How to buy your first Bitcoin
Exchanges…
You want to start out by deciding on the exchange you want to be with.
There are many exchanges out there, but we recommend Coinbase. Click link and Get $10 of free bitcoin!
Click Here
Coinbase is very reputable and has over 10.5 million users.
In this article, Bitcoin will be referred to as its Ticker Symbol (BTC)
Let’s get started!
In order to purchase Bitcoin you have to go through an exchange such as Coinbase.
We love Coinbase, for its ease of use, amazing layout and purchasing methods.
Coinbase also allows you to purchase 2 other alt-coins, Ethereum (ETH) and Litecoin (LTC)
Purchasing Method
You can purchase with a Credit Card, or Bank Account.
A quick breakdown over why you would do one over the other:
Credit Card: Purchase is Instant, but with higher fee’s.
Bank Account Transfer: Can take up to 5 or more days, but with lower fee’s.
To give you an example:
Purchasing $100 worth of BTC with a Bank Account (You can buy BTC in fractions) would run you $2.99 in fees.
Purchasing $100 worth of BTC with a Credit card will run you $3.99
Purchasing $1000 worth of BTC with a Bank Account will run you $14.90 in fees.
Purchasing $1000 worth of BTC with a Credit card will run you $39.90 in fees.
Once you purchase with either method you are locked into that particular price.
This information (fees) is based on U.S. customers.
For full list Click Here.
ALT-COINS
Bitcoin is one of many crypto currencies. You will notice on Coinbase, they only support BTC, ETH, and LTC. (Bitcoin, Ethereum, Litecoin)
Other exchanges such as Bittrex (another recommended exchange) You will have hundreds of other alt-coins for purchase.
You will notice once visiting Bittrex however, you need BTC to purchase most other alt-coins.
So for example, if you wanted to purchase NEO coin, ADEX coin, or ZCash Coin, you will have to own BTC to get started.
Not only that, but you will have to transfer your BTC from your Coinbase account to your Bittrex account.
Exchanges use the term Wallets. If you own 1 BTC on your Coinbase wallet and want to buy an alt coin on Bittrex. You will have to send a portion or all of that 1 BTC to your Bittrex Wallet.
Important: You can only transfer the same Type of coin between wallets. For example, BTC to BTC.
You may be wondering why you cant just buy BTC on Bittrex, and thats because Bittrex’s exchange is only with BTC and Other alt-coins. You are unable at this time to actually purchase BTC with a Bank or Credit Card on Bittrex.
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