How To Buy Bitcoin
Today I’m gonna tell you, how to buy bitcoin, Ethereum or any other cryptocurrency that you want to very quickly and very easily.
I’m gonna try to do it all, step by step, so you guys can easily see how to buy crypto because I know you guys have a busy schedule, and so do I.
But before you invest, as always, make sure you do your research and know what you’re getting into before you buy anything.
Step one(How To Buy Bitcoin)
They’re free to use, but I would suggest not using either of those, mainly because they don’t allow you to access your bitcoin once you purchase it.
In other words, if I go on Robinhood and I buy, let’s say, one bitcoin, if I wanted to send myself that bitcoin to a different address or to a different wallet or to one of my friends, or if I wanted to buy something with it, I can’t do that on Robin Hood.
They don’t technically allow you to own the coin yourself and have control of it.
I recommend using either Coinbase or Gemini as the platform to buy crypto on. You can buy bitcoin, Ethereum, litecoin, and dozens of other cryptocurrencies on both of those platforms. How To Buy Bitcoin
To me, the most important things when you’re looking at a platform are safety, security, and simplicity. I want to make sure I’m buying from an exchange that is safe and trustworthy.
I personally use Coinbase because they are backed up by many big investors.
They have the security measures in place that are necessary to be trustworthy, and most importantly, they have offline cold storage, which means that all there or almost all there.
I think it’s 98% of their cryptocurrencies are stored offline where hackers will have an extremely hard time getting access to those actual coins.
Both of these brokerages require KYC Know Your Customer and AML anti-money laundering laws to be followed. Coinbase and Gemini abide by these laws just like other legitimate brokerages do.
They will ask for your personal information, like your name, your address, and most likely even your Social Security number.
This is so they can verify who you are and make sure that they know who’s buying what on their platform.
These security features are incredibly important when choosing where to buy your bitcoin from. How To Buy Bitcoin
Step two(How To Buy Bitcoin)
Now that you’ve made your account, you’re going to want to enable two-factor authentication using an app like Authy or what. I use Google Authenticator. You can also use your phone number or a hard security key.
Coinbase is going to require you to do this to add a second layer of security just in case someone happens to get your login information.
That way they can’t go in and steal all of your bitcoin. Now that you have your account set up, you’re going to want to go ahead and add your funds to it.
Now, I would recommend highly to not use a credit card or debit card to fund your account. This is because they charge a three to 4% fee for any funds you put in there.
You’re going to put $1,000 in there. You don’t want to spend $30 in fees just to get your money into the Coinbase account. Instead, you should use an ACH transfer.
It’s the quickest and easiest way to get money into your account. And now they even offer an instant transfer feature. How To Buy Bitcoin
Basically, if you go and say, hey, bitcoin is really low right now, I want to go and buy some, you can transfer money from your bank account instantly to your account and start using it to trade right away.
Step three(How To Buy Bitcoin)
Buying the bitcoin,, I personally choose to buy in fully when I think bitcoin is at a pretty good buy-in price. But you can invest however you prefer. Buying on Coinbase is super simple.
You go right up here to buy sell, and then you can put in however many dollars you want to spend to buy on bitcoin.So if I want to buy $100 Worth of bitcoin, I type in $100 and there we go,That’s as easy as it is.
If you want to determine how much bitcoin you want, you can click this little switchburn button and let’s say I want to buy zero zero one bitcoin.
That’s all there is to it. You can buy one time right now, or you can select to do it every day, every week, twice a month,Or even every month.
Once you’ve decided how much bitcoin you want to purchase, make sure you select the bank account you added earlier. Make sure that you’re buying bitcoin instead of one of these other cryptocurrencies. How To Buy Bitcoin
Click preview, buy it’ll, then show you what the price of bitcoin you’re buying at is, how much you’re buying, the fee that you’re going to get charged by Coinbase, and your total amount that you’ll be purchasing with once you’re ready.
To purchase your bitcoin.
> Click buy now.
You are now the proud owner of 0.001 bitcoin or however much you decided to buy. And now that you’re officially a bitcoin owner, it’s time to hoddle, Hoddle for life.
You don’t know what hotel means. It’s basically a crypto meme that means hold on for dear life. Some guy was typing really quick typed hold wrong, and now it’s a meme.
