In this section you will learn:
- Top Security Priorities to keep your assets safe
- How to buy Bitcoin and other cryptos
- A MUST KNOW SECRET FOR AVOIDING HIGH FEES
- How to transfer Bitcoin
- Recommendations for securely storing your coins
First things first:
In the previous section you learned the basics behind Bitcoin. In this section we introduce another cryptocurrency called Ethereum. This crypto saw has seen tremendous success and ranks 2nd in market cap behind Bitcoin. Ethereum is important, because like Bitcoin they are used to trade for other cryptocurrencies (we go further into detail on this in a later section).
Before we begin IT IS HIGH IMPORTANT that you take certain precautions to keep your assets safe and secure.
- Watch out for phishing sites – Websites who’s URL looks similar to a site but has a slight hard to notice variation. For example, google.com could be goog1e.com. By replacing the L with a 1 it looks similar but is a different site. These sites are set up to mimic popular sites and store user logins and passwords. ***Always double check the url is correct by looking at it in the browser.***
- Soon we’ll learn what a public address and private address are. It is important that you and only you has access to your private address. THERE IS NOT REASON TO EVER GIVE ANYONE YOUR PRIVATE ADDRESS. No website, admin figure, login, etc, should ever ask for your private key. These are scams, keep your private address private.
- Don’t fall for scams. Social media accounts are filled with scammers offering to give out to good to be true promises. No one is going to give you “free” crypto or any outrageous promises.
How To Buy Bitcoin, Ethereum, and other cryptos
The first thing required to purchase bitcoin is to open a Coinbase account. Coinbase is a San Francisco Company that makes buying and selling cryptocurrencies easy and simple. Although, they only offer a few cryptos for purchse: Bitcoin, Ethereum, BitcoinCash, and Litecoin, they are one of the few places to trade cash for cryptocurrencies. Coinbase is an industry leader in this service and have positives and negatives.
The positives: They make buying and selling cryptos very easy and they have a highly secure network that has never been hacked. They are also working towards offering more cryptocurrencies.
The bad: They charge transaction fees when you purchase cryptocurrencies. Although, this fee is annoying and unavoidable, it is a common practice in the financial industry. Stock brokers and commodities dealers issue out transaction fees anytime they buy or sell assets, much similar to Coinbase.
But don’t worry, make the right investments and those transaction fees will easily be forgotten.
Open up a Coinbase account
- Head to https://www.coinbase.com/
- Click sign up in the top right corner.
3. Use their sign up process and complete the registration
4. Usually they require you to link a bank account and have a simple verification process.
5. It is highly recommended that you use the 2-factor-authentication procedure.
6. As soon as your account is verified you can purchase your first Crypto!!!
***Remember! It is up to you and only you to decide if & which cryptocurrencies to purchase***
This guide is merely an informative guide on the process and is not investment advice. By buying cryptocurrencies you assume the risks and potential loss of money.
Ok now that we got the legal stuff out of the way
You’re ready to buy your first cryptocurrency.
For the rest of this guide we are going to explain the steps using Bitcoin and Ethereum. Coinbase does offer other cryptocurrencies, but it should be noted that other cryptos cannot be sent to different blockchain wallets. For example, you cannot store Ethereum on the BitcoinCash blockchain.
If you purchase something other than Bitcoin or Ethereum, make sure you follow their guideline on how to properly send and secure it.
Click Buy/Sell on the top menu
Select the coin you want to purchase (we’re going to cover Bitcoin and Ethereum).
Understanding price and #of coins
Don’t let Bitcoins big price tag scare you. Bitcoin and other cryptos can be bought in small fractions (BTC up to 18 decimals) and it is even possible to purchase a few dollars worth (if u really wanted).
So there’s two ways you can buy: Put the total amount of USD you want to invest or the # of coins your want to buy. *Remember the price of cryptos are a “spot” price and change quickly.*
On the right side you can see the total amount of coins, fees, and total costs. Transactions fees are dependent on the amount purchased. The more you buy the higher the fee. A fee breakdown is on their site.
Once you hit the buy button your transaction will process and you will have purchased your first cryptocurrency!!!
But before you celebrate is high important to know how to SECURELY and safely send, verify and, store your cryptos.
Read our next section: SAFELY SENDING, VERIFYING, and STORING YOUR CRYPTOS.