So we’ve talked about ways to earn bitcoin and apps to purchase Bitcoin automatically. Let’s talk about buying Bitcoin directly. There are a couple easy ways to buy Bitcoin in 2021.
Cash App
This is probably one of the easiest ways to buy Bitcoin. I think I bought Bitcoin within about 20 minutes of downloading the app. There are a couple steps known as “Know Your Costumer” (KYC) which requires you to take a couple pictures of your Driver License in order to make sure they are not letting a machine by Bitcoin. Some people have issues with KYC, however, as a “Boot” we want to get you in the market as soon and as easy as possible. Cash App also allows you to deposit your Bitcoin into a private wallet. Therefore, you can buy your Bitcoin on Cash App and deposit your coins into a private wallet. At this point, you can only buy Bitcoin on Cash App, but that shouldn’t stop you from getting into the market.
Liberty X
Liberty X is an ATM based software that allows you to buy Bitcoin at ATM’s in the network. It felt really weird the first time I made a transaction, but it’s as simple as using debit card to pull money out. Instead of pulling out cash, you can convert your dollars into Bitcoin. There is also the option to sell your Bitcoin and pull out cash. Having a bitcoin wallet is essentially replacing your traditional savings account. When buying bitcoin, in my experience, you use a hot wallet to get your transaction code. After the transaction is completed, your Bitcoin shows up in your private wallet.
Coin Base
If you are interested in investing in Bitcoin and other cryptocurrencies, then Coin Base is where you want to be. Coin Base is a centralized exchange that allows you buy and sell a crap ton of cryptocurrencies including Bitcoin. First you open an account with Coin Base and create a private wallet. From here, you can start to buy Bitcoin and hold it on the exchange. You will still need to “KYC” in order to start buying and selling, but that is a small price to pay to get into the market. Coin Base also gives you the option to take your crypto off the exchange and store it on a private wallet. I’m not a huge fan of exchanges because you don’t have control of your private keys. However, there is a need for them especially if you are just starting out. Ease of use and the ability to get your crypto off the exchange make it a good option.
