How to buy Bitcoin
"A Step-by Step Guide"
There are two things you need to start trading virtual currency:
- An on-ramp
- A wallet
An “on-ramp” is simply a website where you can convert fiat currency (i.e. U.S. dollars), into bitcoin.
Gemini is one I’ve used, but you can use any other platform. You create an account, go through a verification process, deposit some dollars, and buy some bitcoin.
For your convenience, I’ve attached a step-by-step guide to setting up an account with Gemini. Whilst a platform like Gemini allows you to buy your bitcoin, I don’t like storing much with an exchange.
I’d rather keep it in my bitcoin wallet. The “wallet” is where you store your bitcoin.
Exchanges can (and do) get hacked. My personal choice of wallet is Trezor. It’s a hardware wallet used to store bitcoin offline. For storing bitcoin on a computer, I like Electrum. And if you want to store your bitcoin with a web-wallet, look at https://blockchain.info wallet. There’s also good selection of wallets to choose from here.
For your convenience, I’ve also attached a guide outlining different types of wallets and how to use them.
Once you have an on-ramp and a wallet, you can get started trading bitcoin. Again, I recommend everyone go through the process of buying a few hundred bucks of bitcoin, transferring it to a wallet, and maybe transferring it to an exchange to buy another cryptocurrency (say Ethereum) is an excellent way to put yourself way ahead of the pack.
If you want to read all the parts, click here
