How Do You Buy Bitcoin?
The are dozens of reputable Bitcoin exchanges around the world. The easiest way for a U.S. Citizen to buy Bitcoin is through Coinbase, Robinhood, or Gemini. Coinbase has an easy to use interface similar to online banking. Create an account, link your checking account or credit card and you’re ready to go! You can also sell Bitcoin for U.S. Dollars directly to your checking account.
You can buy Bitcoin, Ether, and Litecoin on Coinbase
Bitcoin is divisible, so you’re free to buy a small fraction of a Bitcoin. Fees on Coinbase are about 1.5% if you pay with a checking account and 3% if you pay with a credit card. The total amount you can purchase is also much lower for credit cards. You’ll lock in the current BTC price at the time of purchase, but it will take 5+ days for funds to show up in your account. Why? because fiat money is slow! New accounts will have purchase and withdrawal limits that can be increased by providing additional information (drivers license, SSN). Your account limits may also increase over time.
Buying on Coinbase
Coinbase currently has over 30 million users, and that number is growing fast! Check out this link for more information.
As you familiarize yourself with Bitcoin, you will want to move your coins to a private wallet. If you hold your coins on an exchange like Coinbase, you’re trusting that Coinbase won’t steal your money, or freeze your account. The whole point of Bitcoin is for you to take control of your own money, by holding it in your own wallet.
If you hold any funds on an exchange, make sure that exchange’s U.S. Dollars are FDIC insured. Many exchanges also back their cryptocurrencies with insurance, or hold their coins in cold storage for extra security.
Next: is Bitcoin a good investment?
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