How to Buy Your First Bitcoin
Disclaimer #1: Always invest what you’re willing to lose! I can’t recommended enough not to bet more than you’re willing to lose! The cryptocurrency field is very volatile and there’s always a chance to lose everything by tomorrow! I’m also not giving out any investment advice, buy at your own risk!
Disclaimer #2: I don’t work for coinbase. I just find them convenient. There are a lot of alternative options but coinbase is the recommend one!
Disclaimer #3: Always — always pay your taxes and never try to evade them!
Newcomers often come with warm questions such as “how do I even get started with cryptocurrencies”?
Assuming you’re ready to dip your feet in — Buying your first bitcoin isn’t complicated at all actually. The most trusted cryptocurrency exchange is called Coinbase (my referral link). All we need to do is register an account, verify our identity and add payment option. Coinbase has a really slick dashboard which is really easy to use — also their fees are very minimal.
Coinbase can be used for online wallet, tracking prices, buying and selling cryptos.
Coinbase - Buy/Sell Digital Currency
Coinbase is a secure online platform for buying, selling, transferring, and storing digital currency.
Supported countries — 2017 December
Alternative option: buybitcoinworldwide.com
If your country is not on the list, there’s always the option to use localbitcoins.com and find a seller. Never transfer any money first and safest bet is to meet face to face in a public place (cafe’s, library, etc) and make sure the seller is a trusted source.
Go to coinbase and sign up your account. If it’s not too much of a trouble for you — I’ve attached my referral link so you can support me and my writing hobby. We both gain 10$, it’s a win-win!
2. Sign in and verify your identity with passport or drivers license or ID card.
3. Add payment option (optional if you just want to lurk)
“The best time to plant a tree was 20 years ago. The second best time is now.”
Once you bought your first coins, transfer them to a safe offline wallet. Offline wallets are the safest place where to hold your coins. More about offline wallets.
The offline wallets I use are:
Recommended offline wallets:
Bitcoin — electrum offline wallet
Litecoin — litecoin offline wallet
Ether — myetherwallet
Recommended hardware wallets:
Recommended mobile wallets:
Enter the wallet address and the sum you want to send, rest is taken care of you! Be extra careful the address is correct, once the transaction is made, it’s irreversible!
Wasn’t that easy? Cryptocurrencies are very complicated but getting started is fairly straight forward! Make sure you do additional reading and don’t buy into something you don’t understand or believe! I personally want to buy groceries someday with cryptocurrencies.
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