1. What the heck is bitcoin (BTC or XBT) anyway?
Bitcoin is a digital currency transferred peer-to-peer. There are many aspects that go into BTC. Bitcoin is known as an anonymous currency, although buying in and cashing out usually have real world identities involved. To send coin, a user uses their wallet to simple enter an address and click send! Every transaction is recorded and posted. Miners see your transaction and mine it for a small fee. The fee is very low, however during the huge spike, it went up to around $20 USD! Transactions received confirmations once it is mined, and more confirmations each time a block is mined after that. Once confirmed, the coin is sent and considered paid! You will need to have a wallet you control in order to receive BTC.
2. How do I get my hands on some of that?
You can acquire BTC using cash, a debit card, a credit card, your bank account, or even PayPal. PayPal purchases are ususally expensive. Purchasing BTC anywhere will require you to pay a conversion cost, usually anywhere from 2%-15% depending on the method. A site called Paxful will accept PayPal but at an EXTREMELY high fee, around 40-45% last time I tried!
3. Where do I purchase?
a. Bitcoin ATM. CASH. This is the easiest way to obtain BTC. All around the world these are popping up. It is cash for coin and instant to your desired wallet. They are not commonplace yet and may not be available to you in your area.
b. Coinbase. DEBIT CARD, CREDIT CARD, BANK ACCOUNT, WIRE TRANSFER. This is probably one of the largest and easiest world-wide way to get coin. You can instantly obtain coin at a fairly low conversion rate. It maxes at about 5% I think. You will need to be able to verify your account with information from phone number, name, address, last 4 of ssn/tax id potentially, drivers license, and others. With this verification, you can instantly buy BTC with your debit or credit card, as well as you USD wallet you can fund using wire transfers or bank accounts. This is one of the easiest ways to get BTC. Coinbase has its own BTC wallet, so no software needed!
c. LocalBitcoins.com. VARIOUS METHODS. Buyers and sellers are matched up to complete transactions. There is a fairly strict verification and many sellers require further verification. Simple and easy if you are established. Supports cash deposits into bank accounts.
d. Libertyx.com. CASH, DEBIT, MAYBE CREDIT? LibertyX provides access to retail stores that have agreed to partner with them and sell coin. This is an excellent way to obtain coin!
e. Many other options available! If none of these sound good to you =, go search yourself! Paxful was mentioned earlier but left out due to high fees. I'm sure other payment methods aside from PayPal are accepted, but I do not know!
Now you have some coin! You are ready to collect addresses, send payments, buy things, send donations, or take advantage of many other options out there! Good luck! Don't forget to account for transaction fees, the higher the fee the faster it gets mined! Copy and paste the BTC address, double check it, and send away!
Bitcoin is a digital currency transferred peer-to-peer. There are many aspects that go into BTC. Bitcoin is known as an anonymous currency, although buying in and cashing out usually have real world identities involved. To send coin, a user uses their wallet to simple enter an address and click send! Every transaction is recorded and posted. Miners see your transaction and mine it for a small fee. The fee is very low, however during the huge spike, it went up to around $20 USD! Transactions received confirmations once it is mined, and more confirmations each time a block is mined after that. Once confirmed, the coin is sent and considered paid! You will need to have a wallet you control in order to receive BTC.
2. How do I get my hands on some of that?
You can acquire BTC using cash, a debit card, a credit card, your bank account, or even PayPal. PayPal purchases are ususally expensive. Purchasing BTC anywhere will require you to pay a conversion cost, usually anywhere from 2%-15% depending on the method. A site called Paxful will accept PayPal but at an EXTREMELY high fee, around 40-45% last time I tried!
3. Where do I purchase?
a. Bitcoin ATM. CASH. This is the easiest way to obtain BTC. All around the world these are popping up. It is cash for coin and instant to your desired wallet. They are not commonplace yet and may not be available to you in your area.
b. Coinbase. DEBIT CARD, CREDIT CARD, BANK ACCOUNT, WIRE TRANSFER. This is probably one of the largest and easiest world-wide way to get coin. You can instantly obtain coin at a fairly low conversion rate. It maxes at about 5% I think. You will need to be able to verify your account with information from phone number, name, address, last 4 of ssn/tax id potentially, drivers license, and others. With this verification, you can instantly buy BTC with your debit or credit card, as well as you USD wallet you can fund using wire transfers or bank accounts. This is one of the easiest ways to get BTC. Coinbase has its own BTC wallet, so no software needed!
c. LocalBitcoins.com. VARIOUS METHODS. Buyers and sellers are matched up to complete transactions. There is a fairly strict verification and many sellers require further verification. Simple and easy if you are established. Supports cash deposits into bank accounts.
d. Libertyx.com. CASH, DEBIT, MAYBE CREDIT? LibertyX provides access to retail stores that have agreed to partner with them and sell coin. This is an excellent way to obtain coin!
e. Many other options available! If none of these sound good to you =, go search yourself! Paxful was mentioned earlier but left out due to high fees. I'm sure other payment methods aside from PayPal are accepted, but I do not know!
Now you have some coin! You are ready to collect addresses, send payments, buy things, send donations, or take advantage of many other options out there! Good luck! Don't forget to account for transaction fees, the higher the fee the faster it gets mined! Copy and paste the BTC address, double check it, and send away!
Edited: 2 times (Latest: 20 march 2018 in 19:38)
