Ask HN: How do you buy your first BitCoin (or altercoin)?

3 pointsisoos2 comments

At the moment I'm not interested in mining, but I'd like to try things out with cryptocurrencies, especially with BitCoin. I've created a wallet with Electrum (seed + passphrase), what's next?

How do you buy your first coins?

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i didnt buy them personally, i mined my coins way back in the day but the simplest way is to find someone local who can just sell you some or head to your closest bitcoin ATM to get coins instantly. local bitcoins is an option but im not a fan of it, prices are usually high and its generally a pain.

the other way is via an exchange like kraken or coinbase, you will need to verify your ID with them before you can use the service (usually a photo of your passport and a photo of you holding your bank card) one you are authorised you can link your bank account and transfer funds to the exchange, once the funds clear in just buy as many coins as you want and move them out to a safe wallet

if you just want to grab some coins quickly and with the minimum of fuss a bitcoin ATM is probably your best bet

I wasn't aware that bitcoin ATM is a thing, thanks! It happens that there is one in my city, which is a great option.

Any suggestion on how to approach business/merchant accounts (where lack of privacy is less of an issue)?

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