Quick Start Guide – Buying Bitcoin

Quick Start Guide – Buying Bitcoin

There are a few basic steps required to purchase your first cryptocoins. This guide will assume you are looking to ‘invest’ in one of the three big cryptocurrencies (Bitcoin, Ethereum or Litecoin).

If you’re after more information on alternate cryptocurrencies you can read more here

Step 1 - Sign up to an exchange (or two)

You’ll need an account on an exchange that buys and sells cryptocurrency.

There are many exchanges that only trade in cryptocurrencies so we won’t be discussing those here. The initial exchanges you’ll need to consider are those that support depositing fiat currency (USD, AUD etc..)

If you’re coming from Australia you may want to consider Australian bitcoin exchanges first as they generally have an easier way to access your funds. However, many of the international exchanges are also super easy to use if you have a credit card.

Just note, exchanges will perform an identification check that will be required before you can buy and sell so while you’re waiting, spend some quality time in Step 2.

Step 2 - Do some basic research

It’s a pretty safe bet that buying a few Satoshis is a good idea. (1 Bitcoin is equal to 100,000,000 Satoshis! That’s a lot of coin!)

However, due to the high price of a single bitcoin it is becoming popular to also consider Ethereum or Litecoin as a starting point.

A great website to hit first is coinmarketcap.com. It lists all the crypto coins and their current prices and movements.

Both Coinspot and Coinbase have super easy access to all 3 of these crypto coins.

Step 3 - Purchase some coins!

The fun (and nerve wracking) part. Purchasing is quite easy and generally pretty quick through either of the 2 exchanges above.

We’ve put together some short videos on purchasing your first coins on CoinSpot and Coinbase.

Step 4 - Move your coins to a safer long term wallet.

Exchanges are great places to buy/sell and trade coins but NOT so safe places for long term storage. There are many stories of exchanges being hacked so don’t get caught out.

Our guide to securing your coins is a great first step in understanding the risks and solutions.

Step 5 - Monitor the market

2017 was a breakout year for crypto and we really are in uncharted waters when it comes to predicting 2018 and beyond prices. All we do know is that is has been a wild ride and at least for now, mostly rocketing up!

Similar to step 2 you’ll now want to watch the market and see where your investment is heading.

Head to our Resource guide to find good market tracking websites and mobile apps.

Congratulations, you’re now in the market.

It’s a highly exciting time to be onboard with this technology and growing asset class and we’re excited to see where it will head in 2018.

See our Getting started guide for a more in depth guide on getting started with Bitcoin and cryptocurrencies as well as some background on where this all began

Follow us on Facebook, Twitter and Youtube to keep up to date with all things Crypto and happy growing.

DISCLAIMER

As usual please see our disclaimer and consider it with everything you read on our site. 

2017-12-22T09:53:07+00:00