Bitcoin (BTC) is a digital currency for anonymously making purchases. Bitcoin is the first decentralized currency that uses a peer-to-peer network with no intermediary. Check out the community-supported Bitcoin site and learn how to buy Bitcoin with this simple guide!
Bitcoin is the first cryptocurrency and has seen absolutely insane levels of growth since 2009. Experts in the space say that they expect Bitcoin to continue to rise in value as cryptocurrency becomes more known worldwide and as blockchain technology continues to become more sophisticated and widespread.
In addition to having a growth of almost 30,000%, Bitcoin has seen crashes. This comes with the cryptocurrency investing territory. Cryptocurrency is extremely volatile, and Bitcoin is no exception. Investing in Bitcoin is not for the faint of heart. However, if you’re able to weather the volatility aspects, the returns can be valuable!
Experts recommend not investing your entire savings account in Bitcoin; invest only what you’re willing to lose.
Ready to get started? Below we will outline the steps to purchase Bitcoin of your own.
Disclosure: No content in this article should be taken as financial advice. Investing can be risky, so it is recommended that you consult with your accounting, legal, and tax advisors before engaging in any kind of transaction.
How to Buy Bitcoin and Avoid Hefty Fees
The steps below will help you purchase Bitcoin as well as avoid large transaction fees that come with some cryptocurrency exchanges.
Step 1: Choose a Reputable Cryptocurrency Exchange
We recommend Coinbase as it supports many countries and is all FDIC-insured. Use the link below, and you’ll receive $10 worth of Bitcoin for free if you fund your account with $100 or more.
There are many cryptocurrency exchanges to choose from. A crypto exchange is where you will exchange your fiat money (i.e. U.S. dollars) for crypto coins. If you’re just starting out, we recommend an exchange that has low fees, a good variety of coins to purchase, and an interface that makes it as easy as possible to trade.
Some of our top picks other than Coinbase are Binance.US.
Step 2: Purchase Bitcoin from Coinbase
From within Coinbase, purchase the desired amount of Bitcoin (BTC). Start out with no more than $100 worth of Bitcoin right now.
Pro-tip: If you connect your bank account, your purchase fee will be the lowest, but it will take a few days to get your bank account verified. If you’re in a hurry to buy, you can get $100 worth for now with a debit or credit card and go to the next step.
Step 3: Move Your Bitcoin to Coinbase Pro
Transfer your purchased Bitcoin to Coinbase Pro. Under BTC, go to Deposit -> Coinbase Account and type in the number of Bitcoins you’d like to transfer over. The fees on Coinbase Pro are SIGNIFICANTLY lower than Coinbase (even though the same company owns them), so we suggest using Coinbase Pro for all future buying and selling of your Bitcoin.
To buy through Coinbase Pro, you’ll need to wire money into your account. This can take a few days, so plan ahead.
When you have money in your account, you can buy Bitcoin at the “Market” price or set a “Limit” order for the amount you’d like to buy if Bitcoin reaches your preferred price.