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How To Invest In Bitcoin For The First Time

Have you recently heard about Bitcoin and you are now thinking about investing in Bitcoin? 

First I’d like to welcome you and I think you will find the Bitcoin and cryptocurrency space to be full of positives. I mean that.

But I would like to apologise before we start. Because not everything is great, or simple. In fact, buying Bitcoin can be a bit confusing. And sending Bitcoin can be even more complex. 

And if you are not only Bitcoin-novice but not so computer savvy either, then you might find it all a bit daunting. 

But that’s fine. You are not alone. Lots of other people have been where you are today. And I want to tell you it’s ok and that there are easier ways to go about investing in Bitcoin for the first time.

I want to publish this simple to follow guide for buying Bitcoins for the first time. It draws on my own personal experience and I will recommend some of the easiest sites to use for buying Bitcoin comfortably.

The overall steps to investing in Bitcoin are:

1 ) You decide how you want to buy Bitcoin

Do you want to pay with your card? That means you can purchase Bitcoin faster. Or if you can and want to use a bank transfer then that’s cheaper but takes a bit longer. Or if it’s with cash then you would have to use sites that accept cash.

2 ) Decide where you want to store your BTCs 

It is recommended that you create your own Bitcoin wallet (learn more here). But some sites (cryptocurrency exchanges or brokers) lets you store your cryptos there. But I wouldn’t trust all exchanges for storing my coins or tokens safely.

Some of them are too dodgy and hacks are far too common. But I’d recommend using Coinbase or Binance if you have to or until you can figure out how a cryptocurrency wallet and transaction work.

3 ) Keep a safe copy to your wallet

When you have your own cryptocurrency wallet then you get a set of private keys. These are your secret code to unlock your wallet. And if these would get lost then you would lose access to your cryptocurrencies forever.

Or if you stored them on an exchange then make extra copies of any 2FA code and password.

The easy way to buy Bitcoin

Ok so the easiest way to buy Bitcoin would be to use a site where you can buy BTC with your card. Because then it’s basically just entering your card details and then making the purchase. 

Now then goes to question to you where do you want to store your Bitcoins? Technically they are always stored on the blockchain, but with this I mean what wallet do you want to use?

I would recommend either Binance or Coinbase for buying Bitcoin with a card and then storing it there. In the case when you haven’t learnt how to withdraw them yet.

If you don’t mind waiting for 1-3 days (usually takes this long) and can you use a bank transfer. Then you can use either Coinbase or Kraken

I recommend all three of these sites. They are all trusted and known for being secure. You can find more options to buy Bitcoin cheaply with a bank transfer here.

Conclusion – final words

I want to conclude this article by reiterating my encouragement for you to get your own private cryptocurrency wallet for your Bitcoins.

It is not in itself something hard, nor even something that you need to pay for. At first you can leave your BTC for a while at the three mentioned exchanges above. But in the long run you should get yourself a secure wallet for your Bitcoins. 

There are free alternatives at:

Otherwise I recommend you buy a secure hardware wallet, they are the safest Bitcoin wallets available. 

Image by Gerd Altmann from Pixabay