2

What is the cheapest and easiest way to acquire bitcoin for a beginner?

I bought bitcoin from an ATM and had to pay 10% premium. I downloaded a mycelium wallet on my iPhone and I noticed that the fees are insane. A minimum fee is currently 12,68$ and if I want to send bigger amounts the fee is around 15%! I think these fees are just pure madness. I am currently looking different online sites but I don't know which one is the best. There are so many out there.

Could you guys help a beginner to buy some bitcoins?

0

Those fees are madness. Currently, transactions with a fee of 40sat/byte are being cleared. The problem is that fee estimation is not as easy as it looks. Fortunately, I believe Mycellium has the option to input a custom fee.

Buying at localbitcoins.com is one option, or using an exchange like GDAX. Usually, buying larger volumes is more lucrative than buying lower volumes.

| improve this answer | |
0

Well first of all, don't buy with a credit card, those always yield in crazy fees unfortunately.

What I would suggest you to do, is:

  • Create an account on a website such as kraken.com

  • Wire transfer some money there

  • Place an order on their trading page (limit order for lower fees, market order for immediate execution)
  • Enjoy the lower fees

Hope it helps!

| improve this answer | |
  • What does it mean to wire transfer money there? – croraf Nov 17 '17 at 21:00
  • Send the money to the address specified on your account with the specified reference. – Hollossy Nov 18 '17 at 14:34

Not the answer you're looking for? Browse other questions tagged or ask your own question.