If you are new to the bitcoin and crytocurrencies and don’t know anything about them, I strongly suggest you read this previous post that has a series of 5-minute videos for beginners explain what bitcoin is, and the basic in’s and out’s of bitcoin (applicable to most other cryptocurrencies as well.)
If you’ve watched the video series or already have a basis of knowledge, you’ve come to the right page. Here, I am going to take you through some basic steps of how to set up an account to begin to purchase bitcoin (and other cryptos) and how to store them on your computer.
The information in this post is not investment advice, nor am I certified to give investment advice. I am only sharing things that I’ve come across, for informational purposes only. In the event that you should take any actions based on this blog, it is your responsibility to do your own independent research and use your discernment before making any final decisions.
The first step to buying bitcoin is setting up an account with an online exchange where you can do just that: exchange your fiat currency (US dollars, Euros, etcetera,) for bitcoin. The easiest one to get set up with is Coinbase.
There are several exchanges where you can convert your money (which you may hear referred to as “fiat“,) but Coinbase it one of the larger and easier ones to use, and it’s based in the United States. When you go to their site, the sign up process involves you filling out your name, email and state you reside in. Rather than recreate the wheel and make a video on this process, I’ve added a comprehensive instructional video from YouTube below that shows you how to open an account, add a credit card (and a bank account, if you choose) so that you can begin purchasing bitcoin (or Litecoin and Ethereum,) on your Coinbase account, and how to send what you’ve bought to an online wallet.
Some things to keep in mind:
Coinbase charges a slightly higher fee to purchase using a credit card versus a bank account, but if you can afford to wait 5-7 days for the bank transaction to clear, it’s worth using the bank account to save on overall costs.
Before you can buy, you’ll have to upload a copy of the front and back of a drivers license or government-issued ID. This is to comply with minimum requirements of Know Your Customer (KYC) laws. Once you do that, you’re ready to buy!
I just bought some bitcoin/litecoin/etherium. Now what?
Now that you’ve made your first purchase, you’ll want to send your crypto to an digital wallet on that you’ll install on your computer. From my own experience, I’ve enjoyed using the Exodus wallet. One of the reasons you want a digital wallet on your computer is because it conforms with the old adage, “If you don’t hold it, you don’t own it.” This also applies in the digital realm. If you leave your bitcoin or related crypto currency at an exchange, you leave yourself vulnerable to risks such as an exchange getting hacked and funds removed, or the exchange closing down and losing everything you had. By having a wallet on your personal computer or phone (the computer is more secure, as you’ll be less likely to lose or damage it,) you’re removing a layer of risk.
Here is the download link for the Exodus wallet
Miscellaneous Notes and Tools
to get started with cryptos
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Looking to start purchasing cryptos? Open an account at Coinbase, and you’ll receive $10 in free bitcoin for your first purchase of $100 or more. Link HERE
Binance is a great exchange to buy and sell cryptos. More Info Here
Are you new to cryptos and want an easy way to mine them? The easiest way to get started is to use the Honeyminer. More Info Here
If you’re a little more technical, Minergate is a good option as well. More Info Here
Need a good, basic crypto wallet? Download the Exodus wallet
I manage this blog because I love being involved in the space and sharing what I’ve learned. If you’d like to say “thanks” in return, you can do so over at the TIP JAR.
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