Remember bitcoin is very volatile, so make sure you are prepared to ride the ups and the downs.
Step four(How To Buy Bitcoin)
You thought you bought your bitcoin and maybe you’re done buying bitcoin, but no, there are very important steps left, once the bitcoin has settled into your account, you have basically three options.
Option number one
you can leave the money in your coinbase account, and this is considered a hot wallet option.
A hot wallet basically means that you’re keeping your bitcoin on an online platform where it’s accessible just by logging into your coinbase account.
This is great because you can easily sell it or trade it or buy more or send it to someone or buy things. Whatever you want to do with it, it’s right there and ready to go. How To Buy Bitcoin
The downside is it’s not as secure as some of the other options, because if someone were to get access to your login information, somehow bypass your two factor authentication, they could technically go and send your bitcoin to whatever address they want to.
You’re also trusting that coinbase isn’t going to lose or steal or go bankrupt with all of your coins. Now, coinbase obviously being as big as it is in the US.
Has a lot of security measures in place to make sure none of this ever happens. But rest be assured, there are technically safer options.
option number two
the cold offline storage, also known as a cold wallet. This means you are storing your coins offline where they are completely not connected to anything, where anyone can take them.
The main benefit here is top level security. However, with your money offline, it’s literally sitting there going up or down in value and not earning you anything.
This is widely considered the most secure way to do this, and I’ve linked a product down below called a nano ledger. It’s basically a security key that only you will ever know the password to.
You want to make sure you save that in a safe space, and as long as only you know that password, only you will ever be able to access your USB or your little key.
Basically that has all of your bitcoin on it. There are some stories going around right now with bitcoin being as highly priced as it is, that people who have these ledgers that don’t remember their passphrase have lost all of their bitcoin because they simply cannot unlock access to their offline storage device.
So whatever you do, if you choose this option, do not forget your passphrase. It’s estimated that 20% of all bitcoin, which is worth about $140,000,000,000, is currently sitting on these devices with people who have either lost them or thrown them out or don’t remember their passphrase and actually cannot access their bitcoin.
So whatever you do, do not lose your code if you choose this option. Personally, I’m not choosing this option because I think option three is the best.
option number three
It’s a BlockFi interest earnings account. You can deposit your cryptocurrency into a BlockFi interest earnings account, which is very similar in a lot of ways to a savings account at a bank.
But BlockFi will pay you 6% on your bitcoin up to 2.5 Bitcoin, and will pay various other rates between five and 8% for your other cryptocurrency. With BlockFi, you get the ability to earn more crypto while holding for long-term investments.
The best part is interest is paid monthly and compounds monthly as well. This significantly increases the potential of earnings for long-term holders.
So instead of having my Bitcoin sit on a hot wallet like Coinbase or sit offline somewhere in my house, I’m putting it in this account, which is also arguably pretty safe and is earning me interest every single month. How To Buy Bitcoin
For a quick example, if I put one Bitcoin in the BlockFi and kept it there for twelve months, I would earn about $2,283 in interest alone on my Bitcoin.
Now, the earnings will depend on the interest rates and the value of Bitcoin over time. So if Bitcoin goes up in value, that 6% of interest will yield even more than what Bitcoin is worth right now.
Now, there are several other companies that do something similar to this, but I trust BlockFi the most because they are partnered with both Coinbase and Gemini, which are the two platforms I talked about earlier.
Also, a bunch of my friends who have been in the cryptocurrency space for years trust BlockFi and use it as well. Personally, I believe your money needs to make money for you. We want to make passive income here.
So if I’m going to hold Bitcoin for a long period of time, which I plan to, I might as well have that Bitcoin also be earning money at the same time.
And it gets even a little bit better if you guys sign up for BlockFi right now and deposit some of your own cryptocurrency, you will get a deposit bonus.
you can get up to $250 in deposit bonus, so you should probably take advantage of it if you guys want to choose this option just to quickly recap.
Option one, you can keep all of your coins in a hot wallet like Coinbase or Gemini.
Option two, you can put your coins into a cold offline storage, which is like a ledger or USB that you hide away and is very safe. How To Buy Bitcoin
option three, you can choose to put all of your coins into an interest earnings account where your coins are going to make money for you over time.
Final step(How To Buy Bitcoin)
Now, the final step is that you have to report taxes on your earnings. There are some apps out there like App Taxbit.com or Cryptotrader.Tax that help you do this, and then you can send over those reports to your accountant or whoever does your taxes.
How much does Coinbase charge to buy and sell Bitcoin?
For purchases and transactions of Bitcoin and other cryptocurrencies, Coinbase levies a spread of approximately 0.50%.
This means that you can anticipate paying roughly $50 in fees if you purchase Bitcoin on Coinbase for $10,000. The cost will be determined by your payment method and the price of Bitcoin on the market at the time.
For transactions that entail transferring money to and from your Coinbase account, Coinbase additionally levies a supplementary fee.
These charges range from 1.49% to 3.99% of the transaction value, depending on the payment method and the nation you are in.
How many Bitcoins can I buy with Bitcoin?
You can buy any quantity of Bitcoins.
How do I buy Bitcoins on Xcoins?
To buy Bitcoins on Xcoins, you will need to follow these steps:
Step 1: Sign up for an account on Xcoins, for that, you have to provide your name, and email id, and create a password.
Step 2: You may also need to verify your identity by providing a government-issued ID or some other documents.
Step 3: After that Set up a payment method, Xcoins accepts a variety of payment methods, including bank transfers, credit and debit cards, and online payment platforms such as PayPal.
Step 4: You will need to choose a payment method and provide the necessary information to complete the setup process.
Step 5: Xcoins is a peer-to-peer platform, which means that you will be buying Bitcoins from other users rather than from Xcoins itself. You can browse listings from sellers who are willing to sell Bitcoins at the price you are willing to pay and place an order when you find a seller who meets your needs.
Step 6: Once you have placed an order, you will need to complete the payment according to the instructions provided by the seller. Once the payment is complete, the seller will release the Bitcoins to your Xcoins wallet.
How do I buy Bitcoin call options?
You must do the following actions in order to purchase a Bitcoin call option:
Step 1: Decide on a broker or exchange that provides Bitcoin options.
Step two: Open an account and perform any required verifications
Step three: Deposit money into your account.
Step four: Find a Bitcoin call option that suits your demands.
Step 5:Place an order for the call option.
Step six: Observe the option and choose whether to exercise it.
How can I buy Bitcoin online in Canada?
Utilizing cryptographic money trades: There are a few Canadian trades that permit you to purchase Bitcoin web-based, including Coinbase, Bitbuy, and NDAX. To utilize the trade, you should pursue a record, check your personality, and connection your installment strategy, for example, a ledger or Visa. You can then purchase Bitcoin with Canadian dollars or some other upheld money.
Utilize a distributed stage: Distributed stages, for example, Localbitcoins and Paxful permit you to purchase Bitcoin straightforwardly from different clients. You can look for merchants who will sell you bitcoin at the cost you need to pay and finish the exchange straightforwardly with them.
Utilizing a Bitcoin ATM: You can likewise purchase bitcoins at bitcoin ATMs where you can purchase bitcoins with cash or a charge card. You can utilize sites or applications like CoinATMRadar or Bitcoin ATM Guide to track down a Bitcoin ATM close to you.
How do I buy Bitcoin with bank transfer?
buy Bitcoin with bank transfer :
🤗Choose a cryptocurrency exchange or broker that accepts bank transfers, not all exchanges and brokers accept bank transfers, so you will need to find one that does. Some popular exchanges and brokers that accept bank transfers include Coinbase, Bitbuy, and Kraken.
🤗Most exchanges and brokers will require you to open an account and complete various verifications before you can trade bitcoin. This may include providing personal and financial information and uploading documents such as government-issued ID or proof of address.
🤗You will need to provide the necessary information, such as your bank account number and routing number, to link your bank account with your account at the exchange or broker.
Once your bank account is linked, you can initiate a bank transfer to the exchange or broker using the bank account information provided.
🤗Depending on the location of the bank and exchange or broker, bank transfers can take several days to complete. You may have to wait for the transfer to clear before you can buy bitcoin.
Once the bank transfer is complete and the funds are available in your account at the exchange or broker, you can buy bitcoin using the transferred funds.
How do I buy Bitcoins with a credit card without ID verification?
It is generally not possible to buy Bitcoins with a credit card without some form of identity verification.
How old do you have to be to get a Bitcoin wallet?
There is no minimum age requirement for opening a Bitcoin wallet.