How to buy Bitcoin in 7 steps

How to buy Bitcoin in 7 steps

What is Bitcoin?

To many people Bitcoin represents the future of paying for something, as a new digital global ‘cryptocurrency’. Rather than using a £1 coin or $1 bill, something could be 1 Bitcoin (1 BTC).

buy bitcoin tutorial

But Bitcoin is much more than a currency, and this is why people often get confused. It’s also the entire network (known as a Blockchain) that securely oversees the entire process of someone sending money to someone else.

How to buy Bitcoin tutorial

I’m going to walk you through the exact steps I took to buy Bitcoin. I bought some for the sole purpose of going through the motions.

There are plenty of other (potentially questionable) methods and websites you could use – which could be slightly cheaper – but this was all about minimising risk and complication for myself as a total newbie.

Record-setting bitcoin faces test after volatile week | Financial Times

You need just 5 things before buying Bitcoin:

  1. Bitcoin address – A string of numbers unique to you, that allows you to receive Bitcoin (acts like a bank account number). Also known as a ‘public key’.
  2. Bitcoin wallet – A secure place to store your Bitcoin (acts like a bank account).
  3. Bitcoin exchange – A website to convert old-school cash into Bitcoin (acts like a bureau de change).
  4. Payment method – A debit or credit card to buy Bitcoin.
  5. Form of identity – You’ll need your passport or driver’s license to hand.

7 steps to buying Bitcoin

After some lengthy research, I decided on using Coinbase as a ‘one-stop shop’. They set me up with an address, a BTC digital wallet, and the conversion of pounds to Bitcoin itself.

coinbase logo
  1. Create an account
  2. Verify your email
  3. Connect your phone
  4. Verify your identity
  5. Add a payment method
  6. Buy Bitcoin
  7. Check your Bitcoin digital wallet

Source/Credit: Save the Student

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