The easiest way to get started with crypto, today.
Trying to get started with crypto trading and storage is a little like falling down a rabbit hole. Getting started sounds like a great idea, then you get to reading and the amount of information available soon becomes overwhelming.
Many have started researching and given up; overwhelmed by the mountain of info.
This is the simplest way start with crypto, provided it works in your location. This guide will get you up and going ASAP, not getting lost in a hole of what blockchain is, wallets are, and which cryptocurrencies to go for.
This is crypto-lite.
Here, we will take you through the steps to simply set up an account with a popular exchange and purchase some Bitcoin. Once you’ve done this, you can check out our other how-to guides on how to sell on an exchange, how to spend your crypto or how to store your crypto.
Step 1: Choose an easy, reputable exchange to set up an account
A crypto exchange is a place where people buy and sell cryptocurrencies. Large, user-friendly exchanges also allow you to store your crypto with the exchange itself, and some allow crypto purchases directly from fiat currencies (e.g. USD, AUD, GBP).
Storing any amount of crypto that you wouldn’t want to lose with an exchange is a bad idea for security reasons (many exchanges have disappeared overnight, along with all their users’ funds), however for the purposes of this article that’s exactly what we’ll do with a little small change.
Coinbase is, at the time of publication, the easiest way to purchase and spend a small amount of crypto, supported in 33 countries, with purchases available via credit/debit cards, PayPal, and deposits, depending on your location and bank’s preferences. Similar alternatives include Gemini, or Cash App.
Step 2: Setup your account
Setting up your account will involve entering your details, such as your email, a password, plus your name, address, and DOB. Coinbase requires identity verification — which will include a picture of your ID (such as your driver’s license, which must be the country you are registering in), phone number (also the same country, for two-factor authentication), and a selfie. This may take a while to be verified, so be patient.
Step 3: Link an account
Once you have been verified on the platform, you can link to a fiat account so that you’ll be able to purchase some Bitcoin with it. Adding a Visa or Mastercard debit or credit card follows a simple process, so long as your bank allows crypto purchases using these methods — some will not.
Coinbase will take two small holds of funds from your account — which you will need to look up via your internet banking to confirm the account is yours. These funds will not be taken from your account.
Step 4: Purchase some crypto
Once you’ve linked an account, you can purchase some Bitcoin with it. If you have a credit or debit card linked, you can purchase instantly via the Buy/Sell function on your dashboard. Coinbase also offers Bitcoin Cash, Ethereum, and Litecoin purchases. Enter a small sum of money to purchase your Bitcoins using your account.
You can review your purchase under your Accounts tab on your dashboard. It will show up in your BTC Wallet, with the approximate value in your fiat currency.
That’s it — welcome to the future of money. But what happens now? Well, you can HODL (crypto-slang for a ‘buy and hold’ strategy), you can use your Bitcoin, Litecoin, Ethereum, or Bitcoin Cash to purchase ‘alt-coins’, or you can spend your new crypto at some crypto-friendly global retailers.
This article is part of our Getting Started with Crypto Series; follow Academy’s medium page for more articles like this.
