Bitcoin keeps making headlines, what what is Bitcoin and how do you buy some? I’ve written a summary about what Bitcoin is, and below are 7 easy steps to buying your first portion of Bitcoin with no minimum amount and in as little as 10 minutes.
1) Go to Coinbase
Coinbase is the easiest & most popular place to buy Bitcoin. You can start with as little as $10, or if you use my referral link and deposit $100 or more you’ll get a $10 bonus from Coinbase (and I will as well).
2) Click sign in at the top right corner
3) Enter your name & email address and create your password
4) Confirm your email address and phone number
Go to your email account, find the email from Coinbase, and click the Verify Email Address button.
Then, check your text messages and enter the verification code sent to your phone.
5) Add your payment information using a debit or credit card
Coinbase supports deposits by bank account, wire transfer, and credit/debit card. Credit & debit cards are by far the easiest, the funds are available immediately, and the fees are reasonable (3.99%) especially for smaller dollar amounts. Wire transfers have a $10 fee, and bank accounts take 3 to 5 business days to process. I highly recommend making your first deposit with a credit or debit card.
You can deposit any amount, but if you add $100 or more using my referral link you get a $10 referral bonus (and I do as well).
6) Confirm the sample charge placed on your card
Check your card statement and confirm the amount of the two sample transactions placed on your card from Coinbase.
7) Buy your first Bitcoin
Now the hard work is done and you’re ready to buy your first Bitcoin or another cryptocurrency (Coinbase also supports Bitcoin Cash, Ethereum, and Litecoin). Select the currency you want to buy and how much you want to purchase.
And that’s all there is to it. Feel free to ask any questions in the comments below.
The amount you buy will be stored in your digital wallet on Coinbase, and you can then track the value of your investment on the Coinbase web site or the Coinbase app on your phone. You can also trade one cryptocurrency for another (for example, trading half of your Bitcoin purchased for an equivalent amount of Ethereum) or make additional coin purchases using your credit or debit card.
