There are several options for buying Bitcoin (or a number of other cryptocurrencies) that range from easy to slightly complicated.
We’ll cover the major ways here:
- Hosted Wallet Service
- Direct Deposit Service
Hosted Wallet Service
You simply need to create an account, provide a couple of pieces of ID, and link a payment source.
All of this can be done through either the website or a dedicated app and generally only takes a few minutes.
A word of caution: as the name suggests, a hosted wallet service is one where your cryptocurrency is managed by a 3rd party.
If you want to ensure you maintain 100% control of your funds, you will want to transfer your newly purchased crypto to your own wallet. This can be in the form of a software wallet like Jaxx or a hardware wallet like the Ledger Nano S.
This method requires only 2 things:
- You have a wallet address.
- You physically go to the ATM location.
Yep, pretty simple.
Generally speaking, it’s as simple as providing your phone number, deposit address, and some cash. (Your phone number is only needed to confirm the transaction.)
Direct Deposit Service
This is pretty much the same as using an ATM except you don’t need to physically go anywhere but you will need to use a credit card or other source of funding besides cash.
Services like Changelly let you buy with either a credit card or other cryptocurrencies.
As with ATMs, you’ll need a deposit address to receive your funds.
This is a category on it’s own.
LocalBitcoins.com is a service that offers escrow for Bitcoin exchanges between people. It supports both in-person meetups (for cash exchanges) or bank-to-bank transaction (such as Email Money Transfers).
Offers are provided by locality (hence the name), so, you’re able to find people close to you with whom to conduct business.
Buying Bitcoin (or other cryptocurrencies) is pretty straightforward and there are several ways of doing so.
Keep in mind that it’s safer to control your own wallet, whether it’s software-based or a hardware walllet.
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BTC Wallet: 1LyutLaQ3sufbFcETue6kYbQHqZvYbvAD9
ETH ERC20 Wallet: 0xca0dd607339edee021fb95e4a63fc21f13f4de2f
LTC Wallet: LaPhoXcybZ3hHNs7jFeBo28uYXpYZe45w8
DASH Wallet: XtHavbmxb6gQixkBKXq2igQ2GhLUjLCh88
DOGE Wallet: DD2PN95XBgUvwRf5jbGV78d6nWEgVwjm4L
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