How to buy Bitcoins
It’s a great time to start investing in bitcoin. More and more people are using it every day and it’s one of the safest methods of making payments. Transactions are fast, cheap and totally private, and you can instantly access your funds via your mobile phone at any time of day or night using a bitcoin wallet like Caricoin.
In 2008, a single bitcoin was valued at less than a dollar; today, in 2016, a bitcoin is worth over $600. There are app. US$10 billion of bitcoin in circulation globally and over 250,000 transactions taking place daily. Bitcoin is currently being used by over 100,000 businesses around the world and is growing rapidly, making it the global currency of choice for this new era of digital transactions.
Quick Guide for Beginners
Due to varying banking regulations, the process of buying bitcoin differs depending on where in the world you are located. Currently, it is much easier to buy bitcoin in first world countries like USA, Canada and the UK, but new services will soon be coming to the Caribbean that will make it just as easy to buy bitcoin locally.
The first thing you will need before you can purchase bitcoin is your bitcoin wallet address. This is the bitcoin equivalent of a bank account number and is the location where the bitcoins you buy will be sent and stored. You will find a guide on how to set up your bitcoin wallet with Caricoin here. Once you have your wallet address, you are ready to get started.
Where to buy Bitcoin
Out of the many hundreds of providers that sell bitcoin, we’ve narrowed it down to our recommended list of easy-to-use services that also offer great rates. Use any one of these to instantly buy bitcoin for yourself or to send on to family and friends.
Buying Bitcoin Locally
Local Bitcoins is the easiest way to buy bitcoin locally. It is a location-based open marketplace that connects buyers with sellers and offers an escrow service to protect the buyer. Payment can be made using PayPal, SEPA transfer, Western Union, meet-in-person, cash in the mail, wire transfer and even trade-for-bus-pass. Be sure to check the reputation rating of a seller before agreeing on a transaction.
Note: Caricoin has a dedicated account with Local Bitcoins that you can use to buy bitcoin via bank transfer in Jamaica. You can access that account here.
Buying Bitcoin Overseas
- Coinbase – is one of the most popular bitcoin services available. Just head over to their website, sign up and complete the user verification process (KYC), and you’ll instantly be able to buy bitcoin and transfer it to any wallet of your choosing.
- Circle – is another powerful way of buying bitcoin, however there is a wait time of 2-3 days on all purchases and the rates can be pretty high. But once you link your credit card or bank account to your Circle account, you can buy bitcoin with the touch of a button.
- Bitstamp – is a slightly more complicated online service, since it was originally a bitcoin exchange built for currency traders. Registration is very easy however, and the service allows you to instantly buy bitcoin at the best market rates using a debit or credit card.
Buying bitcoin from an ATM
There are over 800 customized bitcoin ATMs located worldwide, with new units being installed every day. Bitcoin ATM’s usually fall into two different categories – those that buy bitcoin and those that sell bitcoin. However some machines are dual purpose and will allow you to both buy and sell bitcoin.
To purchase bitcoin from an ATM, you will need to complete the following (this process may vary slightly from ATM to ATM depending on the make of machine):
- Verification step (may be optional)
- Provide your wallet address to facilitate the bitcoin deposit (some machines will allow you to generate and print/email addresses on the fly, but it is always best to have your own with you before starting to use a machine)
- Insert your cash or credit card into the ATM
- Confirm operation (bitcoins will be sent to your bitcoin address at this moment)
Visit Coin ATM Radar to locate the bitcoin ATMs nearest to you. The site uses location-based serves to find where the ATMs are located and will tell you how to get to them using detailed maps. Currently there are very few bitcoin ATM’s located in the Caribbean, but as bitcoin gains popularity across the region, we expect the number to increase.
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