It is not possible to buy bitcoins at a bank or foreign exchange kiosks at this time. As of
2014, it is still quite difficult to acquire bitcoins in most countries. There are a number
of specialized currency exchanges where you can buy and sell bitcoin in exchange for
a local currency. These operate as web-based currency markets and include:
Bitstamp
A European currency market that supports several currencies including euros
(EUR) and US dollars (USD) via wire transfer.
Coinbase
A US-based bitcoin wallet and platform where merchants and consumers can
transact in bitcoin. Coinbase makes it easy to buy and sell bitcoin, allowing users
to connect to US checking accounts via the ACH system.
Cryptocurrency exchanges such as these operate at the intersection of national currencies
and cryptocurrencies. As such, they are subject to national and international regulations,
and are often specific to a single country or economic area and specialize in
the national currencies of that area. Your choice of currency exchange will be specific
to the national currency you use and limited to the exchanges that operate within the
legal jurisdiction of your country. Similar to opening a bank account, it takes several
days or weeks to set up the necessary accounts with these services because they require
various forms of identification to comply with KYC (know your customer) and AML
(anti-money laundering) banking regulations. Once you have an account on a bitcoin
exchange, you can then buy or sell bitcoins quickly just as you could with foreign currency
with a brokerage account.
You can find a more complete list at bitcoin charts, a site that offers price quotes and
other market data across many dozens of currency exchanges.
There are four other methods for getting bitcoins as a new user:
• Find a friend who has bitcoins and buy some from him directly. Many bitcoin users
start this way.
• Use a classified service such as localbitcoins.com to find a seller in your area to buy
bitcoins for cash in an in-person transaction.
• Sell a product or service for bitcoin. If you’re a programmer, sell your programming
skills.
• Use a bitcoin ATM in your city. Find a bitcoin ATM close to you using an online
map from CoinDesk.
Alice was introduced to bitcoin by a friend and so she has an easy way of getting her
first bitcoins while she waits for her account on a California currency market to be
verified and activated.
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