Buy Bitcoin in 3 Simple Ways

Cryptocurrency is a new thing for almost everybody. It is a revolutionary way of thinking money as well as using it. In this quick guide we review three options to buy bitcoin all over the world.

> 1st Option – Buy Bitcoin Face to Face from a Seller

Illustration by Harry Campbell

Nowadays there are firm possibilities of finding other bitcoin enthusiasts in your city town that would like to make a face to face deal with you. This could be a great first experience since it allows you to research who the seller is before taking your chances, and spend some time exchanging ideas and personal experiences if you arrange the meeting.

For this purpose you can find people in many places. From eBay to Facebook and Linkedin groups, Twitter and local Meetups.

There are also companies in the bitcoin ecosystem that have seen this need and created a marketplace to connect bitcoin buyers and sellers. Two of them are LocalBitcoins and TradeBitcoin.

> 2nd Option – Buy Bitcoin Using Exchanges

Bitcoin exchanges have popped up everywhere. You can use global exchanges widely accepted in many regions, or choose a local dedicated bitcoin exchange at your country. Both options have positive and negative connotations, so you should try to make the most informed decision.

Take this three suggestions to help your decision:

A- Local exchanges are incorporated as local companies, meaning that while bitcoin might not be recognized by the local government, companies are still regulated under the jurisdiction. They pay taxes, adjust to the local legal frame and have responsibility towards customers.

B- Regional or global exchanges do not provide the advantage above, but might have enough social/user proof on their records to justify your choice. Have in mind that some of them have received large sums of money in VC funding to support their operations and take it to the next level, what doesn’t provide 100% assurance but is an element that others might not have.

C- Finally, always read the terms of use AND find where people is talking about this exchanges, whether they say good or bad things about them, testimonials are the best reference point to consider.

[Would you add other suggestions to this list? Please let me know in the comments section!]

> 3rd Option – Buy Bitcoin as an Exchange for Goods or Services

This is probably a zero risk way to build your bitcoin first capital. I’m sure you might be an specialist in something that somebody else could need and would accept as a payment for his bitcoin. In the same way, if you have goods not currently in use, you can exchange them for bitcoin. The benefits of bitcoin for small business owners are encouraging!

Maximiliano Garcia
Cryptor Trust Inc.