What is the cheapest way to acquire bitcoins?

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?

juropeli

Posted 2017-11-17T10:25:27.813

Reputation: 71

Answers

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.

BlackBeltBob

Posted 2017-11-17T10:25:27.813

Reputation: 447

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!

Hollossy

Posted 2017-11-17T10:25:27.813

Reputation: 217

What does it mean to wire transfer money there? – croraf – 2017-11-17T21:00:06.763

Send the money to the address specified on your account with the specified reference. – Hollossy – 2017-11-18T14:34:31.757