Bitcoin is a cryptocurrency that is increasingly used in France, and more and more people want to buy Bitcoin in France. According to a survey by Ifop, 83% of French people know about Bitcoin and 14% of respondents would like to invest in it in the future. In this article, find out everything you need to know about Bitcoin in France.
How to Buy Bitcoin in France
- Open a trading account with a reliable broker.
- Fill in the sign-up form on the website, then click “Create an account”.
- Deposit funds into your account using a payment method that suits you and click “Deposit”.
- Find Bitcoin in the list of cryptocurrencies offered and enter the amount you want to invest.
To go further, also read our guides “Bitcoin Price Prediction” and “IoTeX Review“.
Bitcoin Price Trend: Is It the Right Time to Buy Bitcoin?
Bitcoin in France: Scam or Safe Investment?
- A benchmark crypto asset: in France, as in other European countries, Bitcoin has become the benchmark asset in cryptocurrency. This virtual currency, which has existed for more than 10 years, keeps gaining value.
- An accepted means of payment in France: even though Bitcoin is not recognized as official currency, it is now accepted as a means of payment in some stores, online shops and everyday services in France.
- A risky investment: the Bitcoin price in France follows fluctuations in other countries around the world. If you invest in Bitcoin, you are exposed to risks related to price volatility, but you can also make attractive profits depending on market movements.
- A crypto you can trade safely: as long as you choose to invest through a reliable platform, your Bitcoin investment is secure. There are, however, scams around buying Bitcoin in France, which is why it is important to choose a trusted site.
Bitcoin is therefore a recognized virtual currency in France, and investing in this cryptocurrency is not a scam. However, you need to choose carefully where you trade it in order to buy it safely.
Where to Buy Bitcoin in France
To buy Bitcoin in France, you can go directly to exchange offices such as the Coinhouse Paris Store (formerly La Maison du Bitcoin). However, the easiest and most secure way to get Bitcoin is to buy it from foreign online platforms. Available in French, these sites are regulated platforms offering a wide choice of cryptocurrencies, including Bitcoin. They do, however, charge a commission ranging from 0.5% to 5% depending on the platform you choose.
What Payment Methods Can You Use to Buy Bitcoin in France?
There is a wide choice of payment methods for buying Bitcoin, including: |
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Keep in mind that each payment method has both advantages and drawbacks. For example, if you choose to buy your bitcoin by bank card, commissions can reach up to 10%. A SEPA transfer takes much longer, but the fees are lower.
Can You Pay in Bitcoin in France?
Bitcoin is still not recognized as official currency in France. However, a few stores in Paris accept payment in Bitcoin, and some online merchants let you pay for their products or services in bitcoin.
To do so, you need a digital wallet. Then make the payment by entering the invoice URL. You can also store your bitcoin in a hardware wallet to make payments. Finally, you can pay in bitcoin in France using a special payment card, such as those from Coinbase or Wirex.
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- Online or hot wallet: this type of wallet lets you store your private keys online, either on exchanges or on a computer, tablet, smartphone, etc. Convenient for everyday use, it does carry a risk of hacking.
- Offline or cold wallet: with this type of wallet, your bitcoin is stored using offline means such as paper, a USB key or memorization.
How to Trade Bitcoin Automatically in France
In France, as in other countries around the world, you can trade Bitcoin automatically using an online trading robot. The key is to choose a robot that works with regulated brokers to keep your funds safe. This is the case with trading robots such as Bitcoin Trader, Bitcoin Era and Bitcoin Revolution. To get started:
- Go to the website of the robot of your choice and fill in the online sign-up form.
- Start by using the demo version to test the platform’s features.
- Make a first deposit to buy Bitcoin automatically with real money.
- Launch the robot’s automatic mode so it starts working.
Note that all trading activity carries risk, whether it is done manually or automatically. It is therefore important to anticipate any possible losses before investing in cryptocurrencies.
What Is the Position of French Banks on Bitcoin?
Since Bitcoin first appeared and to this day, banks in France have shown some reluctance toward the use of Bitcoin in France. Their position is clear: in their view, Bitcoin does not have the same value as traditional currencies such as the euro or the dollar. It is an unstable currency with no legal guarantee that cannot be converted into real money.
Banks even argue that Bitcoin poses a certain danger to the fight against money laundering, citing the difficulty of tracing the people who carry out transactions. That is why they insist on putting legislation in place for the use of Bitcoin in France.
Be that as it may, many French people have started investing in the Bitcoin market, particularly as a long-term investment.
Bitcoin Taxation in France: Do You Have to Declare Your Gains?
As with other types of investments made in France, you need to file a Bitcoin tax return. This applies whether you made gains or losses. Here is what to declare depending on the year of investment.
- In the first year of investment: use your transaction history with your broker to calculate the transactions completed. Then file a net declaration of your Bitcoin taxes in France with the tax authorities. If you only made losses during the year, they will be carried forward to the following tax years for up to 10 years.
- In the following years: from the second year on, you do not need to add anything if your Bitcoin tax in France has been properly settled. However, losses will be deducted directly from gains, without forgetting to deduct the previous year’s losses.
How to Buy Bitcoin Without Verification in France
Although it is fairly difficult, there are a few ways to buy Bitcoin anonymously in France:
- Use a peer-to-peer site: with this option, you don’t need to register as you would with a regulated platform or share your confidential information. LocalBitcoins, for example, lets you buy Bitcoin from other individuals.
- Buy Bitcoin in person: here again, you don’t need a bank card or ID to buy Bitcoin. Simply contact the seller directly to get some.
- Use a Bitcoin machine: an expensive but simple option, you can use a Bitcoin machine to receive your tokens. These are Bitcoin ATMs, a technology already widely used in the United States. You can also find Bitcoin ATMs in France, although they are still rare.
How to Get Bitcoin for Free in France
- Play Bitcoin poker in France
- Earn tokens through Bitcoin airdrops
- Try Bitcoin cashback
- Join a Bitcoin mining pool in France
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How to Make Money with Bitcoin
- Invest in Bitcoin: this means buying Bitcoin and then selling it. You can invest your Bitcoin in shares, businesses or blockchain development.
- Buy Bitcoin: buying Bitcoin can be a good way to make money. It lets you build a portfolio and benefit over time from the rise in Bitcoin’s value.
- Get paid in Bitcoin: this is the simplest way to make money with Bitcoin. For example, you can offer a service and ask to be paid in Bitcoin.
Tips for Investing in Bitcoin
- Manage the risk of loss: trading activities, including investing in Bitcoin, always carry a risk of loss. It is therefore advisable to invest only money you are prepared to lose.
- Learn before you invest: before putting money into Bitcoin, it is recommended to learn about cryptocurrencies and trading. You don’t need to be an expert to invest in Bitcoin; you can browse sites that share information on the subject to build your knowledge.
- Watch out for scams: there are many scams around Bitcoin. That is why it is very important to trade with trusted platforms that can guarantee the security of your investment.
Conclusion: Where and How to Buy Bitcoin in France
To conclude, Bitcoin is a cryptocurrency that is increasingly used in France. It is not yet recognized as official currency, and banks remain skeptical about its use. However, more and more physical and online stores are starting to accept Bitcoin as a means of payment. It is also an attractive long-term investment.
To buy bitcoin with confidence, choose a reliable site. Also take the time to learn about trading before investing. As Bitcoin is an unstable and volatile currency, its value can change from one day to the next. That is why it is very important to have at least a basic knowledge of trading before trading it.
Do you have other questions about Bitcoin in France or want to share your opinion? Let us know in the comments.