June 18, 2024

Buy Bitcoin: mission feasible


Contrary to popular belief, Bitcoin &#8212; a very liquid asset. Even in Russia, where regulatorsconfigured very unfriendly to cryptocurrencies, there are many ways to buy or sell bitcoins. In this article, let's look at several ways to exchange rubles for bitcoins and vice versa.


So what's wrong with the law?

Let's start by briefly discussing the legal issues of buying and selling cryptocurrency at the current moment. I’ll try to clarify using a very simple and illustrative example:

According to our legislation, produceSettlements with business entities are only possible in rubles. But how then, you ask, do we buy goods for dollars or euros in foreign online stores? This is where the most important and interesting loophole for us lies. Keyword &#8212;foreign. This is what happens when you press the button[Checkout], enter the details of your ruble bank card and confirm the payment: Your rubles are converted to the transit currency account of the issuing bank and then the foreign currency is sent to the seller. Thus, you exchange rubles for a currency in the jurisdiction of the Russian Federation and make a purchase for this currency in the jurisdiction where the online store is located. Of course, you don’t have to be physically present in this store. For Russian jurisdiction &#8212;You exchanged rubles for currency and withdrew the currency from the country.

Thus, whatever prohibitions may beinstalled in the Russian Federation, no one can forbid us (for now) to exchange rubles for currency (for example, US dollars) and buy for them any goods and services in other jurisdictions where these goods and services are not prohibited. These products include Bitcoins. Any site that a) is not located in .ru or .рф domains and b) is physically located on servers abroad is outside the jurisdiction of the Russian Federation, which means that any actions performed by users on the sites of such servers are also not subject to the jurisdiction of the Russian Federation. However, of course, law enforcement agencies may have a different point of view on this aspect, which differs from the point of view of the author.

Well, we’ve figured out the legal basis. Let's now go directly to the exchange methods.

Bitcoin Bank Circle.com

Interface.In my opinion, Circle is the most convenient and fastesta way to buy and sell digital coins today, so I will focus on it in most detail. The interface is incredibly simple and clear (although there is no Russian language), registration does not require identity verification, and the registration form consists of a first name, last name, email address and password. Linking cards is instant, as is the purchase process itself. There is a mobile application for iOS and Android, but, unfortunately, they are not available for users from Russia. However, the mobile version of the site is also laid out very competently, and its use should not cause difficulties

Circle&#8212; Personal Area

 Transactions and commissions.Conversion within the service &#8212; free, butWhen transferring from a card, you will be charged a small commission for card processing (alas, the costs of archaic card processing). Also, be careful when converting rubles to dollars &#8212; Check the rate with your issuing bank. At the time of publication, linking the Promsvyazbank and Alfabank cards worked without problems. The course is for both buying and selling &#8212; the same, although slightly higher than the market. Buying coins is instant, but selling may take a couple of days due to processing delays. There is a limit on the total purchase/sale amount &#8212; $500 per week, which will increase as your volume of operations increases. There are no restrictions on the input/output of coins, as well as on transfers between system users. By the way, you can transfer bitcoins to users who are not registered in the system via email: the recipient will receive an invitation to create an account and receive funds for it.

Circle&#8212; window for replenishing a deposit from a linked card

Safety.There are 2 two-factor methods available for accountsauthorization: by phone number and Google authenticator. For the first method, SMS is sent to the phone, absolutely without delay. In addition, there are also settings for confirming the operations of sending and withdrawing funds. All funds in your account are insured (insurance is free for users), so if the secret keys are stolen from the Circle server, the insurance company will indemnify users.

Circle&#8212; security settings window

Bitcoin Exchange

Exchanges &#8212; the most common method amongearly enthusiasts, as well as among those who perform operations on a regular basis. For most newcomers, it can cause confusion due to its association with &#171;adults&#187; regulated currency exchanges such as the MICEX: people have become firmly entrenched in the consciousness that in order to start trading, they need to go somewhere, open an account with a broker, and so on. Of course, in the case of Bitcoin exchanges, everything is completely different, and most importantly, much simpler: we register, make a deposit using one of the available methods and carry out transactions. Of course, the interface of exchanges is a little more complicated than a regular online bank, and you should at least understand that the exchange itself &#8212; it is simply a place where buyers and sellers gather and agree on a transaction price. It's also a good idea to have an understanding of how market and limit orders work. Bitcoin exchanges are also mistrusted by many newcomers due to the bankruptcy of the Mt.Gox exchange in 2014, but it is important to understand that the exchange is only responsible for its deposits. If you use the exchange to conduct rare transactions, then the time of storing funds on the exchange deposit will be minimal, and, accordingly, the risk will be minimal. Additionally, due to high competition, Bitcoin exchanges are struggling to keep up with their older counterparts in terms of deposit security, transparency, and reserve confirmation.

