So how does a person actually buy bitcoin?
This question gets asked a lot by people who are just discovering the world or bitcoin and cryptocurrency. Most people acquire bitcoin in one of the following ways:
- Purchase bitcoin from an online exchange, via an electronic transfer from your bank checking account.
- Purchase bitcoin locally, by meeting them in person and paying cash.
- Perform a service for or sell something to someone who is willing to pay for it in bitcoin.
I’ve used all three methods, over the past few year, but my go to place for buying and selling bitcoin is coinbase.com . Coinbase is an online exchange company based in the US. I have used other exchanges outside of the US, but they don’t make me feel as comfortable as coinbase does.
To buy from coinbase.com you need to have an email address, a phone, and a bank account. All three of these will need to be verified. Once verified, you can buy and/or sell bitcoin directly from your bank account. The funds from your bank may take 2 or 3 business days to reach coinbase, so you will not actually receive your bitcoin until the funds have cleared, however, the price at which you buy or sell will be locked in, so if the value of bitcoin goes up 10%, you will have 10% more buying power at the time you receive your bitcoin (or 10% less if the price drops 10%…)
If you want to buy bitcoin locally for cash, you can find someone selling by using localbitcoins.com . Both methods are great ways to get started with bitcoin.
Coinbase is currently offering a $25 bonus for every referral you send that successfully creates and verifies an account, and purchases at least $100 in bitcoin. At the time of writing this, the bitcoin (BTC) price is about $290 USD / 1 BTC . I bought some BTC from coinbase a few weeks ago at $240 USD / 1 BTC, so I have seen a gain of over 20% in a matter of weeks. The value of bitcoin has proven to be extremely volatile in the past, and I would not recommend putting any more money into bitcoin than you would feel comfortable losing. The all time high for BTC is around $1200 USD / 1 BTC.
If you’d like to sign up for a coinbase account, please use the link below. It will help support this website and as well as my youtube channel. Thanks you, and happy bitcoin buying!