Hey there, and welcome back! If you’re reading this, I’m going to assume you have a wallet already chosen and set up. If you don’t, then I highly advise going back to my previous article to learn how to choose and set up your bitcoin wallet. You should also read our newbie introduction to bitcoin if you’re just getting started.
No matter what wallet you use, at some point you will probably have to link up a bank account online to buy bitcoin. I will link a few of the easiest and most accessible sites on which you can purchase BTC.
If you’ve read my previous article, then you would know that I love coinbase. I think their service is easy, reliable, and safe for the user. They have had no issues. Their transfers go through almost immediately. They do require a lot of personal information, but once you have given them that information you can begin buying bitcoins in bulk. You also get an allotted number of BTC for instant purchase, which is a safeguard to keep the market from being drained. Once you have connected your bank account with the website, you are good to go. No problemo.
For further information, you can refer to Buying Bitcoin: The Complete Beginner’s Guide written by Jason Hill.
Coinrnr requires a bit more effort on your part. You have to go to your bank and authorize a deposit to their account. Roughly fifteen minutes later, they will send you however many bitcoin you have purchased. They also have a purchase minimum of $100, making this my least favorite site to purchase bitcoin with. However, they are safe and so far as I can tell they haven’t cheated anyone out of money which means they can be a good
Coin Market is for buying and selling of a lot more cryptocurrencies than just bitcoin. They also trade in LiteCoin (the second most popular digital currency), and other currencies such as Peercoin, Namecoin, and Feathercoin. These currencies are not as valuable as bitcoin. I would recommend sticking with either bitcoin or LiteCoin, as they are far more stable and have more trading volume.
Once you have purchased your BTC, it’s time to send them to your wallet. If the exchange you picked has an online wallet, it’s still a good idea to move your funds into cold storage. So for example, lets say you purchased 0.1 bitcoin on Coinrnr. Once you have been sent a confirmation email, and have sent them their cash, you tell them where you want the bitcoin delivered. It can be sent to either a wallet or your email. I would highly recommend sending it to your wallet. And now you have purchased your first bitcoins!
After you sent it to your wallet you are free to do with it as you please.
Leave it in your wallet until you think the time is right to sell, or perhaps try your luck with some of the gambling sites that have sprung up, such as circle games.
A word to the wise, before you give a website your money, try to find some reviews of it. The easiest way to sniff out a fraud from the real thing is to see what other people are saying about it. Bearing that in mind, remember that the more legitimate reviews of it you find, the more safer the website likely is. Be wary of the fact that anyone can go to a review site and make a review, even the owner of the website.
Stay safe, and enjoy!