How did people buy Bitcoin before Coinbase?

Re:How did people buy Bitcoin before Coinbase? by rmason on Thursday April 15, 2021 @04:25PM (#26825678)

I knew people who were mining bitcoin and selling it as fast as they mined it. Running ads in Craig's List and meeting people in coffee houses. Sounded sketchy but don't know anyone in the early days that had a problem. I think a lot of university towns had someone doing something similar

Alternatively you could purchase it through Mt. Gox in Tokyo. But if you left it there you ended up losing it all.

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Re:How did people buy Bitcoin before Coinbase? by highfrequency on Thursday April 15, 2021 @06:43PM (#26827115)

Very interesting. Checking my understanding: In 2012 there was no reputable middleman you could buy or sell Bitcoin to at the current market price, so you had to hunt down a counterparty each time. Coinbase stepped in as a middleman who would always trade with you in either direction at a fair price. Does this sound right?

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Re:How did people buy Bitcoin before Coinbase? by wmf on Thursday April 15, 2021 @07:59PM (#26827666)

MtGox was reputable enough by Bitcoin standards although it certainly wasn't legal in the US.

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Re:How did people buy Bitcoin before Coinbase? by rmason on Friday April 16, 2021 @04:21AM (#26831095)

If memory serves me correctly Mt. Gox didn't have the greatest UI. If you weren't a techie you would need the guidance of one.

I do remember it was quite a big deal when the first bitcoin machine arrived in Lansing. Eventually several arrived and left but the original one is still at the Fledge, at least before COVID arrived.

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