How to Buy Bitcoin Instantly: Intro to Crypto Currency Technologies

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.

Why Bitcoin?

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.

Bitcoin TradingIn 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.

Bitcoin for Beginners Course

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

1. Sign up for Binance for a bigger altcoin selection, or Coinbase if you don’t mind somewhat less instant hoops to jump through.

2. Buy a hardware wallet like a Ledger Nano S and/or download Exodus.

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.

Related: 5 Types of Cryptocurrency Wallets Explained

Ledger Nano S Cryptocurrency Hardware Wallet
The Ledger Nano S is the World’s Most Popular Cryptocurrency Hardware Wallet —See Reviews on Amazon

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.

Bitcoin for Beginners Course

Next Steps

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?

Sign up for Binance or Coinbase and start trading cryptocurrency for the first time!

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 Course

Learn 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.
 
1. Bitcoin Scams, Criticisms, and Myths Explained
2. Intro to Cryptocurrency Technologies
3. Best Tools to Buy, Sell, Trade, Hold, or Spend Crypto Currency
4. How to Get Cryptocurrency
5. Cryptocurrency Wallet Types Explained
6. What to Consider Before You Choose a Crypto Wallet, Exchange, or ICO

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.

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4 comments

  1. Great article! What books / info / videos did you consume yourself with at the start? I’m reading ‘Mastering Bit Coin’ to give me a general overview but would benefit from something designed to cover all of the cryptos and trading techniques etc. Do you have any further tips on resources?

    1. Thanks Chris, appreciated. When I got started I instantly made some very helpful friends in the space because I couldn’t shut up about it. A few of them trade stocks so they were helpful when it came to which trading strategies to pick up. This article also got a few peers and casual readers to say hello.

      You’d be surprised how many people close to you are quietly into Bitcoin or Ethereum –I had a friend that was running a meetup in Chiang Mai and I didn’t even know. So my first tip is to start talking about it, shake the tree, see what falls out.

      The second tip is to aggregate your info. Some coins are bad news and you almost need to blur your eyes to see the full picture. Read all the white papers, use Linked In to look at the people behind a coin you’re interested in, do a lot of information scavenging, and follow public opinion because even if a coin is garbage you could make money on it with trading.

      Learning how to read candles is a must, and getting familiar with the meaning behind the following terms will get you started and connect a lot of dots in things you read online: Position sizing, shorting, scalping, swing trading, bounce plays, stop orders, Fibonacci, Elliott wave, continuation patterns, momentum indicators like relative strength index (RSI), and reversal patterns.

      I really hope that helps Chris –and stick around, because I’ve got more to share in the coming weeks. If you found this useful, share the love in your circles. And of course, as time goes on, feel free to connect and ask questions. Cheers!

  2. Hey Michael. I’ve enjoyed your articles (you write well) but find it a bit frustrating that they aren’t dated. Or if dates are provided, I haven’t found them.

    Things are moving quickly. Dates would allow persctive.

    Keep writing, though. Great job. And all the best.

    1. Yeah, I think we’ll bring them back in the new year. Currently our website auto-updates every post’s date to keep it fresh for Google. In the new year, we’ll turn that off and restore dates in one form or another. Thanks for stopping by, EnnisP.

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