***Disclosure: I am not an expert. My advice may not be the best way of purchasing, storing or using Bitcoin. I’m giving you tips as an amateur/enthusiast. Also, any Bitcoin you buy that gets stolen is not my fault. I trust Coinbase, Airbitz and BitPay. Please be aware Bitcoin can be hacked.***
Bitcoin. It seems to be all the rage right now. From hovering the $900 range it spiked to over $3,000 in a matter of months. It’s currently sitting somewhere around $2,500 and you might be asking yourself, how do I buy Bitcoin? Below I will break down ways I’ve bought Bitcoin, where I’ve stored it, and how I use Bitcoin. Yes, you can use Bitcoin as a currency, not just an investment property.
Before I start outlining the Bitcoin buying process, let me tell you I have no skin in the game. I had about $300 worth of Bitcoin back when it was worth $900/BTC. When it jumped to about $1,300 I sold out. I still made a sizeable ROI but nowhere close to if I stayed in. Eventually, I might buy Bitcoin again but I’m waiting for the roller coaster to stabilize.
How I Buy Bitcoin
I have bought Bitcoin two different ways by using Coinbase and by using Gildera through AirBitz.
Coinbase
This is probably the most popular way to buy Bitcoin and other cryptocurrencies.
Coinbase is very simple to use. All you have to do is go to the website, click on the “Sign Up” button in the upper right, add your email address, go through security information (they will ask for your driver’s license based on KYC laws), add a debit card and you’re ready to start buying Bitcoin.
When I was buying Bitcoin with Coinbase I didn’t keep the Bitcoin in Coinbase. I immediately transferred it to my Airbitz wallet (more on that later).
Note: Based on recent news of Coinbase disallowing a 16.5 BTC donation to Free Ross I would at least look at other options.
Gildera
Gildera.io has a very similar process to Coinbase. The big difference is the speed in which your transaction goes through. Coinbase is a nearly instantaneous purchase whereas Gildera requires a 4-5 business day window. When you put a purchase order in with Gildera it’s automatically pegged at the current market rate. Meaning it won’t rise/fall with the market until your transaction is executed.
I set up an Airbitz wallet which uses Gildera as it’s Bitcoin purchasing portal. When I purchase Bitcoin with Gildera it automatically gets stored in my Airbitz wallet.
How I Store Bitcoin
At this point it should be pretty obvious I use Airbitz as my storage. It was recommended to me by the guys on The Crypto Show and has a very easy user interface. All you need to do is download the application, create a username/password, and you’re ready to go!
How I Use Bitcoin
Finding stores that accept Bitcoin
Although they are few and far between, there are some places that do accept Bitcoin as payment. The Airbitz app includes a list of nearby places accepting Bitcoin. Living in Denver, I have only been able to use my Bitcoin at two places. Southern Hospitality in downtown Denver and Black Shirt Brewing, specializing in red beers, in the Riverside North District. I have also used Bitcoin in Austin, TX at Brave New Books.
Online Purchases, Donations, and Brave
I have also made online purchases using Bitcoin through vendors that accept it. One of the coolest online marketplaces is Open Bazaar which is like a decentralized eBay. I have also used Bitcoin to donate to charities/non-profits I believe in. Mises.org was my latest donation with Bitcoin. Last, there is an ad-free internet browser called Brave that lets you upload Bitcoin in order to pay the website owner for a percentage of time spent on their website.
BitPay Visa Debit Card
This is by far my favorite way to use Bitcoin. BitPay is a company out of Atlanta, GA that has revolutionized the way Americans can use Bitcoin. Here is a quick video of how to get a BitPay debit card:
After buying Bitcoin from Coinbase, Gildera or somewhere else, the BitPay debit card allows you to cash out your Bitcoin for USD. Essentially, you can use Bitcoin anywhere you go. I love buying a cup of coffee with the card. It reminds me of the magic of the internet and how cool it is that I can turn a digital asset into accepted currency.
Conclusion
I don’t claim to be an expert. Nor am I much of an investor. I am someone who loves the decentralized aspects of Bitcoin and want to see it flourish as a currency. If you’re thinking about buying Bitcoin, either for investment purposes or for the fun of spending it, feel free to message me at [email protected]. I am happy to tell you what I know and assist any way I can.