How should you buy Bitcoin?



Verification and Fees.


Some people don't care about providing their identity. Others are a little more suspicious of what Bitcoin was created to circumvent.

The government has drafted a set of laws (Know Your Customer/Anti-Money Laundering) so that they can track the movement of every dollar, starting with your Social Insurance Number. Know Your Customer requires businesses to do as it says while Anti-Money Laundering requires people to not do what the government does. That's the gist of it.

The choice to verify yourself to various Bitcoin vendors and exchanges is yours to make. Know that most exchanges (ex. Coinbase, Bittrex, Kraken, etc) apply deposit/purchase/withdraw restrictions to accounts, and provide higher limits as more personal information is given (ID/Passport, selfie, proof of address).

Naturally, there are options for those who prefer to operate under the radar. It's important to note that while Bitcoin is hard to trace it's not entirely anonymous. It's also wise to operate under the assumption that the Revenue Agency will come knocking at your door one day, looking for any cut they can justify.

That said, unless they have access to the passphrase of your Bitcoin wallet, you're more than welcome to tell them where to go while considering expatriation or a life off the grid.

Bitcoin is the public gateway to escape the trap.


Knowledge of various fees requires you to talk to people, do your own research, or trust

It's best to do all three.

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