I really like how you have ordered the process into steps: choosing a payment method, choosing an exchange, choosing a wallet I nearly overlooked how important this is. Related Terms Bitcoin Exchange Definition A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. Huge range of cryptocurrencies. This cheat sheet for buying bitcoin should be bookmarked by ever beginner out there! Have you thought about adding bitquick? Individuals can insert cash into the machine and use it to purchase bitcoin which is then transferred to a secure digital wallet. IO and Gemini.