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The BitLicense Hurts New York, Not Bitcoin

A Solution To Bitcoin’s Governance Problem (Decentralized & Open Source)
| techcrunch.com
Controlling your own wealth as a basic human right
| blog.coinbase.com
Bitcoin Price Soars, Fueled by Speculation and Global Currency Turmoil
| www.nytimes.com
Coinbase CoFounder Brian Armstrong: Completing our transition to becoming a digital currency company (not just a Bitcoin company)
| blog.coinbase.com
Bitcoin Has Trounced the Dow This Year, 124% to 14%
| www.wsj.com
Forget about Dow 20K: Bitcoin's about to hit $1,000
| www.cnbc.com
Bitcoin Investors Should Send A Thank You Note To India's Modi And Venezuela's Maduro
| www.forbes.com
Bitcoin And The Cashless Future
| www.forbes.com
BitGo instant, the on-chain solution for instant bitcoin commerce surpasses 10,000 BTC transacted per week, equivalent to $7M USD
| blog.bitgo.com
Bitcoin predicted to rise 165% to $2,000 in 2017 driven by Trump’s ‘spending binge’ and dollar rally
| www.cnbc.com
You have $1M to invest across bitcoin and ether. You cannot touch your investment for the next 5 years. How much of that $1M do you invest in each?
| blog.kraken.com
Someone Accessed Silk Road Operator’s Account While Ross Ulbricht Was in Jail
| motherboard.vice.com
IRS Requests Bitcoin Buyer Records in Broad Tax Evasion Case
| fortune.com
ZCash: The Untrusted Setup
| weuse.cash
ZCash is fundamentally insecure due to 'trusted setup'
| blog.okturtles.com
An American Fraudster : The Dirge of Christopher David, CEO of Arcade City
| medium.com
Five Reasons the Winklevoss Bitcoin ETF Should Be Approved
| www.bloomberg.com
Tuur Demeester: The Big Ethereum Short
| cointimes.tech
Winklevoss Brothers Choose State Street to Help Launch Bitcoin ETF
| www.wsj.com
LenderBot by Deloitte and Stratumn to bring insurance to the sharing economy using Bitcoin’s block chain
| bravenewcoin.com
A new NYSE-traded Bitcoin ETF is about to give the Winklevoss Bitcoin Trust a run for its money.
| coincenter.org
Ethereum's DAO Soft Fork is a Potential DoS Vector
| hackingdistributed.com
Ethereum is Doomed
| nakamotoinstitute.org
Bitcoin Surges to Two-Year High as Supply Seen Shrinking in July
| www.bloomberg.com
VIDEO: Winklevoss Twins: Bitcoin is Better Than Gold as Hedge
| www.bloomberg.com
Blockchain open sources Thunder network, paving the way for instant bitcoin transactions
| techcrunch.com
The Cryptographically Provable Con Man (Craig Wright is not Satoshi)
| dankaminsky.com
Australian Entrepreneur Says He Created Bitcoin, but Doubts Persist
| www.nytimes.com
Craig Wright revealed as Bitcoin creator Satoshi Nakamoto
| www.bbc.com
BitStamp Receives License to Operate in 28 EU Countries
| www.wired.com
Looting of the Fox: The Story of Sabotage at ShapeShift
| news.bitcoin.com

Buying Bitcoin: A Guide for Americans

How to purchase Bitcoin as an American.

Future guides will explain how to use Bitcoin to buy other cryptocurrencies, as well as buying options in other countries.


COINBASE.COM

BUY WITH BANK ACCOUNT

Coinbase.com was founded in June 2012 and provides three main services.

  • Bitcoin Purchasing and Selling
  • Bitcoin Storage
  • Merchant Services

Coinbase is located in San Franscico and was launched through the YCombinator startup incubator. It has received investments from well known VC's including Andreessen Horrowitz, Union Square Ventures, and Ribbit Capital. They have an outstanding reputation and are considered to be one of the most legitimate companies in the industry. They currently do not serve customers outside of the United States.

Buying Bitcoin through Coinbase is as simple as making an account, and linking your bank account.

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After you have done that, you are ready to go. There are two types of purchases you can make, an instant purchase and a regular purchase.

  • An instant purchase is exactly what it sounds like. You click buy, Coinbase initiates a bank transfer, and you receive your Bitcoin instantly.
  • In a regular purchase, it is the same process, however, you do not receive your coins instantly. You get locked in at your purchase price, then a bank transfer is initiated, but you don't receive your coins until the bank transfer is finalized, which usually takes about three days.
  • Both types of purchases have weekly and daily limits, with instant purchases having much lower limits.
  • After thirty days, if you go through an automated identity verification process, you can move up to "Verification Level 2" which gives you higher purchase limits.

Purchase Limits

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Verification Levels

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Once you've purchased your coins, they are automatically stored on Coinbase's hosted wallet.

It is not a Bitcoin wallet in the traditional sense because they control your private key. This means that if the Coinbase website goes down, or if Coinbase locks your account, you will have no way to access your coins. At the same time, this means that you no longer have to worry about losing your private key or having it stolen. Coinbase stores and protects your coins for you and they take security very seriously. You can read about their security practices here.

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If you want to control your own private keys, you can always send your coins to a different Bitcoin address that you control. If you plan on storing your coins for awhile, then it is probably best to move them to a password protected paper wallet.


MYCELIUM FOR ANDROID

BUY WITH CASH

Mycelium is a powerful android based Bitcoin wallet and decentralized exchange all in one.

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The Local Trader part of the app allows you to find people near you that are selling Bitcoin for cash or other cryptocurrencies. If you wish to sell Bitcoin, then you can also list it through the app.

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They have a reputation system, and your username is tied to a locally stored Bitcoin address. Mycelium won't let a seller list coins for sale if there is not enough Bitcoin in the connected address. Once you initiate a purchase from a listed seller, the app will launch an encrypted chat so the buyer and seller can coordinate the transaction.

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You can find Mycelium's own step by step guide to Local Trader here.


Unfortunately Mycelium isn't currently available for iPhone. However, you can always purchase a Moto G or a Nexus 5 unlocked directly from Google, for $179 and $349, respectively. You don't even have to use it as an actual cell phone.If you plan on buying a large amount of coins, and don't want to change from the iPhone, then it could be worth it to just use the Moto G/Nexus 5 as a dedicated Bitcoin device using the WiFi.



Disclaimer: This post is intended solely to provide information. As I have no knowledge of individual circumstances and technical level, readers are expected to complete their own due diligence before proceeding with anything mentioned in this article. The topics discussed in this post are advanced and readers proceed at their own risk. Readers are expected to complete their own due diligence before purchasing or selling anything mentioned or recommended.