Buying Bitcoin: The Complete Beginner’s Guide
A guide explaining how to purchase Bitcoins online with a bank transfer or credit card.
Digital currencies are all the rage right now, but believe it or not, you don't need to be a geek or tech whizz to buy Bitcoins online.
You can get Bitcoin from anybody, whether it's a close friend or a trader on the other side of the world. The easiest way to get your hands on some is to use an exchange.
However, there are so many sites out there that it can be hard to choose one. Here are the ones I recommend that are fast, cheap, and easy for beginners.
Q: How do you buy Bitcoins with Coinbase?
If you live in the U.S., you definitely need to take a look at Coinbase. This exchange based in San Francisco is one of the largest in the world. It is trusted by over a million users.
Purchasing is a very straightforward and fast process. You can get BTC in minutes, if you follow the steps here:
- Click here to sign up for a free account (all you need is an email address and password).
2. Click the verification link sent via email to enter your account.
3. Log in to your account and make your order! If your first buy is over $100, you get 5 bucks for free just for trying out Coinbase!
You can connect your bank account (Bank of America or any other US bank) to use as a payment method. If you transfer money often, you will also be allowed to link your credit card to buy instantly.
Q: Where do you buy Bitcoins locally?
Local Bitcoins is a platform for users to list their trades and receive offers from people in their area. It features an automatic escrow service which ensures the safety of both sides.
This exchange is ideal for local trading. You can also use it if you don't want to share your personal details with an online exchange. It works in every country in the world, including the UK, Canada, and Australia.
Money transfer services such as Western Union, SEPA bank wire, and Moneygram are commonly used.
You might even find someone who will meet up with you and let you buy with cash. This is the absolute best way to purchase Bitcoins anonymously, since we all know that it's very difficult to track down paper money.
Best of all, it is completely free, no matter how much trading you do. If you plan to trade frequently and you want to put up your own classified ad, you will be charged a very low 1% fee.
Q: What can you do with BTC?
After you get some BTC, there are plenty of things you can do. You could keep them in a storage wallet for a long-term investment. Otherwise, you could speculate on the exchange rate. You can even spend it on websites like Overstock or Gyft.
Q: What is Bitcoin exactly?
Bitcoin (BTC) is a peer to peer "cryptocurrency” first developed in 2009 by a developer whose true identity has never been revealed. Like the name implies, it relies on advanced cryptographic codes for security.
It’s becoming increasingly popular with investors, business people, and regular folks like you and me because of its huge potential and versatility.
Q: What do I do now?
Stop sitting around! Head over to Coinbase or LocalBitcoins now to get your own slice of the Bitcoin pie.
The price is steadily increasing, and there’s really no reason to wait!
