Best Way To Buy Bitcoin Instantly (I Ditched Coinbase)

by birtanpublished on October 1, 2020

ladies and gentlemen today we are
talking about my go-to place to buy
Bitcoin in 2020 and why I personally
ditched coinbase
for purchases of Bitcoin last year if
you've watched any of my videos before a
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adieu let's hash it out
like I said in the intro folks I wanted
to share with you my favorite way to buy
Bitcoin these days in 2020 with
acceptable low fees a high level of
convenience and a great user experience
yes a nice UI does matter what is this
magical place to buy Bitcoin you might
ask that very magical place is cash app
which is developed by Square a company
headed by well-known Bitcoin loving CEO
of Twitter Jack Dorsey I've already used
cash app in the past to pay my friends
for a meal out a bar tab so on and so
forth and it's a fantastic alternative
to venmo I personally very much dislike
venmo so I highly recommend it from that
perspective right off the bat however
what really sets Cash Shop apart this
application is its built-in ability to
instantly buy bitcoin with fiat currency
at a fair exchange market value and with
very low fees so you fund your cash app
balance it's a mobile app on your
smartphone Android or iPhone with a
linked bank account and then with that
USD balance you can instantly buy
bitcoin from the investing tab all told
the process of buying bitcoin on cash
app takes a matter of seconds which I
can show you here on the screen you go
to the investing tab you switch over to
the Bitcoin tab there pick your amount
you review the transaction and then you
confirm it and boom you're done VY's
cash app is way better than coinbase
like significantly better they have a
variable fee structure that's composed
of a service fee and a volatility fee to
cover their margins so that's for their
service of providing an exchange they
take some fees can't really get around
that but I've personally never seen that
fee go above 2% for trades over $100 and
I usually try and make most of my trades
over a hundred if you buy tiny amounts
than your percentage fee might be higher
based on just the small amount that
you're buying but that's par for the
course for example if you're buying a
dollar your fee might be 10 cents that's
obviously not a really good feeb
structure because it's 10 percent of
what you're buying so don't buy tiny
amounts which I honestly don't know why
you'd want to
anyways you can't really avoid fees
that's par for the course if you're
buying super small amounts expect to pay
a little more in fees percentage-wise
coinbase on the other hand charges a $1
to $2.99 fee on all purchases up to $200
then they charge a 1.4 9% variable fee
beyond that and the fee pain does not
stop there once you get past $200 and
you're trying to buy with a credit card
or a debit card or cashing out to PayPal
then you get a nice three point nine
nine percent hit on that as well so
that's a problem you'll also wait until
the next ice age to receive your cash or
crypto after making their trade whether
buying or selling on coinbase the delays
drive me insane on coinbase and i don't
really know why it takes so long
contrary to this cash app might charge a
small 1% fee to sell crypto for cash but
it does not charge for withdrawing to
your own hardware wallet which mind you
you should be doing please withdraw your
crypto a special year of Bitcoin out to
a hardware wallet because all Hardware
well as support Bitcoin there's no
excuse all of this also happens
instantaneously at least the exchanging
part bank transfers they still take time
because you have to rely on banks
we're in crypto afterall you know that's
that's the whole point
the key difference here though is that
the fee structure is a lot more fair on
cash app and the wait times are pretty
much gone between making a purchase and
moving to a hardware wallet that's
critical for me personally I can't tell
you the number of times I'm trying to
quickly pick up some Bitcoin and then I
need to send it somewhere else like if
I'm trying to pay for something like
buying a casa note for example coinbase
takes an eternity to credit my account
with the Bitcoin so that I can move it
in the first place and then when I go to
transact it out to my harbor wallet or
to where I'm trying to get it to go it
takes another eternity so this delay and
this delay and this delay and the fees
on top of that make coinbase less
attractive for dollar cost average buys
for Bitcoin cash app though has been the
polar opposite experience for me
transactions are fast they're simple the
fees are overall less daunting there are
fees and you will
pay them but they're not as bad and as a
separate but not always consistent
positive note I have also seen several
times that cash app gives a really nice
exchange value for bitcoins so the other
day it was selling like 70 dollars below
coin basis marketed price which means
more Bitcoin for me for the same amount
of money which I really like so all that
being said if you're interested in
giving cash app a try please do so
through my affiliate link down the
description below which if you use that
affiliate link and download the app we
will both get five dollars when you
connect a debit card and send your first
five dollars so if you use my link you
connect your debit card and you send
five dollars to your friend to pay for
pizza you get that five dollars right
back free money and one of the best
Bitcoin exchanges all in one little
package
I'd say that's a no-brainer but of
course no pressure now all of the prior
stuff being said there are two things
that I think you should be aware of here
and I want to make sure I cover my bases
number one this is a u.s. a method of
buying Bitcoin so this will not work for
EU folks Canadians etc this is US
exchange for Europe I've heard good
things about luneau as a low fee
exchange and I'll link that below and
for Canadians bit buy an NDA X or n
Doc's come highly rated at least from
the grapevine so I'll leave those links
down in the description below so that
you guys don't feel left out now number
two for those who will undoubtedly read
me the riot act about kyc know your
customer for these exchanges my answer
to you is this yes
all of these exchanges require kyc and
when buying crypto through a convenient
online exchange with bank account access
credit card debit card availability you
will 99 percent of the time if not a 100
percent of the time require that trade
off that you also need to verify your
identity these are the rules we have to
follow them whether or not we like them
that's besides the point these are the
rules if we want to use these services
we have to follow those rules you don't
have to be happy about it but I didn't
make the rules
I'm sorry guys now this whole video is
not intended to say that cash app is the
only way to buy crypto it's not the best
unilateral way to buy crypto I
personally still use coinbase for non
bit
purchases because they have more crypto
than just Bitcoin whereas cash app is
only Bitcoin I also use Kraken in some
cases they have a lot of different
options on their exchange as well and
they have some good ways to fund the
account these all have their pros and
cons for me following a dollar cost
averaging strategy for Bitcoin cash app
is my go-to place to buy it but I would
really love to know what yours is so let
me know down in the comments below what
your favorite place to buy Bitcoin is I
really try to read every single comment
and I might learn something but as
always thank you very much for watching
please do not forget to check out some
of my other videos I will link those up
right after this and thank you so much
again for all the time you spend on this
channel guys Cheers

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