Bitcoin is a force to be reckoned with. Such is the reach and wide usage of these coins that almost all countries and regions alike have been affected by it. People who never believed in investments have now started investing in cryptocurrencies because Bitcoin showed the world how profitable it can be. The ever-rising popularity of bitcoins has in fact also given a much-needed push to the cryptocurrency industry, which was earlier somewhat unheard of by most people, but now happens to be one of the fastest growing and most profitable business ventures of the world. Similar is the case with the Bitcoin mining industry, which is now slowly but steadily rising in popularity, as more and more people open up to the possibility of mining for their crypto coins themselves.
But the one factor revolving around Bitcoins remains constant even to this day. To tell you the truth, the world still isn’t fully sure of where to buy their Bitcoins from. Obviously, the vast numbers of exchanges and wallets available in the markets have made things somewhat easier for the average consumer but even that has led to much confusion simply due to the sheer number of options available.
In this article, we aim to clear some of this confusion regarding the buying and selling of Bitcoins by giving you a comprehensive and clear review of the channels to buy Bitcoins with Western Union transfers. We first delve into the reasons why Western Union is a good alternative to the many you have available and further list the pros and cons of the services. Take a good look at the methods we mention for somewhere among these you might the best fit for your Bitcoin purchasing needs.
Western Union: Why it’s Great
West Union just happens to be the global leader in money transfers. It is spread in almost all parts of the world and offers services similar to the equally popular Paypal. However, while Paypal does impose restrictions on people buying Bitcoins from their platform, and essentially doesn’t allow such purchases to take place, Western Union adopts a much more open approach.
They in fact actively endorse the sale and purchase of Bitcoins through their platform. This is great since not a lot many financial services companies have started openly dealing in Bitcoins, and Western Union seems to be ahead of the curve. An even more fantastic feature is that the residents of the United States of America actually have the flexibility to use any of their credit cards to make payments. What this essentially means is that Western Union allows for Bitcoin purchases through any credit card, a feature you would seldom find on other platforms.
Best Way to Buy Bitcoin with Western Union 2018
Coinmama
Now let’s get to business. We know that there are hundreds of exchange services out there which help you Bitcoins for free, or for a nominal service charge. But the real question is which of these services actually you to make payments through Western Union? You need to skim through whatever exchange services you deem appropriate and judge for yourself if they can be the solution you are looking for. Luckily for you, we went and did the research so that you don’t have to.
Coinmama is arguably one of the biggest Bitcoin exchange services in the market right now. Along with Coinbase, Coinmama dominates almost all of the market share when it comes to Bitcoin sale and purchase. Frequented by millions of users around the world, it offers one of the easiest and convenient ways to buy Bitcoins. They offer many methods to pay for your transactions, and luckily for us, one of them happen to be through Western Union money transfers. In the following paragraphs, we attempt to go through the Coinmama service step by step and guide through the process of buying your Bitcoins on this portal, and that too by using the Western Union payment method.
Coinmama is a website that deals in cryptocurrency transactions and will allow you to buy Bitcoins using your Western Union account in less than a day. For users who wish to pay by other methods, they even have credit card options. Now while Coinmama might come across as a service which charges quite a lot for its services, the reality is if you do choose to rely on them for your transactions, you would be making more profits than losses. When a customer logs on to the website, they are immediately presented with the charges, which might seem premium to you at first, but once you proceed with the transaction, you will notice benefits that you wouldn’t find anywhere else.
Why You Should Already Be Using Coinmama
For starters, Coinmama does not explicitly prevent you from buying a high number of coins or making purchases which are pretty steep in amount. A lot of other exchange services out there have policies preventing their users from purchasing a lot of coins at once. This is especially unsettling for full-time investors or businessmen who are looking to buy a good sized lot of coins in a single transaction. Coinmama, on the other hand, imposes no such restrictions.
Another great feature of Coinmama which is great for investors and buyers is that your price is reserved as soon as the order is confirmed from your end. The reason why this is so great is that, let’s say at the time of you making the purchase the prices are $1000 for a single BTC. However, when the time of payment comes around, the prices have risen to $1200 per coin. This just means that you will be losing out on the extra $200 which you would not have had the price remained the same. Also, if you buy at the reserved price, you have effectively already earned back the $200 from the $1000 that you originally paid. So basically, it is a win-win situation for everyone.
