March 24, 2021 | AtoZ Markets – With Bitcoin setting a new all-time-high in 2021, many interested individuals are looking to enter the market for the first time, which is why we’ve put together this simple guide to help you do so safely and securely.
Buying Bitcoin in Germany is easier than you might think, thanks to access to large European platforms and a high number of Bitcoin ATMs. It’s generally as simple as creating an account on a cryptocurrency exchange of your choice and then clicking its “buy Bitcoin” button.
Continue reading if you want an in-depth review of buying Bitcoin in Germany. In this article I will cover:
- Is Bitcoin legal in Germany?
- How to buy Bitcoin in Germany via Zeply
- Bitcoin ATMs in Germany
- Bitcoin popularity in Germany
- Conclusion
Is Bitcoin legal in Germany?
Although it is not considered legal tender or money in any way, Bitcoin is completely legal to trade and use in Germany. The Federal Financial Supervisory Authority (BaFin), classifies Bitcoin as a ‘unit of account’ rather than digital currency or money. Thus, Germans are free to use Bitcoin for payment of goods and services.
From the merchants’ perspective, gains from Bitcoin payments are completely tax-exempt. Additionally, merchants and entrepreneurs can happily accept cryptocurrency without the need for a license. However, a BaFin license is required for payment processors and anyone commercially converting euros to Bitcoin, like exchanges.
Below, is the summary of the steps you need to take:
How to buy Bitcoin in Germany Via Zeply
Germans can profit from Bitcoin fluctuations in two ways. The first and most common method is to buy the coin via exchanges such as Zeply and hold it. The other way to trade Bitcoin in Italy is through Contract for Differences (CFD’s) with one of the brokers that provide cryptocurrencies trading in Germany.
To Buy Bitcoin in Germany follow the instructions below:
- Download or get your Bitcoin wallet
- Sign up with Zeply.com
- Choose your payment method
- Buy and sell Bitcoin
Step 1 – Download a Bitcoin wallet
A Bitcoin wallet is where you hold your BTC and interacts with others through blockchain technology. There are many providers of Bitcoin wallets, hence, it is important to make a deep research before you decide which one is suitable for you.
Step 2 – Sign up for Zeply
This second step is to sign up for a Zeply account and get your account verified in less than 5 minutes. This will give you a secure place to store your Bitcoin, and easy payment methods to convert your euro into or out of Bitcoin.
Step 3 – Choose your payment method
Following your registration, you must choose your preferred payment method to Zeply. The supported payment method in Germany is wire transfer and credit/debit cards.
Step 4 – Buy and Sell Bitcoin
Following these steps, click the ‘Buy BTC’ button and purchase Bitcoin. Once your payment is successful, the Bitcoin will be transferred to your account. Then, transfer your Bitcoin to your wallet, whether on Zeply platform or another digital wallet of your choice.
Bitcoin ATMs in Germany
As of March 2021, there are 54 Bitcoin ATMs in Germany, according to CoinATMRadar. These are spread around the country, with particular hotspots in Berlin, Munish, and Frankfurt.
How popular is Bitcoin in Germany?
The chart below shows weekly trading volumes in Europe on LocalBitcoins. After the 2018 market pullback, trading volume regularly sits at around €2million. Any growth on this follows global Bitcoin market prices, hitting €8million in March 2021 when Bitcoin returned to over €46,000 per coin.
Google Trends below shows interest in Bitcoin in Germany, for the search term Bitcoin. For the most part, it follows market trends, deviating in accordance with trading volumes and price movement. The interest spike to 100 in June 2019 matches the volume growth for the same period.
Germany has a selection of Bitcoin communities to discuss a range of topics with like-minded people. Here is a selection for you to check out:
- Blockchain Meetup Berlin
- BitcoinTalk Germany
- Bitcoin Munich Meetup
- Buying Bitcoin BitcoinTalk Thread
Conclusion
As we have mentioned above, Bitcoin is completely legal to use in Germany, although the government is unlikely to make it an official currency. No specific regulation exists currently with Bitcoin being fitted into existing legislation. It is unclear what the future plans are in Germany, so individuals and companies should keep an eye on the changing landscape.
Being a European nation, buying Bitcoin in Germany is easy thanks to a huge selection of EU and International exchanges accepting euros for Bitcoin.
Think we missed something? Let us know in the comment section below.How to Buy Bitcoin in Germany