Once you are ready to get started with Bitcoin and Cryptocurrency the first question is usually How do I buy Bitcoins? or Where do I buy Bitcoins? There are alot of different places to buy bitcoin and below I ill give you a few of them. Some people have a preferred payment method so that might determine which method you decide to use. Before you buy Bitcoin you will need to have a wallet. If you are new one of the easiest to use is CoinBase which I also talk about down below as it can be used to buy smaller amounts Bitcoin, Ethereum and Litecoin.
If your still not sure what Cryptocurrency is and you landed on this page randomly then you can check out my Cryptocurrency 101 post here as well.
So where can you buy Bitcoins?
LocalBitcoins
Site – LocalBitcoins.com
Payment Methods – Bank Wire, Paypal, Cash
This site is a person to person bitcoin trading site with people from countries all around the world who buy and sell bitcoin. There are many different options from bank transfers to paypal and even meet up in person. On the site you have the option to filter by the method you would like to buy through and then it will display all the people that accept that method. You will notice that the prices are different for each seller as they set their own price and it will also vary depending on payment method as methods like bank wire or paypal incur fees while meet up in person to echange cash for bitcoin has no fees.
Exchanges / Wallets
Site – CoinBase.com
Payment Methods – Bank Wire or Credit / Debit Card
Some wallets like Coinbase that also offer exchange services allow you to buy Bitcoin, Ethereum and Litecoin directly through the wallet. This is a very easy way to buy Bitcoin and are good for buying smaller amounts but they do have limits so once you want to buy bigger amounts then you might need to look elsewhere.
Coinmama
Site – Coinmama.com
Payment Methods – Credit / Debit Card
This is another site I have used and found them very easy to use. You just verify your account and then you can buy Bitcoin with limits that are alot higher than Coinbase or any other method that accepts Credit / Debit Card.
Bitcoin ATMs
Site – coinatmradar.com
Payment Methods – Cash
This option gives physical ATM machines where you can feed in cash and get Bitcoin sent to your Bitcoin wallet. The process varies from machine to machine with some of them requiring you to be verified before going to the machine but most you can just walk up and pay for your bitcoin. You can see a list of all Bitcoin ATMs on coinatmradar.com.
Conclusion on How to Buy Bitcoins
I will add more methods as I try them out myself but I think from the options above you will definitely have enough to get started. If you have any questions or anything you think would improve this post then please let me know in the comments down below.
Re. coinmama, they have got a lot of bad reviews – see http://bittrust.org/coinmama
I tried them and gave up after waiting two months for their follow up details after the documents verification process. I send them email reminders and just get the automatic reply “we are on to it…..” Now I wondering who I gave my passport copy to?
I have personally used them on 7 or 8 different occasions now. I have heard it is taking some time to get verified now though due to the number of people looking to buy Bitcoin
OK, it is working for you. I went to coinbase and was up and running within a few hours.
How do you take your money out if you do make a lot of money does it get transferred directly into your account with the with drawl
You can use a service like coinbase or Gdax to exchange the bitcoin to USD or EUR and have it transferred to your bank account
Hi Paul,
in terms of trading with bitcoins, is it more profitable to do cloud mining or buy and hold? there are arguments that mining triples returns while buy and hold doubles, which one is best
It depends on the length of the contract that you get with the mining. It is an area I will start doing videos on soon
Hi Paul. I would like to find out, Is it better to buy bitcoins and sell later when the price goes up or to mine daily as a beginner?
Easiest is to buy and hold, which is better only time will tell. I haven’t been mining actively up to now but I am looking at a few companies right now as I want to start mining as well as holding my Bitcoin so I am diversified
hello paul and thanks for simplifying cryptocurrency for me. i just searched for bitcoin atms around me and saw average buy fee 9.02% please what does this mean. also can one sell bitcoins using the bitcoin atm?
Yes the fees can be high on some with the volatile price. For changing bitcoin to cash I generally use Gdax which is owned by coinbase and then just transfer to my bank account. You can also get debit cards that you can convert your BTC to eur/usd and then just spend through the card
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Hi Paul
when it comes to money Im very open and direct. How much exactly are you earning from bitcoin ? what can your average person new to bitcoin with limited knowledge earn or make ? Im thinking bitcoin is also one big scam…