Before getting to the options, keep these points in mind:
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Where you hold your bitcoin (your wallet) can be different from where you buy and sell your bitcoin, since bitcoin is as easily transferable as email.
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Although they are not technically "banks", we'll refer to businesses that buy and sell bitcoin as banks, since many offer Bitcoin-related financial services like savings accounts, loans and debit cards.
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If you store your bitcoin with a bitcoin bank, you're trusting them with the security of your bitcoin. If you do-it-yourself, you're trusting yourself!
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Remember that you can buy bitcoin at one place, send it (or a portion) to a wallet on your phone, and then later send it to another place to sell. You're in control!
Bitcoin banks
Most bitcoin banks, also provide wallet services, allowing you to store, send and receive bitcoin.
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River Financial (USA) — River Financial is a Bitcoin-only financial services firm, allowing its customers to buy, sell, track and use their bitcoin. Exclusively supporting Bitcoin, and focused on ease-of-use, River is an ideal option for first-time Bitcoiners.
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Kraken (Global) — Kraken is one of the oldest and most trusted crypto exchanges, known for both their great user experience, and customer support.
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Coinbase (Global) — Coinbase was one of the first businesses allowing its customers to buy and sell bitcoin, via bank transfer. The downside of being perhaps the largest company, is that customer support can be very slow.
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Swan Bitcoin (USA) — Swan Bitcoin, for iOS and Android, focuses on accumulating bitcoin, little by little, over time. Link the app to your bank account, and turn on recurring purchases.
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Revolut (Global) — Revolut, for iOS and Android, is hugely popular worldwide, providing accounts in USD, GBP and Euros, along with a debit card for spending. The app also supports the purchase and sale of Bitcoin.
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Xapo (Global) — Xapo is both a licensed bank in Gibraltar and a Bitcoin custodian, currently offering 1% interest on stored Bitcoin. It’s a high-end, expensive service, but I’ve included it here mainly because it was founded by a personal hero, Wences Casares, a successful Argentinean entrepreneur who introduced Bitcoin to Silicon Valley.
Do-it-yourself wallets
For those wanting to take self-control of their bitcoin security, here are some do-it-yourself wallets, from simple to complex.
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Blue Wallet — Blue Wallet, for iOS and Android, allows buying of bitcoin with a credit card. Since it only stores bitcoin, and no other cryptocurrencies, its user interface is simple and easy to use.
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Ledger Hardware Wallet — For the highest level of do-it-yourself security, you might look into a “hardware wallet”, the most popular being those from Ledger. It pairs with the Ledger Live desktop computer software, and allows you to buy bitcoin and transact in Bitcoin (and most other cryptocurrencies) safely, and immune to viruses and malware.
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Sparrow — Sparrow is one of the most popular and powerful open-source Bitcoin wallets. While the Sparrow user interface can appear daunting to new users, it's probably the most feature-rich free and open-source Bitcoin wallets on the market, offering support for pretty much every type of Bitcoin wallet, including multi-signature.
Got a suggestion to add? Just let me know.
- 1Learn more about BitcoinEducational resources to get you beyond the basics.
- 2Buying, selling & walletsOptions for buying, selling and holding bitcoin.
- 3Earning interest with bitcoinBusinesses who pay interest on deposited bitcoin, just like a traditional savings account.
- 4Get a loan with BitcoinBusinesses who allow you to get US dollar loans, using bitcoin as collateral.
- 5Bitcoin debit & credit cardsBusinesses who allow you to spend your bitcoin anywhere Visa or Mastercard is accepted, using a debit or credit card.
- 6Bitcoin exchangesA list of marketplaces where bitcoin is bought and sold by traders.