Finally, the last but definitely not the least advantage you get from choosing Coinmama happens to be the swift transfer of funds and Bitcoin that the service is known for. Due to the complete lack of long and manual authentication processes and wire transfers that take days to complete, a single Bitcoin transaction on Coinmama is generally completed in less than a day.
The Process
The first step, as is with any other service out there, is to obviously create an account. Once you log on to the home page of Coinmama, you might have to spend some time looking for the registration link as for some reason they have made it really small. However, since you happen to be reading this article, we will tell you that it happens to be on the top of the page below the title bar. Once you click on the register link, you will be taken to a registration form where you need to fill in your details.
Once you have been successfully registered, you need to log in to the portal. To do so you will obviously use your username and password which you have just set as part of the registration process. Now we get to the part where you place your order. For that, you simply need to navigate back to the homepage where you will now be presented with a list of choices, all of which will be pertaining to the number of Bitcoins you wish to buy. Simply select one of the options or if your preferred option does not feature in the list, you can always click on the ‘Buy a Different Amount’ option and they will let you enter the number of coins yourself. Once you are through with all of that, you need to specify a location where the service will credit the Bitcoins for you once the purchase has been completed. To do that, you need to enter the address of your Bitcoin wallet. If you are interested, you can also enter a coupon code (provided you do have it) and hopefully avail some kind of a discount on your purchase. The website is also nice and considerate enough to include an option for those users who currently don’t have a Bitcoin wallet. Such users can simply click on the given link and they will instantly be redirected to blockchain.info where they will be able to create a Bitcoin wallet for themselves.
The next big step in the purchase is to verify your account. Websites or exchange services dealing in cryptocurrencies often have to do this since cryptocurrencies are actually pretty vulnerable to frauds or scamming attempts. To protect their customers and their assets, such platforms must have full information on customer identities and have it verified as well. Any mismatch in the database could potentially lead to a massive crypto theft. In order to verify your account, you need to upload a colored copy of an identification proof. This ID proof could be anything from a passport to a driving license. Also, please note that this is only a one-time procedure and once you have done it, you won’t have to do it again on the same platform. The verification link should be sent to within an hour of you uploading the document.
Now, you need to get your order processed. If you have just had your account verified, then that means you will have to log in to your account again. Then you need to select the number of Bitcoins you wish to buy and also apply any coupon code if applicable. Proceed to the next screen and here you will be presented with a list of payment options. Out of these, you need to choose whichever one suits you the best. For now, since we are focusing on Western Union payments, you need to choose Western Union and then further go on to the next screen. Now comes the part where you will need to fill out the form for placing the order on Coinmama. But before you do that, you need to give them the proof that you have actually made the payment.
This is where Western Union comes in. You need to first make the payment through Western Union. To do that, you must first register on their portal, in case you have not already. It’s completely free and painless and doesn’t take much of your time. Now once you are registered and everything, make sure to pay the exact same amount, as has been mentioned on your order back on Coinmama to the seller or the recipient, which will be duly mentioned on the left-hand side of the screen. As soon as you complete your transaction, you will be presented with an MCN number. This number is key and pretty important because this is what we will use to complete your order at the Coinmama portal and to further verify that you have indeed made the payment. On the right-hand side of the screen, you need to fill out whatever details they are asking for, and also provide the MCN number you acquired from Western Union. Click on confirm or submit and that’s it. You are all done and your order has been successfully placed. You should also get a message on the screen notifying you of the same.
Now all you have to do is wait for the coins to arrive. Fortunately, Coinmama does not make you wait much. Users have often reported receiving their coins within two hours of them completing the order and making the payment. Otherwise, the maximum time frame they tend to mention on the website is 24 hours, but you should get your coins way before that. Once your coins have arrived, you will be able to see them duly reflected in the balance of the wallet whose address you had provided at the beginning of the transaction.
Hektor Ehring Jeppesen