Of all Bitcoin exchanges, ruble transactions are stablespend two: BTC-e and ExMo. Both are very unpretentious in use, have a Russian-language interface and support. At BTC-e, depositing in rubles is directly possible through Yandex.Money. The exchange does not charge a deposit fee, but Yandex takes it: 0.5% of the credited amount. The exchange operations on the exchange themselves take place with a commission of 0.2%. Withdrawal of coins is almost free, however, in order to combat fraudulent transactions, it can be frozen for up to 7 days.

BTC-e: quotes and placement of orders

ExMo offers several different options.ways to replenish the ruble deposit: Yandex.Money, QIWI, Alfa-click, OKPAY, Payeer, WebMoney, but the commission for crediting is higher than on BTC-e. However, ExMo provides more convenient tools for exchange and trading, and the interface is also a bit more convenient. Both exchanges support two-factor authentication, so there are no complaints about them in terms of security.

ExMo&#8212; quotes and order placement

Exchange Services

In addition to the above Bitcoin banking services andexchanges, there are also direct exchange services between users. Most popular &#8212; LocalBitcoins. There you can find a wide variety of private offers for both buying and selling bitcoins. Those who post ads offer a variety of ways to transfer fiat currency: both online and in cash at a meeting. Each user is assigned a Bitcoin wallet through which cryptocurrency is exchanged.

For example, you buy bitcoins, findsuitable ad, initiate a transaction. In this case, the seller must have the necessary number of bitcoins in his LocalBitcoins wallet to complete the transaction. If the seller confirms that he is ready for the transaction and sends the required amount of bitcoins to deposit, you agree with him in the chat how you will send him rubles.Bitcoins in escrow will no longer be availableto the seller until you cancel the transaction yourself or internal arbitration decides that the transaction was not completed and returns the deposit &#8212; This ensures transaction security and protection from fraud.As soon as the rubles are sent, you clickthe corresponding button in your account, and the seller, for his part, confirms that he has received rubles, and the bitcoins are immediately sent to your wallet. After this, you can transfer the purchased coins to any other address.

LocalBitcoins &#8212; search for advertisements

Amount limit, transaction price and transfer methodsare set by traders and visible in advertisements. Following the transaction, the trader can leave a review, which will be visible to other users. These reviews can also help you in choosing a reliable trader. Trade commissions only apply to traders posting ads and are already included in the displayed price. Withdrawing coins from your LocalBitcoins wallet is free of charge. Of course, there is two-factor user authentication and customizable SMS notifications about account activity. For those who would like to place their ads, there is a mobile application for Android devices (English interface only).

Mycelium &#8212; ad search window

Another very interesting way to exchange bitcoinsfrom hand to hand gives the mobile wallet application Mycelium (unfortunately, so far it is only available for owners of Android devices). Personally, I really like this application for its incredibly convenient and understandable interface (including in Russian), and an advanced wallet security mechanism. But let's get back to trading.

Carry out a transaction in the interface of this applicationas simple as shelling pears, there is a search for traders closest to their location, a rating system and an encrypted chat inside the transaction. The system will not allow the seller to open a transaction if there are not enough coins in his wallet. And of course, you can create your own ad for regular trading. The purchased coins will immediately appear in your wallet, which is certainly very convenient. The system charges a 0.2% transfer fee and applies only to ad owners. Perhaps the only drawback of this method is that there is no internal arbitration to resolve disputes, so I recommend making transactions with caution, and first try a small amount to make sure of the trader’s integrity.


I feel like a lot of people are afraid to try.buy Bitcoin because of the stereotype that it is difficult, that you need to contact unreliable exchanges, or engage in mining, or go to some illegal sites on the darknet. In practicebuy bitcoinsnot only easier than on the currency exchange, buteven easier than going to the operating cash deskto buy dollars or euros, and most importantly &#8212;also legal how to buy a track in iTunes. In addition, you can safely tryпровести сделку с небольшой игрушечной суммой, которую в случае «провала» было бы не страшно потерять. Опять же, этот совет всего лишь поможет Вам преодолеть страх той самой первой сделки и развеять миф о том, что Биткойн — это сложно и для гиков. В действительности же, всё выходит совсем наоборот:

Bitcoin &#8212; it's simple and for ordinary people!


This article is an analysis of the currentsituations regarding the possibilities of purchasing and selling bitcoins. The author and editors of the site urge you not to commit any illegal actions and to independently and comprehensively assess all the potential legal consequences of certain actions.