Get Bitcoin




HOW TO GET YOUR BITCOIN



Bitcoin Exchanges

Basic function of buying and/ or selling bitcoin. Exchanges determine the market price of Bitcoin. Most exchanges require KYC meaning you need to submit ID documents.

Caution: Exchanges are not wallets. It is recommended that you withdraw all bitcoin to your wallet as soon as possible due to risk of hacks, etc.



Apps


Cash App

$Usd

Swan

$Usd (DCA)

Gemini

$Intl

Shakepay

$Cad


Standard Exchange Websites


BullBitcoin
$Cad

Bitstamp
$Intl

Kraken
$Intl

Coinfloor
$Gbp

Gemini
$Intl

Bitfinex
$Intl

Bitmex
$Intl


Non-Custodial Exchange Websites


Hodl Hodl
$Intl

Bisq
$Intl

LocalBitcoins
$Intl


OTC Exchange Websites

Kraken [OTC exchange]
itBit [OTC exchange]


Comprehensive Exchange Lists: From Bitcoin.org, From Bitcoinity.org

Tips

1. You can buy a fraction of a bitcoin.

2. Exchanges are not wallets. Withdraw bitcoin to your personal wallet immediately.

3. Do not purchase more than you can afford to lose.

Become A Bitcoin Merchant

Accept bitcoin for goods and services. Host the payment processor software locally or through a company.


Simple Method: Bitcoin Address

Caution: Not for professional / business use

1. Providing a bitcoin address. Users can send bitcoin to the address.

Example: 35JZ72myPm2HUNLHq2ozA6Z2dvbmSCFV3W

2. Providing a QR-code that a smartphone / bar code scanner can read to automatically fill in the bitcoin address. QR-codes can also specify amount to send.

Example:



Intermediate Method: 3rd Party Payment Processors

OpenNode
Coingate
Shopify
bitcoinpay
GoCoin
GoUrl


Advanced Method: BTCPay

1. Accept Bitcoin online and in-store by setting up the BTCPay server locally.

BTCPay Video Guides
BTCPay Guides


Processors To Avoid

BitPay (Reasons: History of making poor decisions, company is led by bad actors and their payment system is confusing, inconvenient and not compatible with most wallets)

Tips

1. With anything, do your own due diligence and research the payment processors you want to use.

2. Disable any option to enable acceptance of altcoins. They are useless, confusing and make you look unprofessional. If you think not many people use Bitcoin to shop, hardly anyone uses altcoins, especially for shopping.

3. If you are not tech savvy and you want to setup BTCPay consider hiring a developer to set it up.

Pros

1. Tap into a new and global market.
2. Save on credit card fees.
3. 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. In addition, we are in the stage where everyone is accumulating bitcoin, not spending them.

Stacking Sats

Shop at supported stores and get free bitcoin cashback with these apps!


Lolli

Shop online. 500+ top brands supported

Fold

Shop online & physical stores

Pei

Shop online & physical stores

Mining with Computers

Easily mine bitcoin with your existing computer(s) with honeyminer.

Caution: Expect to very little from mining – most likely not worth trying especially with electricity costs. This method is even more useless if you don’t have decent gaming video cards in your computers.

Borrowing

Earn Bitcoin via interest by borrowing your bitcoin to a third party company.

Caution: Loaning your bitcoin is high risk – you can lose all your bitcoin.

P2P

Basically barter: try to trade things for bitcoin.

For example, craigslist has a “cryptocurrency is okay” checkbox for accepted payment method.

Tips

1. Be careful meeting people in person. Use public locations and travel with another person.

2. Use a vetted bitcoin wallet to receive funds and wait for at least 1 confirmation before deeming the transaction complete.

Bitcoin ATM

A machine that resembles the look and functionality of a traditional ATM machine. You can use the machine to purchase bitcoin using cash (and in some cases sell for cash). Bitcoin ATMs have a very high fee and some may require some sort of ID check.


Two Types of BTMs

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

Tips

1. Be discrete. Travel with someone.

2. If a private key gets printed out, import it into your wallet immediately.

3. Prepare a wallet on your phone and create an encrypted back-up of your wallet beforehand. Export the back-up off the phone. Proceed.

Mining

Running specialized hardware called ASICs to process Bitcoin transactions – in return miners can receive bitcoin.

Miners usually combine their mining power in something called mining pools and share the bitcoin reward.

The average person should only try mining for learning purposes or for (probably minimally) supporting the decentralization of the network. For mining to be a viable option, you need lots of capital and cheap electricity.

Tips

1. Not recommended if you just want to “casually” mine.

2. If you are serious, do lots of planning, calculations, factor in electricity, maintenance, difficulty increases, price volatility etc.

4. Ensure mining hardware will be received within a reasonable time because long delays have a substantial impact on mining profits due to the way difficulty works.

3. Research the company selling the ASICs and their credibility.

3 Ways To Get Paid in Bitcoin

1. Your employer gives you an option to be paid out in bitcoin (in this case it is probably a bitcoin related or forward thinking company)

2. You do independent freelance work for bitcoin

3. You utilize a 3rd party company to automatically convert a % of your payroll into bitcoin – https://www.bitwage.com/.

Tips

Bitcoin is volatile. If you intend to be paid in bitcoin and hold it – be prepared for large swings in the price.

Trading

Trading is only recommended for professionals and is a method of getting “more bitcoin” or “less” depending on how your trade goes! Inexperienced people believe they can game the market all the time but sadly, end up losing everything. A very small minority will profit from trading and that includes professional traders. Bitcoin can be very volatile in it’s early stages of adoption and price discovery. Additionally, traders have to keep funds on a centralized custodial exchange which is a risk in itself. Centralized custodial exchanges are not wallets or banks and are susceptible to hacks, seizures, incompetency and internal thefts.
Trading can be done on almost any Bitcoin exchange, however some exchanges have more advanced trading features than others.


Standard Exchange Websites

Bitstamp
Kraken
Gemini
Bitmex
Bitfinex

Comprehensive Exchange Lists: From Bitcoin.org, From Bitcoinity.org


Bitcoin Futures

Bakkt (has Bitcoin settled)
CME
CBOE
TD Ameritrade
Kraken
BitMEX


Bitcoin Investment Vehicles

Grayscale Bitcoin Trust (GBTC)
Bitcoin IRA


Exchange-Traded Funds (ETF)

Coming later…?


Tips

1. Trade only if you are a professional.

2. Avoid storing funds on exchanges for extended periods.

3. Is the exchange using real or fake bitcoins?

4. Unfortunately, remember to do your taxes for losses and gains.


“We have elected to put our money and faith in a mathematical framework that is free of politics and human error.”
Tyler Winklevoss – Investor and of Facebook fame


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