investing

Step-by-step guide to buy and sell bitcoin

Tinker with a bitcoin purchase
Tinker with a bitcoin purchase | Hands holding a tablet: Bloom Design/Shutterstock.com, Wallet icon: © Artco/Shutterstock.com

Tinker with a bitcoin purchase

I'd spent about $175 to buy less than a third of a bitcoin.

With the last few dollars I had, I turned to Tinkercoin, a startup in Canada that aimed to introduce bitcoin to new users.

Its premise was simple: People could buy their first bitcoin using a credit card, "just like anything else on the Internet," according to the website. The company would set up a bitcoin wallet for you, but you could buy from Tinkercoin only once.

When I signed up, I had to provide my Facebook account, and credit card and cellphone numbers.

All Tinkercoin users pay a flat fee of $25 to get $20 worth of bitcoin. On the day I bought bitcoin, it amounted to 0.02967667 of a bitcoin.

A recap of my bitcoin transactions:

Bitcoin sellerAmount of bitcoinCostFeesPercent in fees
Bitcoin seller: CoinbaseAmount of bitcoin: 0.2Cost: $108.43Fees: $1.07 Coinbase fee plus $0.15 bank fee1.1%
Bitcoin seller: LocalBitcoin (Eric101995)Amount of bitcoin: 0.1Cost: $67.25Fees: $10.0815%
Bitcoin seller: TinkercoinAmount of bitcoin: 0.02967667Cost: $25Fees: $5, plus an international fee of $0.2020.8%
TOTALAmount of bitcoin: 0.32967667Cost: $200.68Fees: $16.518.2%

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