Best Place to Acquire BTC

[ducatitalia]

Each method of acquiring Bitcoins seems to have it's challenges and benefits.  For example, "Cash for Coins" has a buy/sell mark-up similar to that typically used in foreign currency exchange.  Auction sites have associated risks.  Discrepancies exist between the major exchanges (offering arbitrage potential).  In person purchase opportunities are limited and challenging.  Selling stuff for BTC seems compelling.

So all things considered, what in your opinion/experience is the best way to acquire BTC, and at the best cost basis?

[Cryptopher]

Each method of acquiring Bitcoins seems to have it's challenges and benefits.  For example, "Cash for Coins" has a buy/sell mark-up similar to that typically used in foreign currency exchange.  Auction sites have associated risks.  Discrepancies exist between the major exchanges (offering arbitrage potential).  In person purchase opportunities are limited and challenging.  Selling stuff for BTC seems compelling.

So all things considered, what in your opinion/experience is the best way to acquire BTC, and at the best cost basis?

Hey there,

For me, after exploring and ultimately ruling out the possibility of sending funds to an exchange, I decided to take some advice from trollbox (BTC-E) and buy some BTC on Bittylicious and localbitcoins.

In both cases, it was a quick, clean transaction that must have taken five to 10 minutes at most.

You can expect a little mark up on exchange prices, but it's well worth it for the convenience, timeliness and reduced risks.

Hope that helps!

[Bitcopia]

Easiest way: Coinbase.com - but it takes a few business days for them to release your coins to you unless you verify your identity and put a VISA credit card on file.

Cheapest way: Localbitcoins.com - put up a buy ad for 1% below bitstamp price. This method only works well in large cities unfortunately.

Best way: Bitcopia.com - but it doesn't exist for the time being.

[ducatitalia]

Great options...I've read much about Coinbase being the most heavily angel-funded Bitcoin operation to date.  I understand that they hold customer's BTC in cold storage as well, reducing security risks. 

[BitUser17]

I've used Coinbase a few times and it's been quick and simple (after the few days it takes to verify the account).

[Bitcopia]

Yeah Coinbase is my go to. Once everything is linked up it's almost too easy. It's definitely taking a toll on my bank account 

If you don't mind the 1% fee and you think you're going to buy somewhat frequently, it's worth it. As far as long term storage, no matter how securely they store your coins, if you don't solely own your private key, you don't solely own your bitcoins. I, along with most, would not recommend storing more than 10 or 20% of your coinage on any online wallet. Even if you completely trust the company, there is always a small chance of insolvency or confiscation. When the FDIC starts insuring bitcoin deposits, then I'll have a rethink.

[e-CoinNextGen]

Mtgox.com
Btc-e.com
Coinbase.com

[BiTJack]

Coinbase still is the best available, Mt.Gox takes a lot of time to complete a transcation.

[mightyphreak]

I got some of my first BTC by selling some unused gift cards through reddit.com/r/bitmarket which was pretty painless. I got market price for the transactions and no fees other than the transaction itself.

[7rue]

In Canada, the best places are Vault of Satoshi (trade in USD) and Virtex (trade in CAD). Both seems good with Virtex having a bigger volume but longer processing times from what I have read. You can also try the BTC ATM machines in Vancouver, Toronto or Ottawa if you live near by!