Bitcoin in Rubles: How to Buy and Potential Challenges

Digitization is the driving force behind the popularity of cryptocurrencies. Fiat currencies are no longer able to satisfy all user needs, and cryptocurrencies fulfill these demands, which is why interest in them is growing every day. Bitcoin has become the first and most capitalized asset at the moment. In this article, we will explain where and how to buy bitcoin (BTC) with rubles today. At the end, you will find instructions on the simplest way to purchase bitcoin.

Why Buying Bitcoin Can Pose Challenges

Cryptocurrency is essentially code that encompasses specific values. It differs from fiat currencies in various aspects, including emission type and price correction mechanics. Bitcoin, created by Satoshi Nakamoto (a pseudonym), is complex code. The authorship of BTC and the location of the developer remain unknown.

Unlike fiat, the issuer of bitcoin cannot be determined, and cryptocurrency lacks a centralized governing body. Therefore, bitcoin cannot be classified as an official currency and used under the same conditions as fiat currencies. Holders of the asset may face allegations of wrongdoing due to the opacity of interactions with this new financial instrument.

Many government officials are working on the legal aspects of interacting with cryptocurrencies. However, there is currently no legislative framework, limiting the possibilities of using digital assets. Due to the peculiarities of cryptocurrency, difficulties arise in its acquisition.

*Bitcoin acceptance points map (Data from coinmap as of July 11)

Techniques for working with fiat currencies cannot be applied to digital assets due to the absence of legislation and differences in monetary formats. This problem can be resolved through the provision of technical solutions, but major market players prefer to ignore this new financial instrument due to a lack of confidence in its legal support.

How to Buy Bitcoin

There are several ways to buy Bitcoin. Below, we will list the available options with a brief description of their features.

Exchanges

If you want to purchase Bitcoin with rubles on an exchange, you can use the EXMO platform, which is popular in the Russian-speaking community. On this exchange, you can buy cryptocurrency by funding your personal account with fiat currency. To get started with the platform, you will need to go through the registration process and provide data for verification. After that, you will need to set up all security measures for your account.

Trading on an exchange comes with certain risks. EXMO is a centralized platform controlled by individual entities, not a community. It does not use blockchain technology. In case of disputes, parties cannot refer to immutable information. Users have reported the following complaints online:

1. Insufficiently responsive customer support.

2. Incompetence in resolving disputes.

3. Lack of user rights protection mechanisms when facing difficulties.

Due to the lack of a clear legal framework for interacting with cryptocurrencies, the activities of exchanges in this area are not regulated. Disputes that arise may be resolved in favor of the exchange's personnel.

When attempting to purchase Bitcoins with rubles on an exchange, users may encounter several additional issues. Some of these problems may include:

- Lengthy waiting times for the transfer of funds from the exchange account to the user-specified address.

- Difficulties accessing the platform for users from certain jurisdictions who need to use VPN services.

EXMO is an example of a platform for buying Bitcoins, but similar procedures exist on other exchanges.

Working with exchanges involves high fees. Withdrawing funds to an account (typically around 4% in fees) and then transferring to a card (approximately 5% in fees) can reduce a user's profit.

If the chosen exchange does not support rubles, converting fiat money to cryptocurrency and then depositing it into the exchange wallet is necessary. These procedures, including registration, verification, waiting for identity confirmation, conversion, and cryptocurrency transfer, require a significant amount of the user's time.

When dealing with exchanges, it's important to remember that there have been cases of fraud in the crypto industry. Some platforms have been closed, and their owners have disappeared with user funds. Hackers pose another threat.

In May 2019, a hack occurred in the hot wallet of the popular Binance exchange. As a result of this incident, the company's CEO, Changpeng Zhao, noted that it was a costly lesson.

Exchangers

When using exchangers, users are presented with multiple offers in one place so they can choose the most suitable option. The main goal of exchangers is to aggregate offers from different platforms on one exchange platform. One popular exchanger operating on this principle is BestChange.

Such platforms display offers from various exchange platforms, indicating the current exchange rate. Users can find out how much cryptocurrency they will receive for a certain amount in rubles. However, using exchangers may come with certain issues:

1. Exchange platforms do not always take responsibility for the offers presented on the platform. If the terms of the transaction are not met, the user may not expect legal protection.

2. Some exchange platforms do not conduct proper verification of offers, which can lead to fraudulent schemes.

3. In some cases, reviews of exchangers may be unreliable as platforms may post fake reviews.

4. Users, when dealing with exchangers, may not always be fully protected, and their interests may remain unprotected.

Forex Broker

After the emergence of popular digital asset exchanges, forex brokers began to work with cryptocurrencies. The essence of the offer is similar to the conditions of trading platforms. 

The process works as follows:

1. The user registers and verifies their identity.

2. After creating a personal account and confirming their identity, the system requires funding the balance.

3. Transactions can be executed after the balance is funded.

Forex brokers do not specialize in working with digital assets, so the choice of cryptocurrencies on them is usually limited. The most popular and capitalized cryptocurrency is Bitcoin, which is also available on such platforms. However, before choosing a forex broker for a transaction, it is necessary to ensure the safety of such work by confirming the following:

1. The broker has all the necessary licenses to operate in the respective country.

2. Are there any restrictions on deposits and withdrawals.

3. What fees are charged in the system and whether they can change depending on system load.

Working with cryptocurrency as a non-profile asset on forex brokers can be associated with certain issues. Some of them include slow withdrawal speeds and insufficient asset storage security.

