And checkout Testflight https://testflightapp.com/ they have lots of resources on how to build and distribute Ad Hoc builds which are builds that you can give to people.
Update: When one picks "iOS Device" under schemes, Archive becomes available, but building fails with the message "There are no valid certificate/private key pairs in the default keychain".
Well, if I need those, why didn't you build those for me XCode? And how do I build those now? They don't seem to be the same as an ssh key...
Is this the best you can do XCode, really?
XCode allows you to develop for the emulator for free, but, to deploy on any phone - including yours, it requires membership in their developer program.