This Is Not Investment Advice

Adventures in Bitcoin Buying


Okay. The fact is, I spent upwards of $30 on a round of whiskey and pickle juice shots Saturday. That money is gone forever. I decided to do something similar today: Buy Bitcoin! After a month of fascination, I think it’s time to see BTC from the other side, Planet Money-style. So I set about trying to figure out how to buy a Bitcoin. I quickly discovered that person-to-person cash transactions are a vastly superior method because it still takes days to shuffle money if there is a bank involved. Dwolla, the PayPal competitor that takes Bitcoin, takes a few days to a week to verify your bank account and transfer the money;, the newer Bitcoin exchange, takes one to three business days for a bank transfer and charges $10 a transaction to deposit funds from a U.S. bank. And if you place an order for BTC on an exchange, you have to wait for a seller to come along and accept it. Bitcoin is still rather volatile so by the time an order gets filled, drastic things could happen to the price or the currency–no good. Read More