In a sense Bitcoin is just a digital form of money, however, it is so much more than that. Every transaction is recorded and publicly available to be seen on the blockchain by literally anyone and everyone, which also makes it a lot less anonymous than many would have you believe. I like to think of the blockchain sort of like a giant spreadsheet which normally only accountants would even bother to look at or even only have access to. Only in this case everyone can see it, and once something is put on it nobody can change it, so unlike some accountants, nobody can fudge the numbers, not even just a little bit.
People are getting into Bitcoin and other cryptocurrencies for a whole host of reasons. Bitcoin was initially intended to provide an alternative payment system, that was decentralized and that would operate free of central control (essentially free from any government getting their grubby little fingers on it). However, the entire blockchain space has turned into a heck of a lot more. Plenty of people are calling bitcoin a store of value instead of a currency due to a few different reasons. However then smart contracts came about, then decentralized finance, and then combine that with the ability to trade different cryptocurrencies essentially like stocks, lots of wealth can be made (and lost) in the crypto market. I really like the aspect of crypto being the people’s money and how it is free from centralized control, but I have also used it to make a decent chunk of change.
How to buy Bitcoin?
Obviously, these are not the only ways to buy Bitcoin or any other cryptocurrency. In fact, depending on where you live you might not even be able to use any of these methods. However, these are the ways that I have personally used to purchased bitcoin or other crypto currencies. As always this is not financial advice and you should do your own research.
In my opinion, this is the easiest way to buy Bitcoin. However, it does come with a few caveats. You can ONLY buy bitcoin using Cashapp and no other cryptocurrencies. However, the fees are some of the lowest I have seen, and it is super easy to get in and out of bitcoin. Unlike several other options (example… Paypal, Robin hood, etc..), you can actually transfer your bitcoin to any other crypto wallet. If I want to buy some bitcoin or even sell some bitcoin, the first thing I typically pull up is my Cashapp wallet. Having the ability to get a debit card and link it to your bank account means you get to be in and out of bitcoin very easily and practically instantly 24/7. CashApp also has this cool feature with the debit card called boosts which frequently gives you cash back and often times 10% – 25% cashback in Bitcoin!
This is another one that allows you to link your bank account and they recently launched a bitcoin cashback credit card. They also offer staking rewards of up to 7.5% APY and the ability for you to use your crypto assets as collateral for a loan.
Kraken is one of my favorite cryptocurrency exchanges. You can connect your bank account which makes things nice and easy to get into and out of crypto but they also offer staking up to 20% on top of the top-notch exchange. Kraken is also very highly regulated, based in the US, and has even opened a Wyoming based Crypto bank.
Coinbase is the name that virtually everyone has heard of when they think about cryptocurrency. This is one of the easiest and simplest ways to get into crypto. Get $10 once your deposit and buy your first $100 in any crypto currency.
Here are a few other exchanges that I have used or are currently using. Unlike the other exchanges listed above these are unfortunately not on and off-ramps into and out of crypto. So to use these exchanges you will need to have acquired your crypto from one of the above places or someplace else. Why do I use these you might ask? Well sometimes I want to buy a crypto and it is not always offered in other places. These are the exchanges that I would typically look after I have looked at the ones listed above.