A short beginner-oriented spoken guide (Cointelegraph) explaining how to buy Bitcoin. It defines Bitcoin wallets (hot vs cold), gives wallet examples (Ledger Nano S, Trezor, Keepkey, Exodus, Jaxx, Electrum, Free Wallet), lists basic security steps (offline key generation, backups, encryption), and outlines ways to acquire Bitcoin (major exchanges requiring ID and bank account, credit/debit or bank transfers, P2P/cash options and escrow services). It closes with simple post-purchase options (ATMs, trading altcoins, participating in ICOs).
Chapters
Are your friends getting rich trading cryptocurrency? Do you want to get in on the trend but have no clue how to get started? Luckily for you, we here at cointelegraph have put together a definitive guide for absolute beginners on everything you ever wanted to know about buying Bitcoin but were too embarrassed to ask. The first step on your journey to becoming a legendary Bitcoin trader is to open a Bitcoin wallet. A Bitcoin wallet is simply an app, website or device that manages your Bitcoin private keys. Allows you to receive, store and spend Bitcoins. Wallets come in two forms hardware wallets and software wallets, also known as cold and hot wallets. Cold wallets are hardware devices like the Ledger, Nano S, Trezor and Keepkey. They are much more secure but often cost a few hundred bucks. Hot wallets protect your private keys via web applications, apps on iOS and Android platforms, and even desktop apps. Examples include Exodus, Free Wallet, Jaxx, and Electrum. Hot wallets are the most popular way to store and access Bitcoin, but can be hacked. After you've chosen a Bitcoin wallet, make sure to avoid scams and theft. 1. Generating your private keys in a secure, offline environment. 2. Create backups of your private keys. 3. Encrypt wallets to provide additional security now that you've got a Bitcoin wallet, you're almost ready to start buying. But first you've got to find someone willing to sell their Bitcoin in exchange for your money. Most people buy and sell Bitcoin on exchanges like Coins, coinbase, Binance, and OKEx. In order to open a trading account on a major exchange, you'll need to have a valid ID and a bank account. After you open your account, you need to find a good offer. You can buy the Bitcoin using a credit card or debit card and via bank transfer, but some restrictions may apply. If you want to remain anonymous, buying Bitcoin with cash may be the better way to go. Examples include Bitquick, Wall of Coins and Liberty X. You can meet with Bitcoin owners face to face and trade your cash for their crypto in person, if that's your thing. If you're not comfortable with that, you can also try an escrow service like local Bitcoins, Bitify, and Bitrated. Congratulations. You've just completed your very first Bitcoin purchase. You are officially a cryptocurrency trader now. Well done. Wondering what you can do with these bitcoins? Try cashing out at a bitcoin ATM buying other cryptocurrencies, or even investing in initial coin offerings. Happy Trading cointelegraph like subscribe and Huddle.
