New to Bitcoin and all things digital currency? You’ve come to the right place. Our goal is to provide you with the basics and fundamentals right now so you can easily become a part of this new money revolution with confidence and competence.
We’ve compiled this guide as a resource for anyone who’s curious about exploring Bitcoin or alternative currencies to accelerate the learning curve. Additionally, we’ve found it’s much easier to share this page with friends and family rather than providing a dedicated “crash course” for everyone we know seeking answers.
We encourage you to share this page with others if you’ve found it useful and valuable.
Follow the step-by-step guide below to start your journey toward financial freedom.
Let’s get started. Cheers!
What Is Bitcoin?
Bitcoin is a cryptocurrency and digital payment system that was released in 2009 as open-source software by an unknown programmer under the name of Satoshi Nakamoto.
Satoshi realized the need for creating a decentralized digital currency as a result of watching the inefficiencies of current banking systems which ultimately led to the financial collapse in 2008. Motivation from the fallout to create a better solution to put people in control of their own money is what fueled the creation of the protocol.
9 Bitcoin Benefits You Need To Know
1) Bitcoin is transferred person-to-person (P2P) online without a bank or clearing house.
2) Transaction fees are lower than credit cards and traditional merchant processing.
3) You can send and receive Bitcoin in every country via the Internet or mobile device.
4) Funds can’t be “frozen” and waiting 3-5 business days for “money to clear” is old news.
5) No pre-requisites to perform simple transactions. It’s as simple as sending an email.
6) A finite supply of 21 million coins was established to eliminate quantitative easing.
7) It’s both an asset as well as a form of currency. Bitcoin value is likely to rise over time.
8) Reduced risk for merchants. Like cash, chargeback fraud and reversals can’t happen.
9) Financial freedom for the 2 billion people worldwide who are “unbanked”.
Become part of this movement. The Bitcoin economy is exciting and enthusiastic.
4 Risks, Disadvantages, And Drawbacks Of Bitcoin
1) The value of Bitcoin can fluctuate and markets can become volatile.
2) Bitcoin isn’t widely accepted by most merchants selling goods and services.
3) Like traditional wallets for cash and credit cards, Bitcoin wallets can be lost too.
4) No protection or recourse for buyers. Like cash, only send Bitcoin to people you trust.
The benefits of Bitcoin far outweigh the drawbacks. Let’s proceed!
How To Buy Bitcoin: Purchasing With Coinbase
Bitcoin and other cryptocurrencies are bought and sold on a variety of online exchanges. We recommend starting with Coinbase.
Coinbase is one of the leading Bitcoin wallets for buying and selling cryptocurrency. Right now, Coinbase supports the purchasing and selling Bitcoin, Ethereum and Litecoin. It’s also the easiest and fastest way to get started in owning the cryptocurrency of your choice.
Creating An Account
Creating an account on Coinbase is a simple process, but it can be tricky if you’re just relying on mobile. Your best bet is to get access to a desktop computer or laptop for full screen visibility. Don’t rush the process.
Use this link to get started: https://www.coinbase.com/join/5936ca15a6807701b8373148
Here are some helpful tips for creating your Coinbase account:
1. Identity Verification
Take a picture of your driver’s license first (front and back) and save it on your computer for quick and easy access during the identity verification step. You’ll be able to upload these documents without having to go back and forth with your smart phone.
Keeping local copies of your driver’s license on your computer (or a USB drive) is a good idea since you’ll be needing them for other identity verification steps on exchanges like Bittrex.
2. Verifying Your Bank Account with Coinbase
Coinbase will deposit two small amounts in your bank account that in order to verify your payment method. These deposits are between $1.01 and $1.99. Once Coinbase notifies you of the deposits made, log in to your online banking and you should see two pending deposits.
You will want to enter both of these in the Coinbase prompt as soon as they appear. These will disappear after two days from Coinbase issuing a reversal. If you miss this step, you’ll need to reverify your bank account.
This can be confusing if you’re not on a computer. From a mobile phone the prompt is different than what’s seen on a desktop. On a computer you’ll only need to enter the cent amounts as the $1 is already pre-populated. This isn’t the case from a smartphone, so we suggest using a computer when creating your account.
3. You’re Ready to Make Your First Purchase!
Once your identity and bank accounts are verified, you can go back to the dashboard and make your first purchase. To start, Coinbase limits your account with a $150 weekly cap using a debit or credit card.
Your weekly limits will be raised incrementally over time with this method. The debit and credit card option is perfectly fine for beginners. If your budget allows, you can allow Coinbase to deposit funds from your bank account. You’ll be able to purchase larger amounts of Bitcoin, Ethereum or Litecoin if you’d like. These deposits take a little longer to clear, so for speed’s sake, sticking with the debit / credit card option is a good start.
Be Patient, Hold Your Coins
If you’ve made your first purchase on Coinbase, congratulations! You’ve completed the first step in your cryptocurrency journey. Whether you’ve purchased Bitcoin, Ethereum, or Litecoin (or all three to diversify your holdings) the next thing you want to do is observe market prices daily to get a feel for the fluctuations of coin values.
Some days coin values will go up, other days it will go down. Remember, you’re in this for the long-haul so the best thing you can do is hold your coins as values are likely to continue climbing over the years to come. Fortune favors those who are patient.
Never panic sell, invest what your comfortable with, and purchase frequently and incrementally on the way up and in the same manner on the way down when you can purchase your favorite coins “on sale”.
Read & Share This Site
Once you’re comfortable buying and holding digital currency, you’ll likely want to tell others and start explaining the process of how to get started with Bitcoin. Please share this page and encourage your friends and family to do their own research using our website.
We crafted this page and made the site friendly for beginners and seasoned pros to share reviews on coins, educational resources, and interviews from industry professionals.
Our goal is to make the cryptocurrency community a better place. If you have any questions or you’d like some help during any course of your journey, we encourage you to reach out to us at any time. We appreciate your support. Cheers!
