We’ve prepared a short and simple guide on how to use Changelly’s Bitcoin exchange.
Note! Your Bitcoin will be in your wallet between a few minutes and a few hours. We do our best to deliver your coins to you as quickly as possible, but there sometimes can be delays due to one of the following factors:
- Overloaded blockchain or cryptocurrency exchanges
- Bitcoin updates
- DDoS attack
That’s it – your crypto funds should be in your wallet shortly.
What Is Bitcoin?
Bitcoin is a digital currency that allows any two parties to send funds without the involvement of a bank, government, or other institution, anywhere in the world. It is decentralized, which means the decision-making doesn’t rely on a centralized entity but on a peer-to-peer network.
BTC’s daily trading volume on crypto exchanges is around 30 million EUR, and the market cap exceeds a trillion EUR, according to CoinMarketCap. The market cap is by far the largest in the crypto sphere, followed by Ethereum and Bitcoin Cash at around 480 million and 100 million accordingly.
Is Bitcoin Legal in Germany?
Yes, it is legal to buy and sell cryptocurrencies, including Bitcoin. The German Finance Ministry announced that bitcoin is now essentially a ‘unit of account’ back in 2013. In fact, there is even a pioneering digital bank Fidor Bank AG, which was the first to create a bank for cryptocurrencies together with bitcoin.de.
Can Foreigners Buy Bitcoin in Germany?
Yes, you can buy Bitcoin whether you’re a resident or non-resident. All you need to start your cryptocurrency trading journey is a functioning wallet and an account on a reputable exchange. Make sure both are allowed in the German jurisdiction.
How Is the Price of Bitcoin Determined?
The economics of its supply and demand are the main drivers for Bitcoin’s value. Sellers propose a price when selling their bitcoins to interested parties by reaching agreements. If the number of buyers increases, the price also goes up (since Bitcoin has an inelastic supply model). It’s also a good idea to track the cost of mining gear, rewards, institutional interest, adoption, and other major coins, especially Ether.
Can I Buy Less Than 1 Bitcoin?
Yes, with no trouble at all! All Bitcoin exchanges provide the option to buy a fraction of Bitcoin. Not many people can afford an entire bitcoin (worth more than 55,000 EUR), so most traders start with much less.
Is Bitcoin Taxable in Germany?
Like in most countries around the world, there are no taxes on buying or holding crypto (or should we say HODLing instead). For tax purposes, the German Federal Central Tax Office (Bundeszentralamt für Steuern or BZSt) treats Bitcoin as private money. So, if you sell Bitcoin for a profit, you need to declare it as income.
What App Can I Use to Buy Bitcoin in Germany?
If you’re looking for a mobile app to buy and sell Bitcoin, look no further than Changelly. Not only can you get Bitcoin for fiat, but you can also make crypto-to-crypto transfers for affordable trading fees. After all, Bitcoin is a gateway cryptocurrency for many other exciting coins and tokens.
Where Can I Store Bitcoin?
There is an option if you have small-to-medium amounts of crypto - digital wallet, and if you have larger holdings - hardware wallet. In both cases, you’ll have numerous services to choose from. But before you decide, make sure to check out the reviews.
Which Bitcoin Wallet Can I Use in Germany?
At Changelly, we work with many trustworthy providers that support major cryptocurrencies for transparent flat fees. Look into Edge, BC Vault, AToken, Ginco, or any other service on our partner list. If you prefer cold storage, Ledger and Trezor are big names in the industry worth checking out.
Who Accepts Bitcoin in Germany?
If you’re shopping online, there are international Bitcoin-friendly companies like Shopify, Microsoft, Expedia, Etsy, ExpressVPN, WordPress, CheapAir, eGifter, among many others. If you’re looking for Bitcoin-enabled stores that are specifically German-based, check out ShopinBit, Avocado Store, Nitrokey, Whisky.de, All4btc, and Copiaro Shop.
How to Cash Out Bitcoin in Germany?
There are Bitcoin ATMs scattered all around the country, including Berlin, Frankfurt, Munich, Cologne, Düsseldorf, Hamburg, Hannover, Leipzig, and many other cities. If you don’t have one nearby, you can easily exchange bitcoins for euros on Changelly and withdraw cash at a regular ATM through your bank account.