In this tutorial we will cover buying your 1st bitcoin from a bitcoin exchange. We do not recommend any one exchange specifically. But we will show how to get setup of the coinbase.com exchange. On this exchange you can purchase bitcoin, and other crypto currencies such as Ethereum, and bitcoin cash (a hard ford of bitcoin). Quick DISCLAIMER: We do not accept any liability, any action you take is at your own risk. Bitcoin is highly volatile.
So, to be able to buy your 1st bitcoins there a few different options.
The easiest is to get someone to send you some for free.
Get free bitcoins from a faucet.
Buy bitcoin from one of the many bitcoin exchanges.
Step 1 – Open Your Account
Go to coinbase.com and get signed for an account. They will ask you all of the normal questions such as your name, and address. They will also ask for your mobile number (they will send you a code that you will need to input), and confirmation of your identity. Passport, driving licence etc. Think of this as opening up your bitcoin bank account.
Step 2 – Adding Funds To Your Account
Ok, so now you have your account set up. And you want to buy bitcoin, or another crypto currency. You will need to add funds to your account. This can be done by credit/debit card, or via your bank account. At the time of writing it is cheaper in terms of fees to send via your bank account. For me in europe this is a SEPA transfer from my bank account in euros. You will need to check with your bank what your fees etc are. (Sometime none). Now most importantly when you are entering the transfer details make sure to copy the information coin base gives you character by character. If you get these details wrong you could send your money to the wrong account, and in the worst case not be able to get your money back! If you are making the transfer over the phone insist the person you speak to confirms everything back to you, and you in turn check the information to ensure it is correct.
Step 3 – Buy Your Bitcoins
So you’ve been watching the price of bitcoin, and now you want to buy. Click the buy/sell icon in your coinbase account. Enter the amount your happy with then confirm your transaction.
Thanks for reading, and hopefully you successfully purchased your very 1st bitcoin from coinbase.