Bitcoins Basics – Buying Bitcoins – Getting Your 1st Bitcoin (Click Header)

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Buying Your 1st Bitcoin 

If you are new to bitcoin, you may want to read our other Beginner articles: “Basic Terms” which provides much more than just definitions and “Getting a Bitcoin Wallet”. Both are located in the Basics for Beginners section.

How to get get a Bitcoin:

There are 2 ways to get Bitcoins – Buy them or Earn them (See mining in the Basic Terms Article). We will discuss Mining digital currency in a future article.

If you don’t mind waiting a couple of days, the easiest and cheapest way to get your hands on some Bitcoins is to sign up with Coinbase, a large Silicon Valley company, or one of the many reputable Coin exchanges. As an example Coinbase charges a low 1% fee and you receive your bitcoins as soon as the transfer from your bank account clears.  The 1st order has a long waiting period but, soon you will gain the ability to make instant purchases for up to $1,000 per week. Circle.com has a simple Phone wallets for the Android and iOS with a clear video explanation. It is well worth the 2 minutes: https://www.circle.com/en#live-demo . Each company has different policies – BitQuick advertises a 3 hour purchase timeframe.

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The many ways to buy Bitcoins:

Credit Card, Bank Account draft , Cash, Check, Gift Card and Money Order.  You can also buy locally from people willing to sell there Bitcoins. LocalBitcoins.com acts as an escrow service so, you are not taking cash to a stranger. I went to LocalBitcoins.com and found 5 sellers within a 10 mile radius including a Bitcoin ATM.

Caution- Local Bitcoin Sellers:

By searching the internet you will find local sellers who will transfer Bitcoins to your wallet in exchange for cash. Always meet in a public place like the local Starbucks. There still has dangers. Crafty programmers have found ways to make it look like the Bitcoins is instantly transferred. It takes 20 minutes to 1 hour for the transfer to be completed. If you want the anonymity of a local cash transfer use an escrow service – they hold the money until they confirm the Bitcoin is transferred.

Why would you want a Bitcoin?

Well the easy answer is because it is quickly growing acceptance. Banks are exploring using the because it is more secure than checks and credit cards. Once you get the hang of it, you will find it incredibly easy…  a plus – there are already thousands of places to spend your Bitcoins!

Resources

https://bitcoin.org/en/resources
Like Bitcoin wiki https://en.bitcoin.it/wiki/Main_Page

7 of the Top 10 Free iPhone Bitcoin Apps are Mobile Wallets

 

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