How to get bitcoin

Bitcoin Exchange


9a1x8mqWhat is it?

A service that usually comes in the form of a website that allows a user to buy and sell bitcoin. Typically, you deposit fiat or bitcoin from your bank or bitcoin wallet – once sent to the exchange you have given the exchange 100% control over your bitcoin. When you are buying bitcoin you are buying from a user that put in a sell order and when you sold bitcoin, someone else purchased them from you. Bitcoin exchanges dictate the price per bitcoin and it is based on supply and demand.




Popular exchanges:

Coinbase [USD/GBP/EUR/CAD]

Bitstamp [USD/EUR]

BTCC [USD/CNY]

Quadriga CX [CAD]

Full Exchange List

Some things to look out for

1. What security practices do they use? Example: high % of funds stored in cold storage, 2FA, multi-signature
2. How long has the service existed and what is their track record for performance?
3. Is the CEO known and do they have a credible backing of well-known and established investors?
4. Are the servers located where the company itself claims to be located?
5. Do they take part in proof of reserve audits using the blockchain?
6. Are they regulated (are they running under a legal environment?)

Exchange List

Pros

1. Buy/sell bitcoin almost anywhere in the world with an internet connection.

Cons

1. Most require submission of a lot of paper work for regulation purposes.
2. Susceptible to hacks, government seizures and inside jobs.
3. Initial verification process can take days to complete.
4. Small exchange fee charged.
5. Transferring funds to your account from a bank can take days or may be costly (from the bank’s side of course)

Exchange List

Recommendations

1. Great for short-term buying and selling.
2. DO NOT use an exchange as a Bitcoin wallet. An exchange is NOT a bank or a wallet. Withdraw your bitcoin IMMEDIATELY after purchase.
3. Activate any additional security features offered by the service such as 2-factor authentication.

Exchange List

Bitcoin merchant


bitcoinacceptedhereWhat is it?

You can accept bitcoin for your service or good yourself or through a professional bitcoin payment processor. Currently, the most common method is using a QR-code that can be scanned by a device with a camera. The QR-code contains data of the transaction such as the total price.

How to Accept

Some things to look out for

1. Do some research on the payment processors you may want to use.

How to Accept

Pros

1. Tap into a new market.
2. Open your business globally.
3. Save on CC fees when a user pays with bitcoin.
4. Zero risk if you choose to convert all bitcoin transactions directly into your local currency (payment processors allow you to choose a % to keep in bitcoin)

Cons

1. You may not get many bitcoin sales. The economy is still growing and in the infancy.

How to Accept

Recommendations

1. For a business, it would be best to use a professional bitcoin payment processor.

How to Accept

Person to person

bitcoin-best-currency-of-2013What is it?

Physically meeting another person locally and buying bitcoin from him/her. Both buyer and seller will need some form of a bitcoin wallet and a device to send/receive the bitcoin.

Some services include localbitcoins.com and a bitcoin wallet called mycelium that has a similar service as part of the wallet.

https://localbitcoins.com/
https://bitsquare.io/

Some things to look out for

1. Be wary of scammers or robbers. Meet in a public location.
2. Try to find a seller that has some credibility to vouch for them.
3. After the transaction, make sure the bitcoin is in your wallet before you both depart.

https://localbitcoins.com/
https://bitsquare.io/

Pros

1. No banking or personal information required.

Cons

1. It is inconvenient.

https://localbitcoins.com/
https://bitsquare.io/

Recommendations

1. Only buy small amounts using this method.

https://localbitcoins.com/
https://bitsquare.io/

BTM

casascius-1What is it?

A device that somewhat resembles the look and functionality of a traditional ATM machine. You can use a BTM to buy bitcoin using cash. A BTM would use the current market value of a bitcoin via one of the large exchanges.

There are two types of BTM machines:

1. One-way, meaning you can only buy bitcoin by inserting cash.
2. Two-way, meaning you can both buy bitcoin with cash and sell bitcoin for cash.

Find a Bitcoin ATM

Some things to look out for

1. After purchasing bitcoin, be wary of someone trying to intercept your private key (if the private key gets printed out).
2. If the private key gets printed out, import it into your wallet and transfer the funds to another public address as soon as you can.
3. Ensure you have a wallet on your mobile phone and make an encrypted back-up of your mobile bitcoin wallet beforehand for even more security.

Find a Bitcoin ATM

Pros

1. Convenient if there is one in your area.
2. Relatively safe.

Cons

1. May have buy/sell limits.
2. Have to leave the comfort of your home.
2. There is not a BTM everywhere yet.
3. Some now have overly cautious verification processes for KYC regulations.

Find a Bitcoin ATM

Recommendations

1. Great for small transactions if there is one located near you.

Find a Bitcoin ATM

Mining

iqzpuvlli2l87What is it?

Using mining software and specialized hardware to process Bitcoin transactions and in return receive a part of the block reward. A block reward contains brand new bitcoin and transaction fees.

Learn About Mining

Some things to look out for

1. Do research and calculate electricity costs and take into account difficulty increases, etc.
2. Ensure you will receive the mining hardware after purchasing it in a reasonable time-frame. Or take this into consideration when doing your research and calculations.
3. Research the company and their credibility.

Learn About Mining

Pros

1. Secures the Bitcoin network.
2. Make money if you did your homework.

Cons

1. Expensive.
2. You will most likely not receive the mining hardware for a long duration and by the time you receive it, the mining difficulty will have gone up.
3. You need to find a credible company.

Learn About Mining

Recommendations

1. Great if you just want to help secure the Bitcoin network.
2. Be prepared for complications such as shipment times, defective hardware, malfunctioning hardware, etc.

Learn About Mining

Converting to a Bitcoin Payroll

bitcoin-tcatmWhat is it?

Utilizing a third party service to automatically convert a specified percentage of your payroll to Bitcoin. These services typically charge a small fee.

https://www.bitwage.com/

Some things to look out for

N/A

Pros

1. Get Bitcoin each pay check you receive automatically.

Cons

1. Bitcoin price can be volatile.

https://www.bitwage.com/

Recommendations

1. Convert only what you can afford to lose.

https://www.bitwage.com/


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Tyler Winklevoss | Investor and of Facebook fame

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*Oct 27, 2016: Bitcoin Core v0.13.1 released. 95% of miner hashing power must upgrade for SegWit activation. | What's New? | Download Update | % blocks mined w/ Segwit | % Running v.0.13.1+
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