Where Can I Buy or Sell Bitcoin?
Bitcoin can be acquired from many different places. Once you’ve set up your wallet, you will need to load it up with Bitcoin to spend or invest in. The best place to purchase BTC is from online exchanges. Using an exchange may require either using a wire transfer from your bank to the Bitcoin owner’s bank, credit or debit card purchases, or even an in-person cash exchange.
Before you purchase your Bitcoin, you need to make sure that you are aware of the current exchange rates. Since Bitcoin fluctuate in value like any other currency, make sure that you are up to date on the current rates.
Online Bitcoin Exchanges
Arguably the easiest and most straightforward method of purchasing BTC is from online exchanges. Using an online exchange offers many methods of payment from MoneyGram’s, Western Union, cash, wire transfers, Money Orders or credit and debit cards. As always, make sure the site and users are reputable in order to maximize your experience. Usually you will find the current exchange rates or prices listed directly on the site.
To find out how to buy Bitcoin in your country, please visit: http://howtobuybitcoins.info
Other reputable sites are:
Naturally there are many more options available depending on your current country of residence and you may need to research a local exchange that operates in your nation that accepts payment methods you are able to fulfill.
In-Person Bitcoin Purchases
So you’ve decided to purchase your Bitcoin in an in-person exchange for cash. While there’s nothing wrong with that, there are certainly some things you need to take into consideration. First and foremost, make sure the user you are buying from is reputable in order to prevent personal injury and theft. Secondly, make sure the place you meet is both public/safe and has internet access as the seller will need to use the internet to send you your BTC. The vast majority of users who sell in person are legitimate, but erring on the side of caution has its advantages.
We also want to remind you that in-person BTC purchases may additionally be subject to fees and some sellers may charge up to 5% of the transaction to cover usage of their personal time.
Bitcoin ATMs
While this is a newer concept, Bitcoin ATMs are becoming increasingly popular. They operate similar to an in-person exchange but require a smart phone with software installed from your wallet provider. You insert your cash into the Bitcoin ATM and use your mobile application to scan the QR code, matching your wallet to the transaction. Shortly after, the BTC will appear in your wallet.
To find a local BTC ATM you can use Google or visit: http://www.coindesk.com/bitcoin-atm-map.
Be aware that some BTC ATMs charge an exchange rate anywhere from 3-8% on top of the standard rate.
Preventing Fraud
Be careful when using your credit card or PayPal to purchase Bitcoin. These transactions can be exploited using “chargebacks”, meaning that somebody can cancel the exchange effectively keeping both the money and the Bitcoin. This method is usually not used since it is well known to be exploitative. Also make sure that you are purchasing from a reputable vendor with solid reviews so that you can guarantee a safe transaction. Researching the site you use is also a necessity to make sure you are making a legitimate purchase. While purchasing BTC is generally safe, it is always best to be on the side of caution.
Conclusion
Hopefully you have a general understanding of how Bitcoin work, how to properly store and purchase them. If not, you can always find other sources of information like Bitcoin sites, forums, Google and YouTube. Joining the world of Bitcoin is an amazing experience and opens the doors for the acquisition of many new items or services. As the Bitcoin community continues to grow, so will the value of your Bitcoin. The best time to start collecting BTC is now, and we hope this guide has given you a helping hand in getting started.
Please note that the materials here serve an informative purpose only, and are meant to help you make an informed decision in regards to purchasing, using and storing Bitcoin. mBitcasino is not affiliated with any of the websites or products mentioned within the content, so we are not to be held responsible for any losses or issues you may encounter while using the mentioned websites or products.