Where Can I Buy Bitcoin Near Me?
Bitcoin is a digital currency that is not issued by any central authority. Instead, it is generated through a complex process known as “Bitcoin mining.” It is the process of solving complex mathematical problems in order to issue and verify digital transactions in the network. This process is known as “minting” in digital currency. Where can you buy bitcoin near you? Buying Bitcoin is not as simple as going to a local shop and exchanging cash for it. Instead, buyers must locate a Bitcoin ATM or exchange office. These are businesses that exchange cash for digital currency. It is also possible to purchase Bitcoin from a peer-to-peer exchange, or from a Bitcoin wallet provider. Here is a list of some of the most reliable places to buy bitcoin.
What You Need to Know Before You Buy Bitcoin
1. You Can Find Bitcoin ATMs Near You
There are several different places where you can buy Bitcoin from and some of them even accept payments in cash. Fortunately, finding a Bitcoin ATM near you is pretty easy. You can also find Bitcoin exchange offices and wallet providers who exchange cash for Bitcoin. Coinbase and Bitpay are two such companies.
Coinbase is an online wallet provider that allows users to store, transfer and spend their bitcoins. The company lets you buy Bitcoin using credit or debit cards or a digital currency wallet. Wallet is a software program you can install on your desktop, mobile or tablet. Coinbase is also a very reputable bitcoin exchange as the firm is licensed in all 50 states.
Where to Buy Bitcoin: A Step-by-Step Guide
Whichever option you decide to use, please be careful and ensure that the merchant or exchange is reputable. It is usually advisable to purchase Bitcoin with a pre-paid cash card or a credit card. Cash cards and credit cards are much safer, as they will not suffer any loss if you fall victim to cybercrime. Also, buyer beware; there are websites that claim to exchange your cash for Bitcoin, but instead will purchase your Bitcoin and move it into their own accounts. And as we have mentioned before, the risk is that you may never be able to recover your Bitcoins.
What Are the Best Bitcoin Exchanges?
As mentioned, there are a number of exchanges that allow you to buy Bitcoin, depending on what country you are in. Below are some of the best exchange options for you to use.
How to Buy Bitcoin: A Guide for Beginners
Key players in the Bitcoin economy come together at the annual Bitcoin Conference in San Jose. This one-of-a-kind event is host to some of the top minds in Bitcoin, who convene for five days to discuss their vision for the digital currency. This year’s conference will be held at the San Jose McEnery Convention Center on October 29 to November 1.
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Where Can You Spend Bitcoin?
The only official government-sanctioned place to spend bitcoin is with a Bitcoin ATM. This is where users can exchange cash for bitcoins in exchange for a small fee. The typical fee varies between different Bitcoin ATMs and also depends on the country. For example, users can only pay the transaction fee when using a BTM in the United States or Japan. Other countries, such as the United Kingdom, require a larger fee. These charges generally do not exceed 0.01 BTC, though some BTM machines charge more. With more BTM operators expected to roll out in 2016, the fee may increase.
This is one of the main reasons to purchase bitcoin from a peer-to-peer exchange or a wallet provider.
Bottom line
Bitcoin is a revolutionary new technology that is creating tremendous value and excitement within the world of finance. As adoption of Bitcoin increases, new consumer applications will be developed to leverage the power and reach of this disruptive innovation. Further applications for the blockchain will allow us to make our lives simpler, easier, and safer.
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About the Author
Kate Smith is a financial advisor with AIC Financial Planning. Kate has been providing financial planning and investment advisory services since 2000. She specializes in working with senior individuals and families to provide comprehensive financial planning and investment services.
(Note: The following article may contain affiliate links to offers. If you
purchase any of the offers I may receive a commission)