Introduction to Bitcoin

Bitcoin is digital cash – a currency designed for the internet which works similar to other E-Wallet services such as PayPal.

Join the more than 90% of Galaxy customers who are already using Bitcoin for funding their accounts and receiving withdrawals. Bitcoin is completely secure and more reliable than any other method we offer.

To get started there are 3 main steps:

1. Choose a wallet. To send Bitcoin, you first need to buy Bitcoin. This is done through what is called a Bitcoin exchange wallet. There are several exchanges available. To find the one that best works for you, please visit the Exchange Wallets section.

For security reasons, the initial set up of your exchange wallet can take anywhere from about 30 minutes, up to several hours (depends on the site). But we assure you it is well worth the effort since you'll find Bitcoin deposits are faster and more convenient than credit cards or person-to-person transfers.

2. Buy Bitcoin. All exchanges aren't identical, but the overall concept is the same – use your card or bank account to buy Bitcoin through your exchange wallet. The amount you receive is based on the current market exchange rate. You can also convert the Bitcoin back into USD or other fiat currency at any time.

You can buy Bitcoin with your credit/debit card, which is even quicker than a direct deposit using your card. In fact, we highly recommend using a card to buy Bitcoin which will take just minutes to be approved (compared to 1-5 business days if you choose bank wire/transfer).

3. Send Bitcoin. When you're ready to deposit, visit the Galaxy Cashier and go to Deposit → Bitcoin to get a unique Bitcoin address. This is a unique code used to determine where the funds are sent. Take this address back to your online exchange wallet and finish the deposit from there.

Bitcoin deposits are approved through the blockchain - the public ledger where all crypto transactions are recorded. This means there are no banks to delay or possibly reject your deposits. Every deposit is guaranteed to be approved within the standard time frame of 10-60 minutes.

And (simply put) that’s it!

In addition to Bitcoin, there are other cryptocurrencies you can choose from. To see the complete list, visit the Cashier and select Deposit → Crypto Currencies.

You can also make your withdrawals through Bitcoin. Just get a Bitcoin address from your wallet, and enter it in the Withdraw → Bitcoin section of the Galaxy Cashier so we know where to send the funds to.

If you have any other questions, feel free to contact our dedicated Bitcoin team anytime on Live Chat.

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