Are you ready to be part of a great financial revolution? Awesome! Use this guide to buy your first bitcoin:
What is Bitcoin?
Bitcoin is the first digital currency that allows users to send and receive money, without the interference of a central bank or government. Instead, a network of thousands of peers is controlling the transactions; a decentralized system.
💡 Learn more about Bitcoin on the Bitcoin page.
How do I buy it?
Buying bitcoin is as easy as anything else you buy on the internet, thanks to the range of online exchanges.
What are trusted exchanges?
Pay attention to the following points when choosing an exchange:
- Has it decent trading volume?
- How long have they been around?
- Aren’t there convincing reports of scams?
Recommended exchanges ✅
After picking an exchange, you can set up your account and get verified through KYC*. This could take a few hours-days. The information you need to provide depends on the country you live in and the laws within. It also depends on the exchange, but usually, you’ll be asked for a picture of your ID, a selfie (to prove that you are you), and a social security number.
*KYC is a way of identifying and confirming that a user is who they say they are.
❗️ Tip: Use a hard-to-guess password (*private key) and set up two-factor authentication.
*A private key is the 12-word phrase (also known as seed or recovery phrase) that gives you access to your wallet; the password to your crypto. Losing this seed means losing your coins.
Once everything is set, you can proceed to the payment options. These also differ per region, but most commonly are:
- Credit card
- Bank/wire transfer
- (Other cryptocurrencies)
❗️ Tip: Always check the fees associated with each payment option to help to choose which one works best for you.
Where do I store it?
Storing it on an exchange
Some exchanges allow you to store your crypto on the exchange itself, such as Coinbase, Gemini and Binance. These three are large and reliable exchanges, and most importantly, insured. For a novice trader very much recommended to make your first trades on one of these.
Wallet app on mobile or PC
Buying and keeping your bitcoin on an exchange is easy, however, a crypto wallet offers more safety. Having your crypto outside of an exchange means that only you control your crypto.
✅ Recommended: Trust
By using a hardware wallet, you’ll take your crypto safety to the next level. A hardware wallet allows you to keep the private keys in a secure hardware device. You still need to keep your private keys somewhere safe and create an account, but without the risks of the internet.
Always be careful!
Above all, be careful and cautious at all times. Do your research before making a trade on an exchange. Check wallet addresses twice before sending bitcoin to it.
Remains me to say: welcome to bitcoin! 🧡