Buying bitcoins is sadly not as easy as purchasing a carton of milk at the supermarket (yet).
In order to procure the digital cryptocurrency, you need to perform different operations.
The process is not complicated and there are different options, but you might get frustrated that you can’t purchase them directly (or even if you can, there is still a waiting period for things to be cleared).
There are several methods.
PayPal and credit/debit card
But where to buy bitcoins with PayPal? A more accurate question would be, “How to buy bitcoins with PayPal?” Since Bitcoin is more or less in competition with PayPal, PayPal are not very fond of the idea of helping their customers acquire digital currencies.
That being said, there is still a workaround. The same method would work if you’re asking, “Where to buy bitcoins with debit card?” You just need to link your card to your PayPal account.
After that you want to buy Second Life Lindens which you can then exchange for bitcoins. This method involves paying some extra fees but it’s one of the fastest way to get bitcoins.
With some exchanges or trading platforms you can also buy bitcoins via a bank transfer. For American bank accounts, possibly the best option is Coinbase.
They allow you to link your bank account to your Coinbase account and purchase from there. After a 30 day period, you can even link your account to your card (if everything has been fine so far) but the transactions have a 1% fee and take up to a few days to process.
Bitstamp went online in 2011 and in 2016 it was the second largest Bitcoin exchange in terms of volume. The same year it became the first licensed Bitcoin exchange. It provides reasonable fees, and offers added fetures such as a Bitcoin debit card.
Kraken is another option.
It’s not only an exchange, but a trading platform, so if you’re adept at trading, you can actually make a profit out of this.
The platform allows you to buy or sell bitcoins via wire transfers so it’s relatively easy to use.
A downside is that there are still additional fees present, albeit much lower than in other methods. And, of course, the process is not instantaneous.
Other than that, it’s a pretty solid platform you can use for your bitcoin related needs.
Other notables: Huobi, Coinbase, Poloniex, and GDAX.
Before using anything related to money transactions of any sort, it’s always good to have a look online, read reviews and look up potential threats on Reddit, and see how the general community receives the service provider.
If there are frequent problems or many people complain, then maybe it’s time to have a look at another service provider.