You may obtain Bitcoins by either mining or purchasing them through a legitimate exchange. Mining requires extensive investment into hardware and knowledge about setting up a mining rig. For this reason, I will discuss how to obtain Bitcoin through an Exchange safely.
There are numerous exchanges that say you can buy and trade bitcoin through their exchanges, but end up scamming a majority of the people. It is extremely important that you deal with a legitimate establishment.
One must be able to acquire Bitcoin by paying an equivalent amount in local currency, after following the company’s respective laws and requirements.
Different countries have different laws that govern distribution, acquisition and regulate Bitcoin usage within.
You should be able to find out if Bitcoin is legal within your country at Legality of bitcoin by country – Wikipedia.
You would require a wallet nevertheless if you’d like to receive or send Bitcoin.
You should be able to create and operate a wallet amongst the numerous types available out there.
We can buy Bitcoin through the numerously available exchanges and transfer it to other people as long as we know their bitcoin address.
Selling Bitcoin requires you to follow certain laws deemed by the government of your country. Eg: Know Your customer Laws (KYC). It is very well recommended that you do look up laws that govern Bitcoin trade where you live or you may face serious legal consequences.
Bitcoin trading requires that you have the wallet address of the person that you’re transferring the Bitcoin to for services or products in exchange. Bitcoin traders are required to follow similar laws as one selling Bitcoin and some countries even require the people who are trading to get registered within their respective countries as well.
It is recommended again to look up and follow laws that govern bitcoin trade and sale within your respective country.
One might even consider safeguarding their private key by making a paper wallet to make it less accessible electronically and to effectively prevent it from being compromised.
Local Bitcoin is another platform where one would be able to directly interact with the person they are selling their bitcoin to.
I’ve known Bitcoin & Ethereum Wallet (Coinbase) to be a legitimate Bitcoin exchange that has been known to declare and pay their taxes effectively, but they are known to operate within the United States alone.
You shall be able to find a complete list of Bitcoin exchanges around the world at Top 40+ Bitcoin Exchange Sites inclusive of ratings and relative trust scores.
- Top 40+ Bitcoin Exchange Sites
- Bitcoin & Ethereum Wallet
- Poloniex – Bitcoin/Cryptocurrency Exchange
- Print Offline Tamper-Resistant Addresses
- Fastest and easiest way to buy and sell bitcoins
- Legality of bitcoin by country – Wikipedia