How do I buy and sell Bitcoin?
You’ve learned what Bitcoin is, how it’s mined, how to store it and how to spend it. If you’re as excited as we are about this rad little coin, you are now thinking about where to get your paws on it. We can’t blame ya; we’re always jonesing for some more Bitcoin too.
Buying and selling Bitcoin is as easy as pie, and there are several different platforms in which it's available to you on.
Bitcoin exchanges make Bitcoin accessible on a mainstream level. In a digital world that revolves around decentralization, this is about as corporate as it gets when it comes to the Bitcoin community.
The general process of buying Bitcoin from an exchange:
- Sign up
- Add your payment method
- Select the currency you wish to buy in
- Choose the rate of Bitcoin you want to buy at
- Buy Bitcoin
- Move it, usually the 'withdraw' function, to your safe, and cozy wallet [link to how to store].
Again, we suggest that once you receive your Bitcoin, you immediately move it out of the exchange wallet and send it to your other wallet in which you hold the private keys.
Selling at exchanges is a similar process as buying.
Person to Person (In Person)
You can buy Bitcoin in person through several different apps, websites, and even Bitcoin meet ups.
Some of our favorite apps for doing an in-person exchange are XXXX and XXXX. Each seller is vetted for and typically isn’t new to a quick in-person trade, but you’ll want to take simple precautions of doing the exchange in a safe and public place.
Much like picking up a couch from that one guy on Craigslist, you sometimes just never know.
One of our recommended ways is to go to your local Bitcoin meet up! Here you’ll find tons of people that want to teach you about Bitcoin, help you get your hands on some, and introduce you to other individuals who want to sell some Bitcoin now and then.
Find a meet up in your city here.
Person to Person (Online)
For the introverts out there, you can, of course, relieve your social anxiety by just buying Bitcoin directly from another seller online via websites, apps, and group chats. We recommend xxxxx and xxxxxx.
The seller’s rates will likely be higher than an exchange’s, but you’ll be able to get your brand new, shiny Bitcoin sent directly to your uber secure wallet in no time.
This option is ideal for people without meet ups in their cities, frequent buyers/sellers, and those without much time to meet in person.
This is also an easy way to sell your Bitcoin.
This option isn’t as common as one would hope for, but when you run into a Bitcoin ATM, it might have a bright aura surrounding it and knock ya off your big ol’ feet.
Bitcoin ATM’s aren’t exactly like a regular ATM, but they do provide similar convenience.
The process for using a Bitcoin ATM:
- Choose the amount you want to buy
- Pull up your destination wallet address/QR code on your phone
- Hold it up to the ATM for scanning
- Insert the cash amount you want to buy
- Wait for the Bitcoin to get to your wallet
There will be somewhat of a higher exchange fee here, as it’s offering pure convenience, much like that annoying $3 transaction fee some banks will throw at you. Also, it’s important to note ATMs are cash only.
If you run into a newer ATM, you will also be able to sell your Bitcoin for cash by doing the opposite of the process above. Wham, bam, thank you, ma’am!
Your Super Cool Friend or Family Member
If you’ve got a bud already in the Bitcoin scene, get them on the phone right this second and tell them you’re ready to buy your first Bitcoin. They’ll probably be just as stoked as you, but there’s also a chance they’ll get a little emotional. In that case, hug 'em.
Obviously, this is the easiest way to buy Bitcoin, and if your friend is as cool as they say they are, they’ll give you an exceptionally fair rate. They’ll even point you in the direction of better places to buy and sell, as they’ll hopefully well connected within the community.
We’ve done the hard part for you and have listed just a handful of ways to buy and sell Bitcoin.
As you get deeper into the community, you’ll meet all kinds of people that are willing to help you, not to mention the rate at which technology is advancing. There are more methods in the works that we probably don’t even know about yet. Woah.
We understand that you may have lingering thoughts like, “Regular money is accepted everywhere. ATM’s are everywhere. Banks are everywhere. Why do this for that?”, and we totally get you.
With Bitcoin, every transaction is peer-to-peer and mostly anonymous, meaning that you are essentially your own financial institution. What’s more is that it’s all done through the Internet. Unless you insist on meeting in person, you save yourself time by making just a few taps on your phone once you get the hang of it. Not to mention, cutting out the trillion-dollar industry of banking that takes fees just because they can, and they have all of your information to back it.
Buying and selling Bitcoin can be done on all the same platforms. Those platforms include Bitcoin exchanges, through in-person transactions where the exchange can be arranged via websites and apps, through online exchanges with one single other buyer/seller, ATM’s, and with people in the Bitcoin scene you already know, like family and friends.