STEP BY STEP INSTRUCTIONS FOR BUYING BITCOIN IN LESS THAN 10 MINUTES & RECEIVING $10 WORTH OF FREE BITCOIN
Maybe you’ve had a coworker talking incessantly about Bitcoin and you’ve finally had enough and decided to Google search, “How do I buy Bitcoin?”. If that’s you, you’ve come to the right place.
Since I know it can be overwhelming at first, this article makes the process easier than LeBron’s decision to leave the Cleveland Cavaliers for the 2nd time!
Now is where the fun really starts. For those that are still skeptical, my advice would be to start investing with a small amount. Keep in mind that cryptocurrencies are extremely volatile. That volatility, however, provides us with an opportunity to trade and take regular profits. Even if you just want to buy and hold as a long term investment, you still need to create and fund a digital wallet on an exchange where cryptocurrency is traded.
Photo of the Coinbase app
I have chosen the exchange called Coinbase for several reasons. They have the most respected name, rank the highest among all of the exchanges and have a very stringent vetting process as to which currencies they allow to be traded on their site. They started with Bitcoin in 2013, then in 2015 added another cryptocurrency called Ethereum. In May 2017, Ethereum became the world’s second largest cryptocurrency in terms of market capitalization. In April 2017, they added the highly popular Litecoin which made headlines in the crypto exchange community. Most recently they added Bitcoin Cash. As other cryptos establish themselves to be legitimate peers of Bitcoin, they will be adding more.
Coinbase is also further cementing themselves as the leader by establishing exclusive partnerships with several well respected companies including Expedia and Fidelity.
They make it possible to purchase vacation packages with Bitcoin already. Fidelity announced recently that they will begin to allow customers to view their cryptocurrency holdings alongside all their other investment accounts. They will be rolling this out to Fidelity employees by the 3rd quarter of 2017 and will eventually extend it to all clients.
Trust is imperative. There are now over 500 exchanges out there handling transactions for over 1,500 cryptocurrencies (many of which are nearly worthless). Coinbase, a San Francisco based company, ranks the highest with an “A+” Trust Score according to bestbitcoinexchange.io. They now have more account holders than Charles Schwab and provide the most convenient ways to fund your account. While there might be some exchanges out there with cheaper fees, they don’t come close to providing the level of security, service, and convenience.
For advanced users, they also provide a more sophisticated trading platform called coinbase pro that will appeal to you if you’re accustomed to trading on advanced platforms like Fidelity or TD Ameritrade.
When you’re ready to dip your toes in the water, we need to get you setup with a digital wallet. This is the equivalent of walking into your local bank and opening a savings account. I used to manage retail banks and that process was actually more difficult than this will be. This will be done in a few clicks and allows you to transfer money from your bank account or credit card. Your money goes in as dollars and not as cryptocurrency. Once the money is in your digital wallet, then you can begin to buy crypto.
Let’s go ahead and get your wallet all set up first. After that check out some of my blog posts like “Where Can I Spend Bitcoin?” that will provide you with valuable insight.
Here’s the step by step walk-through to easily set this up.
You’ll also receive $10 worth of Bitcoin when you setup your digital wallet account and make your first cryptocurrency purchase of at least $100:
Click here https://www.coinbase.com/$10-Bitcoin-free where you’ll enter your name, email address and a password
*Verify your account using the email they send you.
*Enter your country/state and accept the terms.
*Then it will take you to your Dashboard where you can see current prices for trading.
If using a mobile phone, follow the “verify/link your phone” prompt and enter your phone number. You will then receive a 7 digit code to link it. I highly recommend using the app at this point as it is more user friendly.
*Click on the “Accounts” tab to see the digital wallets for each currency. At this point it will show a balance of $0.
*Now click on the “Settings” tab & under that you will click on Payment Methods.
Bank wires is the default setting. I prefer not to do wires as your bank will most likely charge you a high fee for this. Click on “+ Add Payment Method” where you can link your PayPal, Bank account, or credit/debit card. The credit card gives you instant access to the funds and you can buy immediately. The downside is that it has higher fees. The bank account option has a lower fee, but takes 4-5 days for the funds to arrive in your digital wallet.
*When your money is in your digital wallet, click on the Buy/Sell tab and it will let you pick what currency you want to buy.
That’s it! Congratulations and now you can tell your friends you own Bitcoin (or Ethereum or Litecoin)!!!
https://www.coinbase.com/$10-Bitcoin-free
Trading and investing in digital assets like Bitcoin and other altcoins is highly speculative and comes with many risks. This analysis is for informational purposes only and should not be considered investment advice. Past performance is not necessarily indicative of future results.