I love @LuggageDonkey | Mom of 3 | Operator | Writer | #Startups | Chair of the U.S. Blockchain Coalition | @Cornell | Speak Truth
Bitcoin's price has been going up a lot recently with new all time high's achieved so I prepared an FAQ: Where to Buy Bitcoin (Getting Started) for new folks coming into Bitcoin. Lots of folks have been reaching out to me (which is great), and I realized that there are quite a few frequently asked questions, so I thought I'd share here, too!
Please let me know if you have any questions.
FAQ: Where to Buy Bitcoin (Getting Started)
1) Partial Bitcoin
You can buy less than 1 whole Bitcoin at a time. You can buy $1 worth, you can buy $10 worth, you can buy $500 worth - whatever you are comfortable with. You don't have to buy a whole Bitcoin. Start buying, and do dollar cost averaging ---->
2) Dollar Cost Averaging (DCA)
Before you start, I want to give you this piece of advice that is literally the best advice you can get for someone wanting to get into Bitcoin. Dollar Cost Average: Buy a small amount every week. Do not try to time the market, you'll be disappointed. One of the best tools I've discovered (easy to use, great resources, best low fees) is Swan Bitcoin. Use my link and get $10 Free in Bitcoin: https://www.swanbitcoin.com/windshieldtime/
You can buy Bitcoin via cryptocurrency exchanges like Bittrex, Coinme (which is done through their partnership with Coinstar/ATM, look for the green machines in grocery stores), Coinbase, CoinbasePro, FTX, etc.... Be careful. The apps are generally a bit tricky to use (**Coinbase is the most accessible and probably the easiest to use out of them). If you do small buys ($10-$1l), the fees are higher than I like, which is why I recommend Swan Bitcoin above (FYI: the fees are usually made in the "spread" of the Bitcoin you are buying). You can get free $10 in Bitcoin for using my link: https://www.coinbase.com/join/yu_1k
4) Consumer Trading Applications
There are consumer trading applications that you would use for buying stocks or for payments like Robinhood, CashApp, PayPal that now also allow you to buy/sell Bitcoin.
To be candid, be careful with this. The only one I will actually recommend is CashApp. CashApp. (Here's my signup link for CashApp if you want to use it - you get a free $5 for signing up too https://cash.app/app/XJCWNGQ). I really like their overall experience for consumers - there's a debit card with shopping boosts you can use while shopping for 3% back in Bitcoin, or 15% back at USPS or the grocery store. Robinhood/PayPal do not actually give you custody or access to the BTC you buy (they only give you the ability to buy/sell this Bitcoin). While this is "nice" in that you get to participate in some way, you don't actually get the full benefit of buying Bitcoin in the first place - so I don't recommend Robinhood/PayPal for buying Bitcoin/crypto.
5) Indirectly Buy Bitcoin
An indirect way to get BTC is through something like $GBTC (Greyscale Bitcoin) in your stock brokerage/IRA/401k account (like Fidelity, eTrade, etc.). I personally have put a lot of my retirement into GBTC because I believe in this space overall. GBTC is a great buy for an investor who doesn't want to trade cryptocurrency on an exchange (but wants exposure to Bitcoin). At times, it can trade at a pretty high premium due to high demand and limited supply because of what I call the "convenience" GBTC provides for investors. Overall, have done really well with this strategy personally and so I recommend it.
Side note: There are other cryptocurrencies out there, but NONE of them have as comprehensive and as complete command of the fundamentals of good money, good store of value, security of the network and everything that Bitcoin does. You may assume they are seemingly "cheaper" and assume that they are the same thing as Bitcoin (BTC), they are not (For example XRP, DOGE, etc.... -- they are NOT the same as Bitcoin.) Do your own research, feel free to ask questions.
Hope that helps.
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