I Want to Buy Bitcoin, But …., by Ira Katz

It appears you have to jump through some major hoops to be able to buy Bitcoin. From Ira Katz at lewrockwell.com:

I don’t remember when I first became aware of bitcoin. I do recall that I have always had a favorable view of it; that is, I had a favorable view of the concept of a cryptocurrency at least in the sense of competing currencies following Hayek (and Rothbard). Nonetheless, I never acted on this view until a few months ago. Herein I discuss my experience very much as a neophyte, and what this perhaps typical experience portends for the future of bitcoin and Bitcoin.The words bitcoin and Bitcoin are used as follows: When the B is capitalized, it represents the overarching concept of Bitcoin: The technology, the community, the protocol, and the software.  When the b is not capitalized, it is describing the unit of currency.

It was not the astounding rise in the price of bitcoin that attracted my interest, but more so the principled arguments about Bitcoin that I heard from proponents. The advantages include privacy, a method to hold wealth outside of a national setting, limited inflation, and wealth secured in the cloud away from private and public theft. I do not recall exactly what initiated the email conversation, but a correspondent made some good arguments about why bitcoin and ethereum among the dozens of other cryptocurrencies available today were worth buying. After a few minutes of internet research I decided to buy a bit of each on the large exchange called Coinbase. To sign up required more security than I had ever experienced online, including pictures of my identity card and a picture of myself. And then when buying it is necessary to have a photo of a handwritten page with the current date. For different reasons regarding the quality of the images, my purchase was not approved. If I recall correctly, it was 5 or 6 attempts before I finally succeeded. But then my bank account was not approved. This was the last straw and I gave up.

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