Bitcoin Goddess

All the Lands Shall Adopt Anonymous Currency

The Easiest Methods of Purchasing Bitcoin

Awning of the Federal Reserve

 

Bitcoins are not the easiest thing to acquire when you want them in quantity. It is still surprising to me that seemingly most people have no idea what a Bitcoin is, let alone where to get them.

There are several ways to purchase Bitcoin, most involving banks and exchange markets. My contention with this method is two-fold. First, banks are notorious for delays in releasing their customer’s funds via e-transfers. Second, exchange houses are notorious for gathering as much information as possible on the considered customer short of a DNA sample! It can take lengthy amounts of time to get cleared by an exchange house.
All this just so the customer may have the privilege to spend their own money. Apparently even MtGox, being an off-shore exchange, is highly stringent in their new customer policies. It is understandable in a lot of aspects, but I would rather not deal with all of that drama if I can avoid it.

The good news is that there are ways to avoid that type of irritating experience. I have listed three ways to easily purchase Bitcoin so that those starting out will not need to sustain the headache of banks and exchanges.

Hopefully, the much-anticipated Bitcoin ATMs will soon arrive in such a plethora that they will be considered commonplace. The Bitcoin ATM will solve many issues for people wanting to use Bitcoin. Of course, I am curious to know about the fees that might be attached to it’s convenience.

 

Bitinstant

BitInstant

 

There are many options at Bitinstant, you can make a bank transfer, a coupon transfer, a voucher transfer and what I will be focusing on in this article, cash transfers. The great thing about Bitinstant is that they partner with ZipZap, who has a deal with numerous chain stores to facilitate cash to Bitcoin transactions at their locations within an hour.

Some of these locations include:

  • CVS
  • Walmart
  • Albertson’s
  • …and there are even more locations available depending on where you live.

You may direct the purchased bitcoins to be transfered either to your BTC address or to MtGox, if that is what you prefer (of course, you will need an MtGox account). It usually only takes about an hour under average circumstances to finish the entire transaction process. This is almost guaranteed, the quickest way to get Bitcoin.

 

BitInstant

 

Be warned that you will need to pay 2 fees, there is an initial fee of 3.99% to perform the transaction, then ZipZap demands a crazy fee of $3.99 for the convenience of making each cash transfer. I suggest that you transfer a larger amount to make the fees worthwhile. However, it is not permitted to request an  exchange larger than $999 at a time.

 

Local Bitcoins

Local Bitcoins

 

A lot of people use this site and are very pleased with it. I can see why, it is very straightforward and easy to use. Just type in your location or just a zip code, then up pops a list of available local people willing to part with their Bitcoin.

Their standard transfer method is pretty secure:

  • Make an offer to buy
  • A secret verification code is then sent by localbitcoins that needs to be written down or memorized (do not share the code).
  • Meet up to make the transfer
  • The seller sends a release code via text to verify the transfer.
  • Seller receives the secret verification code via text and shows it to you, this is proof that the transaction has been finalized.

There are some low fees associated with their services and transfers, 0.0035 at the most. more information can be found on their site.

 

Craigslist

This may not be a quick method, unless you are incredibly lucky. However, if you are comfortable using Craigslist for this purpose, then I wish you good luck.

Recently, many people have been listing things for sale on Craigslist in exchange for Bitcoin as payment. I am certain that people are also attempting to acquire them with cash through this method as well.

This is most definitely the least secure option, in fact, it is completely filled with risk. It requires a lot of trust and scrutiny from both parties involved, but absolutely no 3rd party service fees are involved.

 

 

Advertisements

Discussion Arena

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: