If you’re new to cryptocurrency and are wanting to invest some money into Bitcoin, it can be difficult to find out where to actually start. The first thing you need to do is find a website where you can exchange your real-life money (FIAT), such as USD, GBP, or EUR for example, into Bitcoin.
There are a lot of websites on the internet that allow you to do this, but it’s important that you find a website that is both reputable and gives you a fair exchange rate.
After using lots of different sites and exchanges, we would recommend using Coinbase or Coinify to purchase your Bitcoin as we found them to be the most beginner-friendly and easiest to use while being safe. Both sites also allow you to store Bitcoin on them however it is advisable to have your own wallet located somewhere else to store your Bitcoin on after purchasing some.
If you’re not able to use the main Bitcoin wallet on your desktop due to its the size and needing to download the entire Blockchain, you can create a wallet with Blockchain.info. They are partnered with Coinify meaning that you can purchase Bitcoin from inside your wallet. While we would recommend Blockchain as an alternative to a desktop wallet, it’s important to remember that a desktop or hardware wallet is by far the most secure way to store your Bitcoins.
While Bitcoin has gained attention across media outlets for its price, it’s important to understand that you don’t need to buy a whole Bitcoin in order to own some and to be invested in cryptocurrency. You can buy a bit of a Bitcoin which means that pretty much anyone can own some Bitcoin regardless of how much money you want to put in.
Here’s a quick guide on how to buy Bitcoin.
1) Set up a Bitcoin wallet, either by downloading the main Bitcoin wallet or using Blockchain.info.
2) Create an account on Coinbase or Coinify and verify your email.
3) On the site of your choosing, go to Buy Bitcoin, select your desired currency, and how much you want to spend.
4) Make the payment using your Debit or Credit card
5) You now own some Bitcoin!
Now you own some Bitcoin, you’ll see your coins sitting in your Coinbase or Coinify wallet. From here, you can send it to your main wallet for safekeeping. Alternatively, you can send that Bitcoin to an exchange such as Bittrex to enable you to trade Bitcoin for other altcoins such as Litecoin and Monero to name a few. Check out this guide on how to trade cryptocurrencies.
It’s important to note that both Coinbase and Coinify allow you to make one purchase after creating your account without needing to verify your identity. However, if you wish to purchase Bitcoin in the future and to increase your spending limit, you will need to go through the procedure of verifying your identity. This is pretty straight forward and well explained on both sites.