Lately i've been getting a lot of questions about Bitcoin and cryptocurrencies... the usual questions an investor would ask. I'm going to outline "how to purchase Bitcoin (BTC)" in Jamaica and by extension the Caribbean.
FAQ
- Do you need a wallet to store your BTC? Yes
- Which wallet should i use? Exodus is one of the simplest, their interface isnt bad. Jaxx is another, a bit more flexible, adjustable. Those are desktop wallets that store cryptocurrency on your computer. There are hardware wallets like the Ledger pictured below (referral: https://www.ledgerwallet.com/r/6f6c
),
paper wallets - yes, actual paper that you print... it'll have your private keys etc labelled on it, and online wallets too.. like blockchain.info - Are wallets free? Yes
- Can i create as many wallets as i want? Yes
- Does anywhere in Jamaica accept BTC as payment? At time of writing, no
- Can you cash out your BTC or any other form of crypto? Yes, but it's gotten more difficult since recent... (not specific to Jamaica). But there are Bitcoin Prepaid Debit Cards.
- Mining!!!? :-D creating your own money... another HOT question. Swerve, maybe in the next post. 8: Is it too late to invest? Did i miss the boat? Who knows. If you're here reading this you've probably seen the bigger picture or willing to take a risk.
Where to Buy?CEX.io
First you need to get signup and create an account. Once you've done that you need to verify some documents as part of their Anti-money laundering/ Know your customer policy. Some personal information, ID, etc.
Once you've verified your account you can start purchasing BTC with your Debit/ Credit card.
Referral link: https://cex.io/r/0/up103971194/0/
Decide how much you want to exchange:
Choose how you want to pay:
Once you've successfully done that, go back to the main page click the button/ link "Buy BTC with all your USD:"
That's basically it. Only additional step would be to send your BTC to a wallet. Keep your private keys secure.
N.B.: Sending BTC nowadays is expensive see one of my previous posts. For now its cheaper to transact with (ETH)ereum, DASH, maybe even Litecoin. CEX.io at the time of writing, only exchanges BTC & ETH, which brings us to the next exchange...
Spectrocoin.com
Same procedure, get your account verified, Deposit, choose how you want to deposit.
NOW, in order to deposit from a Debit/ Credit card you need to have a 3D secure card (a card with the chip)
Changelly.com
Same as above, 3d secure card if you're exchanging dollars. This site should also work but i haven’t tried it. Last i heard it wasn’t working. But you can find more information about it → here ← if service resumes.
Virwox.com
I think the fees are pretty high, but they do accept Paypal... so that's there if you need it
Others
HitBTC, Kraken, Bitfinex are maybes.. experiment if you want.
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Bitcoin: 1QHH2UNQRH1KfNtrCWKosuGYYARAi9eihEEthereum: 0x1962BD0E4AA596CC8933366CbDd6e2291502270C
Awesome thread, but it'd be awesome if you mentioned Bitstamp. I love them and use them. Do you have any fullproof way of cashing out bitcoins into fiat in Jamaica?
BTW Awesome to see a fellow Jamaican on the site!
Cool cool.
I tried Bitstamp once, not sure what happened or why i never followed through. But good to know it works, unfortunately i cant edit this.
As far as cashing out, Spectrocoin will issue you an IBAN once you go through some verification... then you can send to any back acc. worldwide. I havent tested it as yet though.
Most BTC debit cards seem to be on pause right now, but I know Tenx is working on something.
Coinmama is what I use here in Jamaica and its cheaper. Another yardie passing through :)
I'd like to invite you guys to our new crypto forum at BeachfrontCrypto.com, it's built in Jamaica and has one of our first Jamaican Bitcoin Faucets. We are helping to spread awareness accross the island by providing free tips and $btc!
Hope to see you there.
Followed you guys... @sjc, @dongiovanni @dontayeb
Bless!