GUIDE TO YOUR FIRST BITCOIN BUY

Interested in learning how to buy Bitcoin? The most popular cryptocurrency is now accepted around the world and has a growing number of applications — but you need to know where to go to purchase and store it. Let’s walk through how to set up a bitcoin account and make your first purchase!

Step 1: Find a good Bitcoin wallet

Specific digital wallets are used to store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms they can be used on, and security, so it’s important to choose one that works for you.

When you find a wallet that checks off all your important features, download it to the appropriate platform. For beginners, we recommend starting off with a simple wallet that makes transfers easy. These wallets can be downloaded for free, but fees may apply to currency exchanges when moving money to other accounts.

Step 2: Choose the right Bitcoin exchange

If you want to know how to buy Bitcoin without a broker, you need an exchange: There are a whole lot of exchanges out there, with varying performance. Some are untrustworthy and others are very limited, so it’s important to pick the right exchange to start with. When comparing exchanges, remember to look at the fees charged for buying Bitcoin and what payment methods are offered. Few exchanges will offer to turn Bitcoin directly into cash for you.

Step 3: Select your payment method

Exchanges accept a variety of payment options based on what they are willing to use. This is sort of a sore point for many exchanges, since some payment methods have been used to scam sellers for a quick buck in the past. Bank account and credit card transfers are typically accepted by most exchanges, with some limitations. Wire transfers are a bit more hit or miss, and PayPal transfers may not be allowed. Coinbase, however, allows for all these payment methods, which is why it is once again an easy recommendation for beginners.

Step 4: Buy some Bitcoin and store them in your wallet

You will notice that exchanges provide you with information on how many Bitcoin you can buy for specific sums of money. Currently, Bitcoin values have been pushed to very high levels, so you’ll probably be buying a fraction of a Bitcoin—for example, paying $500 for 0.1935 of a bitcoin. That’s where the market is right now, and nothing to worry about as long as you keep an eye on the numbers.

Step 5: Start doing something with Bitcoin

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