Bitcoin is catching fire.
The cryptocurrency birthed by the mysterious individual (or group) known as Satoshi Nakamura has broken the $10,000 barrier and seems to reaching for the moon. As of this writing, a single bitcoin is worth more than $15,500 (December 3, 2017).
So what if you wanted to get a piece of the action? What’s the easiest way to get bitcoins?
By far, the easiest way to get your hands on some digital internet money is the San Francisco digital asset broker known as Coinbase. According to data the company has made available, they have more than 13 million users (Nov 26, 2017) and are the first crypto company formed around cryptocurrencies to reach a billion dollar valuation.
Coinbase is growing like a weed. Interest in alternative currencies are at an all-time high and the company found their servers being flooded with users as bitcoin threatened to reach $10,000 towards the end of November (2017).
Source : Cryptocoinsnews
For those new to bitcoin, Coinbase is really the only game in town, allowing users to instantly buy Bitcoin, Ethereum and Litecoin using a credit card. A really neat feature is the ability to set up recurring buys and sells of bitcoin. Using this you can slowly build up a stake in bitcoin over time by buying it $25 at a time.
The one con of using Coinbase: you will have to pay a fee of 4% every time you make a purchase, but it is well worth the ease and simplicity.
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The default method for many people when it comes to purchasing bitcoi n is to link their bank account to an account they create on an exchange. GDAX is one such exchange and while it can be slightly more complicated to figure out how to put in a trade versus buying with a credit card, you benefit from much lower fees – around 0.25%.
Start out at Coinbase and if you plan on really getting stuck in, it would be recommended to switch over to GDAX, watch a few YouTube videos on how to use their platform and continue your crypto shopping spree on there.
What’s interesting is that GDAX is actually run by the people who brought us Coinbase. It’s their exchange offering for those who are a bit more experienced with investing in cryptocurrencies.
A good choice for the high rollers.
Coinmama is based out of Israel and is another place where you can easily buy bitcoin using a credit card. If Coinbase has any flaws, it’s that they have relatively low limits for how much you can buy at first and the fact that you will have to go through a (somewhat) lengthy verification process.
Coinmama flips that on its head. Not only do they allow you to buy easily purchase Bitcoin after a 10-minute initial verification (limit of $150), but once you are fully verified you can buy up to $5000 a day and $20,000 a month.
The downside to using Coinmama is that they charge some of the highest fees in this space. Not only do they charge a 5.00% fee for processing credit and debit card transactions but they also include a 5.50% fee on their price quotes for cryptocurrencies.
All that adds up to being a ton of overhead on a simple purchase.
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And one to stay away from: Kraken
Don’t get us wrong, Kraken is a prominent exchange based in San Francisco with a good range of crypto offerings but there are a few reasons why you should probably steer clear of them for right now.
The first reason is that their user experience design (UX) is terrible. It’s complicated and annoying and if you are new to the world of bitcoin, trading and exchanges in general then Kraken is not a good first stop. Trying to put in a trade at Kraken will take you longer than solving a Rubik’s cube on your first try.
The second reason is that Kraken appears to be growing faster than they can keep up with. Their customer service is notoriously slow and it seems like the only way to get to reply is to complain on Reddit threads.
Source : Reddit
Get your wallet
If you want to keep your Bitcoin safe, you’ll want to have a wallet to store them. So before you start buying you might want to get your wallet ready. You could choose to just buy your Bitcoin and leave them on the exchange or online broker but that comes with its own risk. Exchanges can get hacked and you lose your money. Servers can go down and you lose access to your money. The IRS subpoenas thousands of accounts and you lose your money. Do yourself a favor and keep your Bitcoin in a wallet where it belongs.
One wallet we like is Jaxx. It was created by the co-founder of Ethereum, gives you complete control over your private keys (look it up) and allows you to house many different cryptocurrencies under one roof.