Where to buy bitcoin
If you have never owned any Bitcoin or other cryptocurrency, you probably wonder how to obtain them.
There are several channels that allow you to obtain Bitcoin:
Channel | Security Level | User friendly? |
On-ramp provider | High | High |
Decentralized Exchange | Medium | Medium |
Centralized Exchange | Low | High |
Mining | High | Low |
On-ramp provider
A cryptocurrency on-ramp provider is different from an exchange in the sense that there is not focussed on trading.
It compares a bit to a currency exchange you sometimes see in touristic places. A good on-ramp provider allows you to buy cryptocurrency using your own wallet, or with a non-custodial wallet they provide.
Even though we are not affiliated, we do like Mt. Pelerin
Decentralized exchange
A decentralized exchange (DEX) is a platform that helps buyers and sellers to connect in a peer-to-peer fashion.
The nice thing about a DEX is that you keep in control of your funds, you only need to trust the seller (or buyer). Sellers and buyers mostly become more trustworthy over time due to a peer-to-peer rating system.
A good list of rated exchanges you find on the website KYCnot.me
Centralized exchange
A centralized exchange (CEX), is not very different from a classic stock or forex broker. You can sign up for an account, which is linked to a custodial wallet (the CEX operator has access to your funds). You can mostly also link your current bank account, or buy crypto with a credit card (VISA and the likes).
CEX's have many problems: they are often accused of fraud and big targets for hacks. In the past years, many CEX's have ceaded to exist, often preventing their customers from withdrawing their funds.
If you do choose to use a CEX, make sure you withdraw your funds immediately after you are finished with transacting!
Mining
You can aqcuire cryptocurrency through the process of mining. In essence you exchange fiat money for hardware and electricity and in return you receive cryptocurrency.
This is a captial intensive endaveour, and generally not recommended for people without a certain affinity with technology.
oblak finances its platform resources for about 5-10% through Monero mining. To utilize our servers as efficiently as possible, we allocate idle CPU time to XMRig processes.