How do I purchase Bitcoins?

Question

Way too complex. Give me an actual example as to how this works? For example;

How do I purchase bitcoins?
How much do they cost; is there an exchange rate?
How do I redeem them; turn them back into dollars?

Please ask one question per post. And since all these questions have been addressed before, if you have carefully read the previous answers and they don't help you, then include a link to those answers and explain specifically what you don't understand. The people who wrote those answers did the best they could to make them understandable, so if you just ask the same question without any further amplification, you'll just get the same answer. — Nate Eldredge, Jan 30 '16 at 17:46
Also, please choose a title that actually describes the question you are asking. If your title is already complaining about other answers, it makes me wonder if I should spend my time writing an answer, or if you will just complain about it some more. — Nate Eldredge, Jan 30 '16 at 18:08

score 3 · Answer 1 · answered Jan 30 '16 at 19:57

A complex subject with an array of different possibilities results in answers of the same nature. If we provide simple answers, it won't be very helpful. For example:

Q: How do I purchase bitcoins?
A: Depends.

Q: How much do they cost?
A: Depends.

Q: Is there an exchange rate?
A: Yes.

Q: How do I redeem them; turn them back into dollars?
A: Depends.

Complex yet more helpful answers:

Q: How do I purchase bitcoins?
A: Depends on where you live, but I think it's safe to assume you are in the United States based on the details your questions. Coinbase and Circle are US friendly sites that will sell you bitcoins after your sign up and provide them with your personal and financials information. Or you can use a service like localbitcoins to find someone nearby that will meet you at a public place that will sell you bitcoins for your cold-hard cash. Or you can try to find a bitcoin ATM, that will turn your cash into bitcoins. The last two options will require you to have a bitcoin wallet, whereas coinbase and circle can also act as your wallet.

Q: How much do they cost?
A: Depends where you buy them from. Some places are more expensive than others.

Q: Is there an exchange rate?
A: Yes, there are many different exchanges resulting in many different exchange rates. See here http://bitcoincharts.com/markets/currency/USD.html

Q: How do I redeem them; turn them back into dollars?
A: Depends. If you use coinbase or circle they have an option for you to 'sell' your bitcoins back to them and they will ACH deposit the funds back to your bank account in dollars. Or you can find a person on localbitcoins and sell to an individual.

How do I purchase Bitcoins?

1 Answers1