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Cryptocurrency for Beginners

What do I need To buy Bitcoin? 5 things every first time BTC buyer ✅

2 min read
If you are buying Bitcoin for the first time, you need:(1) $10 (2) A Bitcoin Wallet (3) A legit cryptocurrency exchange (4) ID (5) Google authentification app

What do I need to buy Bitcoin?

If you are an absolute beginner and buying Bitcoin for the first time, this is what you need:

  1. $10
  2. A Bitcoin Wallet
  3. A legitimate cryptocurrency exchange or broker
  4. ID, driver’s license or passport
  5. Google authentification app

What do I need to buy Bitcoin?

The first time buying Bitcoin can be an intimidating experience if you’re terrified of tech.

For this reason, I always recommend going through the process the first time with an insignificant amount to remove the stress and pressure.

Because here’s the deal, the longer you wait, the bigger the chance of missing out on Bitcoin at a good price.

So even if you don’t buy all the Bitcoin you set out to today, at least you have a system in place so that when Bitcoin gets to a good price, you’re ready to buy.

1. You need $10 to buy Bitcoin

Even if you realllllly want to buy MILLIONS of dollars worth of Bitcoin, I DO recommend that you start with only $10.

If you are not tech-savvy, going through the process for the first time is likely going to feel daunting.

It might feel even more daunting if you are trying to buy a $100 worth of Bitcoin terrified that you might mess up and lose all your money.

This is why, you should remove the unnecessary stress (potential risk) by buying only a small amount that you are willing to lose for the first time. A bit like an education fee or money you would spend on Mc Donald’s but instead are investing in your education.

 

2. You need a Bitcoin wallet before you buy Bitcoin

While exchanges do have wallets, the beauty of Blockchain technology is that you become your own bank.

Also, exchanges like Coinbase and Bitfinex have been known to lock users out of their accounts.

So if you don’t plan on logging everyday, I would recommend an “external wallet”

 

3. You need A LEGIT Cryptocurrency Exchange to buy Bitcoin

Websites are softwares.

Cryptocurrency exchanges are websites.

So if trillion dollar companies like Apply, Sony, Samsung or Microsoft are incapable of all the bugs, the odds of a tech company eliminating all the bugs are almost zero.

Exchanges are also vulnerable to hackers so keeping your Bitcoin or any crypto on an exchange is high risk.

 

4. You need IDENTIFICATION PAPERS to buy Bitcoin

Depending on the amount of Bitcoin you are buying, you will be required to provide some form of identification.

When you buy small amounts of Bitcoin (under $100), exchanges usually require just basic identification like your driver’s license or ID or your passport.

But as the amount increases, exchanges will require address verification like a utility bill.

 

5. You need to download the Google Authentification app on your phone

Exchanges will usually require the Google Authentification code to allow transactions to go through as you try to buy more Bitcoin

They usually require just an email verification code to begin with but as you attempt to buy more, the exchanges will require more verification to prove you are actually authorizing the transactions and are not getting hacked.

 

5. You need to learn how to protect your account and Bitcoin investment

It is highly recommended to use Google-factor authentification to prevent other people accessing your accounts.

Conclusion

Start with  small amount,

figure out how it works through baby steps, so that way you are ready to Buy and Sell your Bitcoin when the time is right.

 

 

 

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