How to Purchase Bitcoin
Bitcoin is one of the most exciting developments in financial history since the invention of bookkeeping.
But for many of us, its difficult to understand who we should listen to and where we should go! That's why I built this website, because I am passionate about this topic - I even wrote an entire college course about it! But that's not why we're here, we're here to learn! And the best part is its all free! This website is entirely supported by advertising, so if you like the info here, please give one of the ad banners a click - it will help me feed my family!!!
In the sections below I will take you through many of the basics and get you buying bitcoin in no time! Now don't let me oversell this, because buying bitcoin does take some getting used to and signing up for a bitcoin bank takes about as long as your normal bank, you'll need to signup and even provide proof of your identitiy the same as a regular bank, but now I'm getting ahead of myself! Let's get started at step 1, shall we?
How Much money do you need to buy Bitcoin?
First off, Its a misconception that you need to buy an ENTIRE bitcoin. You don't!
Wait... can I buy $1 worth of bitcoin?
Bitcoins go out to eight decimal places, whereas the American dollar only goes out to two! At most, you can have $0.99 but you can't have $0.999 -- if you did you'd basically have a full $1 right? Well with Bitcoin you can have 0.00000001 worth of bitcoin. And there's no shame or problem with that.
In fact at current bitcoin prices, one whole dollar $1.00 equals 0.000093 BTC.
$1.00 USD = 0.00009246 BTC
$10.00 USD = 0.00092463 BTC
$100.00 USD = 0.00924634 BTC
This is great news! If an entire bitcoin is as much as $20,000 (and it has gotten that high!) you do not need to have a whole $20,000 to invest! NOTE: It is about here that I should remind you, I'm not an investment advisor and your mileage may vary, so research all you can and make your own decisions and consult with your financial advisor if you have one!
OK moving on! The point is, no matter how much you have you can buy bitcoin.
Now I'm going to show you how you can even put your purchasing of bitcoin on auto buy, so you can even invest in bitcoin automaticly! yes some services do that! But again... I'm getting ahead of myself.
Set up a Bitcoin purchasing account
In order to purchase bitcoins, you're going to need a bitcoin purchasing account.
....well actually you're going to need $1.00 to invest ....got one? yay! Let's get you an account!
Now there are lots of websites that let you buy bitcoin, but not every site takes US Dollars. I'm going to give you 3 website suggestions. These are all great websites for bitcoin banking and they're very secure and very popular with millions of users each.
Coinbase is incredibly user-friendly and is based in the United States. If you are interested in purchasing crypto for the first time, visit Coinbase HERE to get a free $10 if you purchase at least $100 worth of crypto. You can currently buy Bitcoin (BTC) as well as many others on the platform.
Binance is a global cryptocurrency exchange that was started in China but recently moved their headquarters to the crypto-friendly Island of Malta in the EU. Since early 2018, Binance is considered as the biggest cryptocurrency exchange in the world in terms of trading volume.
Gemini Trust Company, LLC (Gemini) is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. Gemini is a New York trust company that is regulated by the New York State Department of Financial Services (NYDFS). Gemini was founded in 2014, by Cameron and Tyler Winklevoss.
Any of these exchanges will ask you to signup with:
- Username / Password for the exchange.
- Email address.
- A Photograph of the front and back of your driver's license (or passport)
- Username / Password for your bank of choice and ability for the Crypto Exchange both take money out and put money into your traditional bank account.
- An initial deposit in fiat currency (typically US Dollars). The minimum required to begin depends on the exchange.
Buy your first Bitcoin!
Bitcoin is often shortened by its abbreviation "BTC" now be careful since there are other currencies that have similar abbreviations like BCH (which is for Bitcoin Cash... sounds the same but isn't!)
You want to look for this icon for Bitcoin:
Found that icon? Click on it, or the name "Bitcoin" or the abbreviation "BTC" and click purchase!
All you have to do is enter how much USD $$$ you have to invest and the exchange will buy the corresponding amount for your account.
Congratulations! You have invested in Bitcoin! I hope this site has helped you, and please I'm not asking for any of your money! Just click on one of my advertiser banners if you have a second, it helps me provide for my family! And while you're here, signup for my newsletter, I offer hints and tips every month! No spam 100% Help for you!