A guide for people completely new to the world of bitcoin and cryptocurrency on how to get started buying, selling, trading, and storing currency for the first time. This is mostly geared towards Canadians but with some minor tweaks, I'm sure it would be great for anybody the US as well.
This is not a comprehensive list of ways to do this, but a way I have found works best for getting someone set up enough to get started as they look around the crypto world. People have been asking me a lot about bitcoin lately as it's becoming more and more popular. I'm making this post so I can put all the information I would tell them together in one spot and just send the link to these posts instead of having to explain each phase to each different person.
Because it will be a bit longer to put all the information in one post, I'll break it up into 4 or 5 posts.
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Buying Bitcoin
Quadriga CX
Make an account here!
The first thing you want to do is set up an account on Quadriga. This is a Canadian coin exchange used to buying Bitcoin (btc) and Etherium (eth). This is the longest part of getting started, but it allows you to make purchases directly from your bank account instead of using a credit card.
The main drawback of using this site is you need to verify your identity and it takes a few days. Once you first get logged in, you want to click on your name in the top right and click verify. From there you can either choose to upload the documentation they require or use the Equifax service. I uploaded the documentation so I can't say if the Equifax method is any faster or not.
Once you are verified, you want to fund your account with Canadian dollars. Click on Candian Flag symbol and click fund account.
From there you have a number of options, but the fastest way is Interac Online. The only problem I have encountered trying to help people is you need to have a regular bank card/account at a major bank. If your card has a Visa or Mastercard logo on it, then it is not a regular card and it won't work. I haven't tried the direct bank transfer or the bank wire but if you've got a little time and want to save on the fee it might be a good option.
Once you make your selection, just follow the steps to your bank website and make your purchase. Your money will then show up beside the Canadian Flag on the main Dashboard. The first time I made a purchase, the funds were held for 24 hours as an extra verification. But after the first purchase, the funds will show up immediately.
To change the Canadian dollars (CAD) into Bitcoin (btc), all you need to do is put the amount you want to spend on btc in the middle box and click "Buy Bitcoin." This will purchase btc at the current rate and the amount you now have will be listed on the top.
You now have some bitcoin!
Before we do this next step, you need to have a wallet to send to. This will be the next post.
The final step on this site will be to send your btc to a wallet. Click on your bitcoin balance at the top and select withdraw.
On the next screen, it's pretty straight forward. Put the amount to withdraw, the address it's going to, and the PIN you created when you registered and click "Submit."
People get a little fidgety at this point. Bitcoin can sometimes take 10-20 minutes to transfer depending on how much volume there is at the time. You can check the status of your Bitcoin under your profile menu and click "history" and then click the "withdrawal" tab. It will either say "pending" or "complete." If it says complete but the btc is still not in your wallet, you can check the pending transactions on the wallet side to see if it's there.
The most important thing is to make sure the btc address you are sending to is correct. The best way to do this is to highlight the address in your wallet, ctrl+c to copy, and ctrl+v to past it in Quadriga.
Other than that...
Don't Worry! Your Bitcoin Will Get There.
Other Ways To Buy
There are other ways to get Bitcoin if you want to try something else. Here are some;
QuickBT
Allows you to buy up to $100 CAD worth of Bitcoin without verification in Canada. This is a great way to buy a small amount of btc if you just want a little to play around with. The fees are a little higher than QuadrigaCX but the convenience is worth the extra price.
Coinbase
Allows you to buy Bitcoin with a Credit Card.
Bitcoin ATM
If you live in a major city, you might be able to use a Bitcoin ATM.
