Thinking about buying Bitcoins for the first time?
We’ve all been there. If you have no idea how to get started, I recommend you read this.
There are many ways in which you can buy, you have to think that Bitcoin can be transferred from any device to any device, as long as you have a pre-installed wallet. But you can also buy through companies or even ATM-style machines. It all depends on the risk you are willing to take.
Solution Number 1
For small or moderate risk, go to a cryptocurrency exchange. This for me is the best way to enter the crypto world. First you make yourself a username and a normal password, as in any platform in your daily life. Many exchanges allow you to buy with a debit card, and many others also enable the transfer from your bank to them, and then you can buy the cryptocurrency you want.
My favorites are: Kraken and Binance. Binance will soon no longer be available in Ontario, Canada, so I would consider Coinbase.
Something to consider is that, once you acquire bitcoins, they will remain in the exchange (in your account), until you decide to move them to a wallet of your own. In the crypto world there is a phrase “not your keys, not your bitcoins”. Recommendation: Always transfer to your own wallet.
Solution Number 2
Retail Exchange. Nowadays there are already physical exchanges where you can buy bitcoin. The situation is a bit more difficult, but they already have the whole system set up. For them it is just another transaction. You go with your address, pay the bitcoins and they transfer them to you, with an additional fee. In countries like Argentina, this often increases the privacy of the parties because it is usually an off the records transaction.
Solution Number 3
P2P. The reason why Bitcoin was created. You can buy your coins from anyone, pay them in any way you see fit. There are real estate transactions today that are being done with Bitcoin! It is important to be trustworthy.
Solution Number 4
Facebook groups. As strange as it may seem, Bitcoin communities in every country have been growing a lot thanks to Facebook. The groups allow you to find trusted people who have already made transactions within the community. The risk is higher, but you absolutely always have to check references, (which exist, and there are many), and make sure that it is the same person you talked to as the one you are making the transaction with. If you have fears or doubts, don’t do it.
Solution Number 5
P2P through a reputable platform. LocalBitcoins brings together private buyers and sellers, and through a certain reputation based on transactions, buyers (and sellers) can transact without fear of fraud. It is still widely used, especially by people looking for people within the same country to transfer via wire transfer or similar.
A tool that I found very useful when I was traveling around the world, before the pandemic, was Buy Bitcoin Worldwide, where you can find the best options for each country.
