Wednesday, November 11, 2015

Getting Your First Bitcoin - First Step Down The Rabbit Hole

OK you are finally convinced that bitcoin is here to stay and you are ready to make your first bitcoin investment. Now how do you get your first bitcoin?

It is actually not so easy. Banks are not too happy integrating with bitcoin businesses making it difficult to exchange between currency and bitcoin.

1) Bitcoin ATM
Image result for bitcoin atm

Bitcoin ATM's Worldwide

At first glance it seems easy but quite often these machines are not working or are in low traffic areas. Good if you can get someone to show you how to use the machine.

2) Local Bitcoin

Local Bitcoins Website

Next to exchanges local bitcoins are the best way to purchase some bitcoins. Find a dealer close to you and make your purchase in person with cash. Rates will be higher than those charged at the exhcanges. Once you have struck up a relationship future purchases would be easier.

3) Bitcoin Exchange

List Of Bitcoin Exchanges Worldwide

It is easy to open up an account with the exchange but difficult to connect your bank account with the exchange. However registering your credit card will be easier. You will often be ask for idenfication and details of residence.

4) Mycelium Wallet

You can download a Mycelium wallet for your phone and use it as your bitcoin wallet. Mycelium wallet has a feature showing you the nearest contacts for people wanting to sell and buy bitcoins.

5) Bitcoin Mining

Bitcoin mining is not for the non technically minded and quite often it is difficult to purchase. Currently only 2 companies are selling direct to the public. Bitmain and Spoondoolies.

Image result for s7 bitcoin miner

At a price of $1585 USD it will take quite some time to get a positive return on capital. However some people look at bitcoin as a long term investment and it's future value being greater than it's current value. Bitcoin mining produces diminishing returns but if the price of bitcoin keep increasing as expected then this may turn out to be a good investment.

6) Cloud Mining.

Surprisingly this may be the easiest way to get a stream of bitcoins. Genesis Mining is the best cloud mining operation. They are very professional and have been around for quite sometime. It is easy to make a purchase a mining contract with your credit card. They offer lifetime contract though how long this will last is unclear.

7) Offer products and services for bitcoin

Open Bazaar will soon launch and they have ambitions of becoming as big as Ebay.


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