Bots

To purchase Bitcoins, you can use chatbots available on popular social networks and messengers. However, before choosing a bot for a transaction, it is necessary to consider the risks associated with this method of purchase. Some of the possible risks include:

1. Lack of control over the transaction. Buying Bitcoins through chatbots does not involve reliable control over the transaction. This means that in case of problems or disputes, it will be difficult to protect your interests and resolve issues.

2. High likelihood of fraud. Under the guise of a trustworthy seller or chatbot operator, malicious actors may be hiding, ready to deceive users. As a result of such fraudulent actions, you may lose your money without the possibility of getting it back.

Purchasing cryptocurrency through anonymous chatbots without the involvement of a guarantor can be risky. It is recommended to be cautious and ensure your safety when conducting such transactions, especially when transferring funds. The initial purchase may be successful, but after receiving payment, the seller may disappear, leaving the buyer unable to recover their funds.

Seller

Another way to buy bitcoins is through personal transactions. On the internet, you can find numerous advertisements for cryptocurrency sales on forums, messengers, and other popular platforms among cryptocurrency owners.

However, the security of such transactions is at the discretion of the seller and the buyer. If the parties lack experience and knowledge in blockchain technology, necessary for writing smart contracts, the transaction will be conducted without any guarantees or protection. In such cases, it is recommended to be especially attentive and cautious when conducting such transactions.

Bitsofa - a Safe Alternative for Buying Bitcoin

Bitsofa is a multicurrency wallet that is perfect for beginners in the world of cryptocurrencies. Here, any user can quickly and securely purchase bitcoins for rubles. The user-friendly and intuitive interface is accompanied by high-quality technical components.

What We Offer

Bitsofa is a platform for conducting P2P (peer-to-peer) transactions with built-in security guarantees. Users can choose between the desktop and mobile versions of Bitsofa for their operations. The mobile app is available for both Android and iOS.

When User A wants to sell 1 BTC, they can search for offers on the platform or create their own, specifying the price and preferred payment method. User B, who wants to buy bitcoins for rubles, also looks for a suitable offer or creates their own, indicating the amount of bitcoins they want to receive for a certain amount of fiat and the payment method.

When the transaction is completed, the seller provides the buyer with the payment details. The buyer transfers the payment within the specified time and notifies the seller of the completed transfer. After the seller confirms the transfer, the specified amount of bitcoins is released to the buyer.

Parties can communicate and clarify the details of the transaction through the platform's chat. Bitsofa also acts as a security guarantor for the transaction. After completing the transaction, the parties can leave reviews about each other, which will help other users find suitable offers more quickly. In the Bitsofa system, every seller has a rating.

If users have any questions, they can contact customer support, where moderators resolve disputed situations.

Buying Bitcoin Options on Bitsofa

Bitsofa provides the option to work through a computer or mobile app. Buyers and sellers are given the opportunity to create their offers according to their preferences. If a user wants to buy bitcoin, the system will ask them to specify a convenient payment system for cryptocurrency payment. The following platforms are available:

After making a selection, the system will display available deals on the screen. If none of the presented offers suits the buyer, Bitsofa will suggest creating their own deal. It's important to note that a transaction can only be completed if there is a counterparty. To find a seller more quickly, it is recommended to set a reasonable price.

Features of Buying Bitcoin on the Bitsofa Platform

When developing the Bitsofa wallet, our goal was to simplify the purchase of bitcoins for rubles and eliminate potential difficulties for users. We have addressed the following key issues:

1. The functionality of both the desktop version and the mobile app of Bitsofa is fully localized in Russian. Users who speak Russian won't need to use a dictionary to find the necessary functions.

2. Every transaction on the Bitsofa platform is fully protected by security experts. Blockchain technology ensures the security of transmitted information and helps avoid technical risks.

3. Transactions take place between individuals, allowing parties to negotiate and make their own offers. As a result, transactions become more advantageous for both sides.

4. We are continually working on improving the Bitsofa platform's interface and functionality to ensure user convenience. Our technical team is constantly enhancing the platform.

Bitsofa aims to make the purchase of bitcoins for rubles as straightforward and secure as possible for all users.

Advantages and Benefits of the Bitsofa P2P Platform

Bitsofa is a platform that combines all the advantages of various methods of purchasing cryptocurrency while eliminating their negative aspects.

We offer a wide range of offers from numerous users on our platform, providing opportunities for savings. The large number of sellers and buyers on our platform ensures competition and more options for all participants.

Summary

The Bitsofa team has successfully addressed the challenges associated with buying bitcoins for rubles while retaining their advantages. To achieve this, desktop and mobile versions of the platform were developed, accessible to any user and enabling a quick and secure acquisition of cryptocurrency.