin can be divided into 100 million parts known as satoshis
Sats (satoshis) are to Bitcoin what cents are to Euros
- What is the minimum amount ?
You can buy as low as 5 euros worth of Bitcoin
- Where are my bitcoins stored?
There are two ways you can store your Bitcoin – Custodial and non-custodial methods
Custodial is essentially a company holding your keys on behalf of you whereas non-custodial is you holding your own funds and managing your private keys.
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 you want.
Download the Lastbit App to buy Bitcoin with ease.