Investing in cryptocurrencies and Initial Coin Offerings «ICOs» is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs. There are many sites that connect buyers and sellers — including Paxful and LocalBitcoins — that will enable you to trade cash or even a gift card , in person or online , for bitcoin. You can do the bitcoin thing without owning it outright. The major exchanges require a good deal of identification and sensitive financial information to establish and fund an account. Discussion threads can be closed at any time at our discretion.