If you did a search on Google for “Bitcoin” you’ll come away with about 495,000,000 results – that’s nearly half a billion searchable items! You know what this means, right? Bitcoin is gaining in popularity and more people are looking into owning a piece of the Bitcoin pie…or Satoshi. Unfortunately, a majority of folks still have no clue how to buy Bitcoin but this beginners guide will help you.
The volatility of Bitcoin and other cryptocurrencies might be prohibitive to some people, but anyone who’s done research knows that there is a finite amount of Bitcoin that will ever be mined into existence. Technically, even with being eight decimal places to the right for one Satoshi, it could be considered a rare and valuable commodity. Now factor in that Bitcoin is often considered the “gold standard” or cryptocurrency, that which others compare themselves to in volume and price. What’s stopping you from getting some?
Let’s dive into HOW to make that happen.
Now that you’ve decided to buy Bitcoin – where to begin? Well, in the very beginning it is a good idea to have a hardware wallet because that is the safest and most secure way to save your crypto, but you’re not sure that you want to be that invested. That’s okay. There are other options.
In an article titled Coinbase Pro vs. Binance – a side by side comparison, we provide two options to purchase cryptocurrency. Spoiler alert: You can buy crypto with fiat money through Coinbase.
But you’re not limited to buying cryptocurrency through just those two. If you have a friend who’s into crypto, my bet is they’d be more than happy to walk you through opening a software wallet like Mycelium, Jaxx, Electrum or Exodus and transferring some crypto to experiment with. Other options include buying directly through peer-to-peer cryptocurrency exchanges.
Important to remember: A hardware wallet keeps your funds OFFLINE and pretty much hacker resistant. Software wallets are convenience and safe. The key is to never share your private keys with anyone – EVER. And don’t lose your private keys either, because in the ways of crypto, you are responsible for your transactions and crypto safe-keeping.
And while it’s okay to leave some of your crypto on exchanges, your crypto funds are vulnerable to hacks and most decentralized exchanges do not have insurance, an FDIC of crypto, if you will. That’s something you might want to consider when you’re researching which crypto exchange to use.
Speaking of Exchanges…
If you only have fiat money, then I’d highly recommend Coinbase because it is very easy to use, especially for newbies. It requires registration and Know Your Customer (KYC) documentation like photo and government ID or passport. Coinbase is reliable and linking a credit card or bank account is simple if you want quick transfers of fiat money to purchase cryptocurrency. They have a growing list of tokens that are being accepted into their exchange.
And once you have some cryptocurrency, it’s easy to transfer your new tokens to other exchanges if you’re feeling confident about trading. Who knows, it could lead you into day trading to watch your crypto portfolio grow! But we’re getting ahead of ourselves.
In a nutshell, buying Bitcoin today is a lot easier for non-crypto people that even my grandmother could do it. I’ve provided links to various articles and guides from Crypto Trader News to help guide you on the path to buying and securing Bitcoin. The rest is up to you!
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