How is the market for bitcoin? As of this writing, not so hot. But that’s the beautiful about bitcoin: the market has fallen apart before, but it always tends to pick itself back up. In fact, as of this moment, it appears to be picking up steem and moving onward after several months of crypto winter. It’s hard to ever honestly have a definitive sense of whether it’s the right time to purchase bitcoins, but in this writer’s opinion, it will be the future and you will want to have some before it becomes completely unobtainable for a decent price. It all comes down to your personal interest in the king of cryptocurrencies and your current understanding of what bitcoin is.
For now, though, if you are looking to buy bitcoins, it is still the number one cryptocurrency on the market. And it has never been easier or more convenient to purchase them. You don’t have to spend months mining (although if you are interested in doing this click here to learn more about it) and sending your electric bill skyrocketing to own bitcoins anymore. Bitcoin has progressed enough as an industry that in a matter of minutes, you can own bitcoins that can be used as currency or an investment.
***Please keep in mind you will need a bitcoin wallet address in order to deposit your bitcoin into after you pay for it. You can either create one on your phone, or purchase a trusted hardware wallet to store it offline for longer term holdings***
So let’s get to it! Here are the 3 sources that I’ve personally found to be the easiest and quickest way to buy bitcoin. Keep in mind, some options may cost more than others and/or may be more convenient than other options depending on your privacy tolerance and if you value convenience more than providing your personal information and so on. I will put it in order of what I believe is the most convenient to least convenient, but arguably more secure and private.
This was my first foray into buying bitcoin for the first time when starting my business and dealing with some dealers overseas that only accepted this as a means of payment. I had just opened my new business credit card and needed a way to get bitcoin fast as the bill way already past due and I didn’t want to experience any further delays. The experience was pretty straight forward, I needed a specific USD dollar amount and I was able to type that in and it converted to the appropriate amount of bitcoin I needed at that specific moment.
All I had to do was upload a government issued ID (it verified almost instantly) and then proceeded to use my Visa Rewards Card (they accept Visa credit, Visa debit, and Mastercard) to pay for it. There is a nominal fee to do this (around 4.7% at the time of this writing) to be able to purchase it instantly, which for not jumping through several more hoops is very reasonable. Needless to say from start to finish, the process took only about 10 minutes before I saw the bitcoin in my new wallet address. I’ve used more than 30 different services for this similar situation, and this was the most convenient and seamless for getting it done quickly and efficiently.
This is a lot more comprehensive option in terms of what you can trade or use to procure your bitcoin. For example, you can trade Amazon gift cards, transfer money via Western Union, bank transfers, online transfers, paypal, debit card, credit card, or even trade other cryptocurrencies for bitcoin (BTC). For most people this is not needed, but it’s good to know what the options are down the line in case you have access to these other resources and need a little more flexibility. The process is more or less the same for using a bank account or credit card to purchase. You just need to create an account, upload a government issued ID, and then once its submitted, you typically wait 24-72 hours.
My experience is that this system has to be manually reviewed, so there tends to be a backlog. The end result is the same, but it may take longer. The other interesting point I will make is, for the more advanced users, they have rolled out a feature where you can submit an offer for an array of gift cards and codes and can potentially match with someone on the marketplace who is willing to do a trade directly. I have not personally used this option, but it seems pretty creative and I may be willing to use it in the future.
This site has been around for years and is essentially the “Craigslist” of bitcoin. What does that mean? Well, for those of you who are unfamiliar with Craigslist, it’s an open marketplace that connects buyers and sellers offering services on an online classifieds. Most transactions take place in person using this method and this is a good way to buy bitcoin if you want no trace of it ever happening. No credit card trail, no photo ID, and no personal information required. The philosophy of bitcoin has long been a foundation of this principle, a peer-to-peer electronic cash system, that has no middle man or 3rd party interference required for trust. This is appealing to many people for obvious reasons, and I have also done this in certain situations as well.
This process allows you to create an account, locate someone in your general area, message them and agree to a price and a location to meet at in person to complete the transaction. You of course want to proceed with caution with this option. It is best advised not to meet at your house or that of a loved one. I recommend going to a public place that is well lit and has ample cell phone reception and/or wifi to complete the transaction. Be sure that you have at least 2 confirmations of the transactions on the blockchain before you call the transaction good and verified, which most wallets will let you know how many confirmations there are as an up to date progress report for first timers.
Well, there you have it! Making your first bitcoin transaction can be very exciting and you feel like you are part of the future and an even deeper ongoing revolution. It is very rewarding and fulfilling once you see your balance and its officially on your wallet. Of course, I recommend that if you use a free wallet on your smartphone and it’s more than you can afford to lose, that you do get a hardware wallet. If you are unfamiliar what this is, I will link to the page we have created here for more resources on why it’s important.
If you found this helpful or you have any other suggestions on other sources to obtain bitcoin securely and easily, please comment below!