Bitcoin is the most popular cryptocurrency, more folks are looking to own the virtual currency.
There are several ways with which you can buy Bitcoins, including setting up a PC to independently mine it, paying for a professional mining contract or trade with it another cryptocurrency. Or you can just buy bitcoins.
In the latter case, the question then becomes how best to change legal tender into Bitcoins. Because Bitcoin is a fully digital virtual currency, the novice buyer may well be a bit embarrassed as to where to start.
Set up a digital wallet.
The first step is to create a wallet for storing your bitcoin – you will need one, regardless of your preferred method of purchase. This can be an online wallet (either part of the exchange platform, or through an independent provider), a desktop wallet, a mobile wallet or an offline one (for example, a hardware device or a paper wallet).
Even in these wallet categories there is a wide range of services to choose from, so do some research before deciding which version best suits your needs.
Cryptocurrency exchanges will buy and sell bitcoin on your behalf. There are hundreds currently operating. The largest Bitcoin exchange in the world in terms of US dollars is bitfinex, at the present time. Other high-volume exchanges are Coinbase, Bitstamp and Poloniex, but for small amounts, most reputable exchanges should work well. Most exchanges accept payment via credit card,bank transfer or Paypal transfers.
Buying with cash
Platforms, such as LocalBitcoins, will help you find people who want to exchange Bitcoin for cash. In addition, LibertyX lists retail outlets, where you can exchange cash for Bitcoin. And WallofCoins, Paxful and BitQuick will you to find the branch of the bank, which will allow you to make a cash deposit and get Bitcoin in a few hours.
ATMs are machines that send bitcoins to your wallet in exchange for cash. They work in the same way as ATMs – you feed in the bills, keep the QR code of your wallet up to the screen, and the corresponding number of bitcoins is transferred to your account.