This can be a highly contested topic in the Bitcoin universe. Many hard-core Bitcoiners would implore you to not purchase Bitcoin using a method that submits to KYC/AML regulations. Getting your hands on Bitcoin without identifying yourself can be a very tricky thing to do in the U.S., and so I will not focus on that here for now. Obtaining KYC free coins is a smart thing to do, however it isn’t newb friendly. There is also likely a premium to pay for Bitcoin that is acquired privately.
The Cashapp Makes it Easy to Purchase Bitcoin
The truth is, if you are new to Bitcoin, and you are looking to buy some and “get your feet wet” the best option is something simple that you probably already have, and for many folks, that is something like the Cash App.
If you don’t have the Cash App, it is very simple to download, connects quickly to your bank account, and also makes it very easy to purchase Bitcoin. And it is Bitcoin only (meaning it does not shill other cryptocurrencies,) which can be an important feature as there is no chance you are accidentally buying something that is not actually Bitcoin. There are over 5000 other cryptocurrencies in existence. Bitcoin is the only one with a significant market cap, the only one that is completely decentralized, and the only one that is verifiably scarce.
Another advantage the cash app has over other exchanges is that once you are comfortable with the process of taking control of your Bitcoin private keys, the Cash App makes that very easy to do.
Also, you can set up auto-buys with the Cash App, making it very easy to do dollar cost average purchasing over the long term, thus eliminating the perceived issues that come from Bitcoin’s volatility.
The downside to the Cash App is the fees are steep (something like 2.5%-3%) compared to something like SwanBitcoin, or River.