Crypto-currencies like Bitcoin, Ethereum and Monero have become increasingly popular in recent years for a variety of reasons. Some people see bitcoin as digital gold and a great long-term investment. Privacy focused cryptocurrencies like Monero are popular on dark net markets and Ether is used as a fuel to run decentralized apps. There is still a lot of confusion about crypto in generalso we’ve put together this beginners guide to buying digital currencies.
Popular bitcoin exchanges like Coinbase, Kraken, Bitfinex and BitStamp now have millions of users and are the most popular method for acquiring crypto-currencies with dollars, euros, pounds and yen. You can pay using your Visa/Mastercard or simply transfer money from your bank account. Commission is usually 1% or less, which makes exchanges one of the most economical ways to buy BTC, LTC or ETH.
Work For Bitcoin
Companies like BitWage integrate with existing major payroll systems so all you need to do is tell your payroll department what percentage of your salary you want to receive in BTC and BitWage will take care of the rest. Many employees in major companies like Google, Uber and AirBnBnow receive a portion of their wages in bitcoin using these types of services. If you are a contractor then you can also just send a payment request to your employer using Coinbase, which is the PayPal of the crypto world.
Due to popular demand, most bitcoin ATM’s now also allow you to buy or sell Litecoin and Ethereum. The biggest benefit of BTM’s is that they are instant and you don’t need to wait for the KYC/AML department to process your application before you can buy. The biggest drawback is that they are expensive to use with fees often in excess of 8%.
Cash Out Your Gambling Account
Many casinos, sportsbooks and poker rooms now accept bitcoin and litecoin because they offer gamblers in the United States an easy way to make deposits and withdrawals. Cryptocurrency gambling is no longer limited to bitcoin-only sites like Nitrogen Sports and CloudBet. Major bookmakers and poker rooms like Americas Cardroom and Bovada now also accept bitcoin. While many offshore gambling operators charge 7% transaction fees when you use your debit or credit cards, bitcoin transactions are completely free. If you have a few hundred dollars sitting in your sports betting or poker account, why not opt to withdraw it in bitcoin and save yourself some money.
If you have ever purchased something on eBay then you will be familiar with how sites like Local bitcoins and Paxful operate. People with cryptocurrency to sell are matched up with people in your town or city who are looking to purchase. There is a reputation system similar to eBay that tells you how many previous sales this person has made and how satisfied their customers were. You can opt to meet the seller face-to-face to make the transaction or simply deposit the money in their bank account.
Depending on where you live in the world, you can now purchase cryptocurrencies over the counter at various locations. For example, you can now buy bitcoin in over 1,300 newsagents across Australia thanks to a deal between an Australian exchange and the retail network Blueshyft. Similarly, it is now possible to buy cryptocurrencies like Bitcoin, Dash, Ethereum and Litecoin at almost 2,000 locations in Austria following a partnership between the Austrian post office and a local bitcoin company.
Purchase From A Friend
If there isn’t a bitcoin ATM in your city and you’re too lazy to set-up an exchange account, why not simply ask your friends and relatives if they have any for sale. You will probably be surprised to discover how popular crypto-currencies have become.