This guide will show you how to buy Bitcoin instantly, where to trade it at a profit, and which technologies you’ll need to get started.
Updated March, 2018. It wasn’t too long ago that I expressed an interest in online trading as an income source –and that article triggered an almost unhealthy infatuation with cryptocurrency trading.
In early 2017 I took three weeks off and spent 14 hours per day consuming every available piece of information I could find –I learned how to get started using cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dash, EOS, and Neo (Antshares), the tools I need to use, and the trading strategies I will need to employ to make profit.
And in my first two weeks I saw my first Ethereum coin almost double in value. I was hooked.
Bitcoin Millionaires are a thing.
Perhaps the most compelling reason why I became obsessed with trading cryptocurrencies is that the barrier to entry is so low that young, everyday average people are making a fortune with them (many without fully understanding the nuances of online trading).
Even college students are leveraging the bullishness of cryptocurrency markets to pay off their student loans.
Those new to cryptocurrency could start with as little as $50 if they want to get their feet wet. I started with a mere $200 USD –not the $25,000 many professional traders on traditional stock exchanges suggest you start out with.
How to Buy Bitcoin and Other Cryptocurrencies
If you’re looking for a quick and dirty short explanation for to get started and buy Bitcoin instantly –or other cryptocurrencies; all you need is a Binance account to turn FIAT into cryptocurrency and a reliable wallet to store the majority of it in.
How to Buy Bitcoin Instantly
3. Buy some crypto.
That’s the quick answer.
And it would have made for a really short article.
There’s more to cryptocurrency than buying or selling. To kick things off right from the very beginning; let’s look at four basic cryptocurrency tools you’ll need to be aware of in order to use your Bitcoin, Ethereum, EOS, Litecoin, or other cryptocurrencies you’re investing in.
4 Basic Technologies of the Cryptocurrency Trade
There are 4 basic technologies that every cryptocurrency beginner should be familiar with.
1. Cryptocurrency Wallets
Cryptocurrency wallets can be divided into five types and each comes with varying levels of security to ensure the safety of your private keys; online, mobile, desktop, hardware, and paper wallets.
2. Cryptocurrency Exchanges
An exchange is a platform (website) where you can buy, trade, or lend cryptocurrencies. This means you can exchange one cryptocurrency for another, cash out cryptocurrency into FIAT money (aka ‘real’ money), or exchange FIAT money for cryptocurrency.
To get started, you can sign up with Binance here.
3. Trading Insights and Visualisations
Financial visualisation platforms provide enhanced visibility into cryptocurrency market activities by helping traders identify patterns to make informed trades.
These tools can also be used to create email or SMS alerts based on specific criteria you establish so you never miss a profitable trade.
To see what I’m talking about, check out TradingView.
4. Payment Processing
Cashing out a cryptocurrency into FIAT cash that you can use to buy a cup of coffee at Starbucks can be as easy as swiping a debit card from reputable companies like BitPay or Payza, however cashing out this way comes with caveats that I mentioned in this article.
At this point, your first step is to get a wallet. I use Coins.ph (in the Philippines) on my phone and I’ve tinkered with Jaxx but I find it a little buggy –you may prefer to use an online wallet like Binance when you’re starting out. It’s possible that it may take a few days to verify your account, so get the process started before you’d like to buy your first crypto with your credit card or prepaid debit card.
For my hardware wallet I chose Ledger because they handled the last Bitcoin fork better than Trezor. And for now I use Exodus on a laptop. 99Bitcoins has a great spread of crypto wallet reviews which I believe they update somewhat regularly.
After you have a wallet, you’re going to need to find a way to load it with cryptocurrency which can be done with a verified account on an exchange and your bank account, or you can buy some from a friend.
Ready to buy your first cryptocurrency?
If you sign up with our Coinbase link you’ll get a free $10 USD worth of Bitcoin after you buy, sell, or trade your first $100 USD of cryptocurrency.
Free Online Cryptocurrency CourseLearn about cryptocurrency at your own pace! We took a more conversational approach to explaining cryptocurrency, pointing out tools and resources as we go along, in context of real-world situations.
The articles below are listed in the order of our own learning experience, moving through the different layers of cryptocurrency adoption from understanding criticisms and myths to the wide range of technologies that underpin it.
We've continuously updated and expanded on each article over time to ensure relevance. The last content review was March, 2018.
Have Anything to Add?
If you have any questions or comments, feel free to leave them below. If you found this article a little clearer to understand than others you’ve read, please help us get the word out about cryptocurrencies and share it with a friend.
Pin it if you liked it!
Exclusive Chiang Mai Guide for Digital NomadsChiang Mai, Thailand is the "digital nomad capital of the world", and Hobo with a Laptop readers can get an inside look at this popular destination with Digital Nomad Escape Plan; a 200-page ebook written by nomads, for nomads.
Updated annually, and now completely free.