3 Ways To Invest In Bitcoin
How to get started buying and investing in Bitcoin
I regularly get this question:
What do you use Bitcoin for?
I usually answer it something like this:
It’s an investment. I don’t care what the price is worth at this moment. I buy Bitcoin for it’s future value.
That’s when I generally get an array of follow-up questions, but this is my favorite:
How can I start investing in …Bitcoin?
“It’s an investment. I don’t care what the price is worth at this moment.”
They always pause before mentioning Bitcoin as if it’s a taboo subject, or just from fear of sounding like they don’t know what they’re talking about. There shouldn’t be any stigma of fear about inquiring about the new and unknown. On the contrary, we should always embrace it and push towards that direction, but I digress…
I answer that question with excitement nowadays, because there’s SO MANY innovative ways to to get started buying Bitcoin and begin investing in it’s future. Usually after I get over the initial excitement I tell them the main 3 ways I currently secure Bitcoin.
1. Buy Bitcoin Instantly With Cash
I live in Miami, Florida, and the way I instantly get Bitcoin is by throwing all of my extra cash into a Bitcoin ATM. I’m sure there are other options near you or where you live. Check out this global map for more info: http://coinatmradar.com/
I use the ATM in Downtown Miami usually around lunch time, but if you’re closer to Wynwood I’d suggest going there, too. The area is pretty cool.
Just step up to the ATM and have your mobile phone and state-issued ID ready to log in to Bitstop’s services. Hold the back of your ID to the glass panel so the camera can read the barcode. Then simply follow the instructions on the screen.
If you’ve done this before you’ll get a verification code via text message to the cell phone number you used to register. Hold up the QR code of the Bitcoin wallet where you want to deposit your Bitcoin. Now put your cash into the machine. When you’re done hit send and your Bitcoin will be in your wallet. You’ll get a receipt via text message, too.
2. Buy on Coinbase
I prefer Bitstop for obvious reasons, but I also use other great services such as Coinbase. They have a great service and UI/UX, but unfortunately I can’t get my Bitcoin from them instantly. I also can’t use their exchange services, since I’m in Florida. :(
Luckily, they’re directly connected with the third way I currently buy Bitcoin:
3. Invest Spare Change With Lawnmower App
Update: I wrote this when Lawnmower App was working the way mentioned below. They now only support recurring buys set by the user. Which is still pretty sweet.
Lately, my favorite unique way to buy/invest in Bitcoin has been a mobile app called Lawnmower. Assuming you have a Coinbase wallet connected to a bank account, the app creates a new wallet on your account with their services. Then it begins rounding up your purchases and pools the spare change until it reaches a threshold that initiates a purchase on Coinbase. It’s pretty fancy stuff, but I’ll break it down for you again:
- Your Coinbase account must be connected with your checking account.
- Download Lawnmower in your phone’s app store, and open it.
- Click the menu bars on the top left of your screen and select Settings.
- Here you can increase or decrease the Spare Change Threshold.
- BONUS: Increase your Spare Change Multiplier to customize how much or little you want to save over time.
When I show this to most people interested in buying bitcoin they get extremely excited. It’s sort of like other spare change investing apps like Acorns or Robin Hood. Think about the possibility of the spare change you forget about turning into something HUGE down the line. Mind. Blown.
BUY! BUY! BUY!
ONE OF US! ONE OF US!