Unless you’ve been living under a rock, you have heard about the whole cryptocurrency craze that took place last year. As crazy as it sounds, the topic is still going viral this year. This is why even skeptics consider investing in digital money. For all of you who are still unfamiliar with the trading of virtual assets, we have prepared this article in which we are going to show you how to buy some Bitcoins, step by step.
Bitcoin is and has always been cryptocurrency number 1. Developed in 2009 it is undoubtedly the hottest trend right now. Those who invested in it in the beginning of 2017 have multiplied their money by 15 times. In January 2017 the average price of Bitcoin was under $1000. A year later one coin is traded for approximately $16,000. Let’s look at the charts provided by CoinMarketCap.
Literally, if you had invested $1000 last year, you would have gained $16,000 out of nothing.
You can purchase your first Bitcoins from online exchanges such as Coinbase or Localbitcoins. If you want to multiply your money, just follow the instructions below.
How to buy Bitcoins on Coinbase?
Step 1. Create an account
You just have to enter your email to get things going.
Once you input valid email, you have to fill in your name as written in your ID/Passport. Coinbase had established itself as a trustworthy and secure marketplace. In order to keep up the good work, they require user verification. You should supply the platform with phone number, photo of your Passport or ID and verified credit/debit card or bank account.
Step 2. Choosing a payment method. In Coinbase you can purchase digital tokens via credit/debit card (fast and with higher fees) or via bank account (cheaper but slower).
When you click on the buy/sell button on the top menu you can enter the number of bitcoins you’d like to purchase. Once you are ready click “Buy Bitcoin Instantly”.
Step 3. Confirm your order.
Voila! You made it! You now own Bitcoin. From now on, it is up to you how to store it. You can choose from keeping it in Coinbase, using a desktop/web wallet or storing them in a hardware wallet. A simple yet efficient way to keep your coins safe is to put them in a wallet in your desktop. Electrum is one of these user and beginner-friendly apps that you might easily have.
Step 1. Visit this link to download the app. If your computer works on Windows download the Windows Installer file if you use another software choose the file that suits you best.
Now set a destination folder and follow the installation instructions.
Step 2. Once you’ve installed Electrum, run the program. It will ask you to give your wallet a name. Choose something simple – “bitcoin_wallet” is just fine.
When this screen pops, choose “Standard Wallet”.
Tick “Create a new seed” and then click “Next”.
A backup seed is generated for your wallet. Keep it safe because it can be used to access your balance from any computer without the need of your password. Once you’ve hidden your seed somewhere (pen and paper do a great job) click “Next”.
Type or paste your seed to confirm you had it correctly. “Next”.
Enter your password. Make sure it is a strong and complicated one. Remember it and don’t store it on your PC. “Next”.
Now your wallet is set up and ready to store your coins. Click “Receive” to understand your wallet address – it is long and complicated string of numbers and letters. Copy your address and return to Coinbase.
Click “Accounts” on top and then choose your bitcoin wallet (left). Click “Send” and paste your wallet address in the recipient box.
In the amount, section type the sum you’d like to transfer, click “Continue” and follow the instructions until you receive a confirmation your transaction is settled. Now you just have to wait for some time and your coins will arrive in your wallet.
Yes, it is as simple as that! We hope you enjoy the cryptocurrency world.
Note that cryptocurrencies are highly volatile and you may lose large sums of money in a couple of minutes! Take measured risks!