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Buying Bitcoins in the Netherlands

Buying Bitcoin in the Netherlands 

buying bitcoin in the netherlandsThe Netherlands is a progressive country with regards to innovation and the adaption of new technologies. The adoption of Bitcoin has been relatively slow, but the Dutch really started to discover the crypto space in 2017.The interest for cryptocurrencies has risen substantially in the last quarter of 2017. According to a survey of the Kantar TNS in October 2017 an estimation of 135.000 people had invested in cryptocurrencies. The research was based on surveying 35.387 households. Although Bitcoin is dominating in the crypto portfolio, there was also interest in buying Ether, Ripple, Litecoin and the digital guilder! The Dutch started very carefully buying for small amounts, only 15 % of the polled bought for more than 1000. The relatively low invested amounts are not strange, most buyers of crypto’s (56 %) are under 34 years old. With enormous price increase of the complete crypto space and consequently the media attention more and more people in the Netherlands started to buy crypto’s.

Recent new research carried out by Cryptovaluta Monitor estimates now that there are more than 865,00 Dutch crypto holders (6,7%) who own one or more cryptocurrencies. The findings were based on a survey of more than 7,000 Dutch crypto holders during the week of January 16 and over 5,000 individuals during the week of February 12, 2018. What it is interesting to note is that the enormous market correction in late december did not shake out the Dutch crypto investors. An estimated 75 % of all the crypto holders are buying it as a long term investment. The market participation in the Netherlands remains constant. This is because the Dutch are not investing a lot of money in cryptocurrencies  and do not go into debt to speculate on huge short term gains.

How to buy bitcoins in the Netherlands?

The journey to discover the crypto space was also made possible thanks to the many Dutch exchanges the customers could choose from. In the Netherlands some innovative Bitcoin exchanges like Bitonic opened their doors in 2012. Buying Bitcoins was pretty difficult in 2012. Bitonic made it possible for the Dutch to buy bitcoins with the Dutch payment system iDeal. This payment method allows customers to buy on the Internet using direct online transfers from their bank account. It was a game changer and soon new exchanges emerged. In 2013 BTCdirect, Anycoin Direct and Litebit opened their doors. Now the Dutch can choose from 10 different Dutch bitcoin exchanges and buy easily and secure bitcoin with iDeal. Besides from Bitonic, Anycoin Direct, Litebit and BTCdirect they can go to Satos, Bitmymoney, Happycoins, Bitrush, Bitkassa and Bivavo. The Dutch are lucky and it explains as well how the enormous growth in bitcoin holders was made possible.

The Dutch are also spoiled with great localized information sites on cryptocurrencies. One of the most in depth cryptocurrency site, bestebank.org, started as a blog in 2013 on alternative banking and critical articles on the financial system. The site embarked on the publication of in depth articles on the working of Bitcoin, wallets, cryptocurrencies and blockchain technologie in general as possible alternatives for the current global financial system. The article or guide on buying bitcoins is since 2013 one on of the most in depth you can find in the Netherlands. There is also a general overview page on all Bitcoin topics that you could consider as a free online Bitcoin course.

Localized information on Bitcoin in particular and cryptocurrencies in general together with localized easy to use bitcoin exchanges are important contributing factors for increasing consumer adoption and the future success of the crypto space. It will help to spur innovation and experimentation with the new technologies in the country and lay the fertile foundation for new startups. The Netherlands is has made a great start! The interest for blockchain applications and tokens has increased although the local ICO’s space has been halted by regulatory uncertainty. The Dutch Minister has been warning against investing in cryptocurrency for some time. The Dutch regulator for financial markets AFM and Dutch central bank DNB also warn that investing in cryptocurrencies is very risky. But despite these warnings, the number of Dutch doing so shows no significant decline.

 

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