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Guides & Tips

March 24, 2013

How and where to buy Bitcoin in USA

Interest in Bitcoin Grows In Spain As Cyprus Sinks

1. Via bank transfer

Coinbase is one of the sellers allows you to purchase Bitcoins through bank transfers. After signing up for a wallet, you can add bank accounts and after verifying them, buy Bitcoins for 1% plus a flat $0.15 fee. The process is documented with photos at Coinbase. It’s not the fastest way, but the price is competitive.

2. Via Phone allows you to buy bitcoin through your cell phone, but it’s not cheap and the limit on Bitcoins purchased is small. After creating a wallet with them, you’ll need to verify your cell phone number. Once that’s done, you chose from their small, medium or large purchase options and get your Bitcoins within the minute, but don’t expect to get that many.

3. Via Second Life and Credit Card (slow and expensive)

If you are familiar with Second Life, this is a pretty quick way to transfer money from dollars to lindens (SLL), and then using VirWox to Bitcoins. Note that both Linden Labs and VirWox profit a lot off of each transaction here, and new accounts often have their transactions held, so this is far from instant. It is cheaper than buying by phone though.

4. Online Wire Transfer (slow, average cost)

If you have a bank account that allows you to wire money online, accepts international wire transfers for 1% and a $10 fee. 1-3 business days later, they’ll provide a code so you can buy Bitcoins on MtGox instantly. Because of bank fees, this is better for large purchases.

5. Cheque and Money order (slow but cheap)

CampBX offers the ability to buy Bitcoins in a number of ways, but the easiest one for someone new is Money Orders. Just sign up, pick up a USPS money order at any one of the over 30,000 USPS locations and send it off to CampBX with your details. They’ll deposit it and exchange it for Bitcoins the day they get it. You pay only $1.15 under $500 and $1.55 up to $1000