Where do I get bitcoin?

This is post is taken from the Frequently Asked Questions.

One of the misconceptions about Bitcoin is that it has gotten too expensive. It is true that the price for 1 bitcoin has grown substantially over the year, but in order to participate in Bitcoin’s future growth, you don’t need to own whole bitcoins. You can buy less than a dollar worth of bitcoin, if you want!

Here are a couple ways that you can get bitcoin.

  1. Trade goods or services for it. If you are a business owner, consider offering to accept bitcoin as one the currencies that you take.
  2. Buy bitcoin with cash from someone or buy bitcoin on an exchange with your checking account. Popular bitcoin only exchanges include Strike, River, or Swan.
  3. Talk to anyone excited about bitcoin and he or she would probably be happy to help you set up a Lightning wallet and send you some sats to get started.
  4. Buy bitcoin miners. This is a more technical discussion, but you can materially participate in finding the next bitcoin block and get the mining rewards for this. As the amount of energy going into mining has increased, the cost to mine as gone up and unless you understand what you are getting into, sticking with one of the above ways to get bitcoin is much easier. Please reach out to me below if you have interest in mining bitcoin.
  5. Buy one of the Bitcoin ETFs in most brokerage accounts. Please see the question below.

Coinbase, Kraken, and Gemini are other popular exchanges. You can buy bitcoin here as well, just make to remove your bitcoin to cold storage (see below) as soon as possible. Ideally you do not want to keep bitcoin on any exchange because as long as the bitcoin is not in your personally controlled wallet, the bitcoin isn’t yours. You do not want to end up in a situation where you try to withdraw your bitcoin and the exchange stops you because they are insolvent. This happened recently to places like BlockFi, Celsius, and, what was the largest bitcoin exchange in the world at the time, FTX. 

I prefer NOT to use these non-bitcoin only exchanges because they have moved from just selling bitcoin to offering many other coins colloquially called altcoins. They make money anytime people trade these altcoins, such as Ethereum mentioned above. So, rather than buying and holding like you should be doing with bitcoin, these exchanges encourage you to trade often. The more often you trade, the more they make money.

What you should be doing is buying bitcoin and then moving it into cold storage as soon as you can. Sometimes it takes a few days to a week for your deposited money to settle, a carryover from the legacy financial system.


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