5 Steps to Buying Your First Bitcoin

by 24K Staff

1) Find a reputable exchange
2) Create an account
3) Find a bank or payment processor
4) Fund your account
5) Buy Bitcoin

Bitcoin is a new and popular online currency, experiencing rapid growth in value as more people support it. Even though it is virtual, we already see people buying goods, selling goods, exchanging services through Bitcoin transactions. The media is full of this topic recently and people are beginning to ask themselves if Bitcoin is the future. If you are thinking about investing I suggest the following steps:

1. Find a reputable exchange

The Blockchain is open source, global, decentralised, and irrevocable. There is a lot more to Bitcoin than just the current price, it is also a bubble-sounding report warning, a general media buzzword, and a partisan tilt towards bitcoin all in one. All major exchanges are plagued with outage issues and a lack of customer service or security checks. Due to this, it is important to invest in an exchange which has solid customer service and pays regulars security checks on their accounts. One such site is Coinbase.

2. Create an account

Creating an account on an exchange is a simple process. What can take hours is linking a bank account, which requires all of your personal information such as your bank account, routing number, social security number, date of birth etc.

3. Find a bank or payment processor

Some exchanges such as Coinbase accept payment in cryptocurrencies such as Bitcoin but not all exchanges. Therefore, any potential exchange must have a payment option for local currencies or the trade will be in Bitcoin only.

4. Fund your account

In order to purchase Bitcoin, the user must first have some Bitcoins in their account found on the exchange. The easiest way to accomplish this is by buying Bitcoin on the exchange itself. This means buying Bitcoin as oppose to mining them.

5. Buy Bitcoin

Buying Bitcoin is done through the following steps:
1) login to your account
2) Find the “buy” button
3) Insert the amount of Bitcoin and your desired payment type
4) enter your trading password
5) A new window opens and you enter the payment details
6) Your transaction completes

If you are interested in following Bitcoin trends and the Bitcoin markets, I recommend Step 5 and doing a monthly trade on an exchange for any amount of Bitcoin.

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