Buying Bitcoin, A Personal Adventure — With all the talk about bitcoin we decided to buy some.
We found a seller, Georgia-based Swift-Bitcoin, and accepted an offer of about $100 at an exchange rate of $11,276.62 per bitcoin.
Getting the coin required us to take a photo — no scan accepted– of our drivers license and send it to the seller. He thought the first one was fuzzy and made us take another. We then had to make a cash deposit at a Bank of America according to his instructions, write “No Refunds” on the receipt, and send him a a photo of the receipt next our face.
Remember, bitcoin is not meant to be an investment, albeit it’s probably not a bad one right now. It’s designed as a medium of exchange with an intrinsic value set digitally and kept true by a cryptography-secured public ledger (blockchain). Just about all government-issued money in the world — including the United States — is “fiat” which means the value is arbitrarily determined by a government or government-connected bank.
Buying Bitcoin, A Personal Adventure