Now we’ve covered what cryptocurrencies are and the most popular currencies of 2017 you’re on your way to making your very first purchase and getting onto the crypto ladder. But I bet you’re thinking to yourself “HOW?!”. Well, let’s walk through how to set up a Bitcoin wallet and how to make your first purchase!
First you’re going to need a good, reliable provider for a Bitcoin wallet. But don’t fear, I’ve done all the hard work for you and selected the top crypto wallets used by most of the community. A digital wallet does exactly what you’d imagine a wallet does (or a bank account), it stores your Bitcoin until you are ready to either spend or exchange them. Wallets range in terms of features, security and platforms they can be used on (Mac, Windows, iOS, Android etc), so it’s important that you find the wallet that suits your needs.
For beginners, we recommend starting off with a simple wallet that allows easy transactions between accounts. The wallets listed below are free to download but may charge a small fee to exchange when you’re moving money between your accounts. This will be available on the respective sites for each wallet.
Coinbase.com offers a user-friendly wallet that is linked directly to its exchange services and is simple to use and navigate, just one a few of the reasons it is probably the most popular Bitcoin wallet out there. Once you’ve signed up, Coinbase.com allows you to access your wallet from numerous devices and offers excellent security features to help protect your assets that you can set-up once you’ve created an account. It is available on Windows, OSX, Linux and also has an App available for Android and iOS so you can access your wallet and trade on the go. It also offers one of the cheapest exchange rates on the market so is definitely worth checking out.
If you’d like to find out more about Coinbase or create an account, Click Here
Electrum is another wallet service that offers you a strong level of protection that is used primarily for storing larger sums of bitcoin. During the simple installation process, you are given a twelve-word phrase that will allow you to recover all of your Bitcoins in the unfortunate event of your computer failing. However, Electrum is only available for Windows, OSX, and Linux but is still a recommended software wallet for beginners.
To download Electrum Click Here
Finally, the last on the list is Blockchain. Simply head to their site and fill out the brief requirements and you’re ready to go. This wallet is similar to the likes of Coinbase who also provides a fast, simple set-up and provides you mobile access via an app too.
To set-up an account with Blockchain, Click Here
Once you’ve selected the wallet of your choice, the next step is to set up your account with your credentials and purchase your Bitcoin. For this demonstration I’m going to use Coinbase as this is my primary method for purchasing and spending/investing Bitcoin. The procedure is similar for any wallet so still feel free to follow the steps if you use another wallet.
When you log in you will be greeted with the image above (Your Dashboard). It will show the current price of Bitcoin, Ethereum and Litecoin and how much each has increased over the day, week, month and year and underneath you will see ‘Your Portfolio’ and ‘Recent Transactions’. What we are interested with here is the bar with the five options above the chart, where it says ‘Buy/Sell’.
Once you’ve clicked this you will be directed to a page that looks like this. The next step is to select the cryptocurrency you wish to purchase, you have a choice between Bitcoin, Ethereum and Litecoin. Once you’ve done this you will need to add a payment method. One of the best things about Coinbase is that it can be used throughout the US & Europe so supports a range of payment methods from credit card to bank transfer. For more information on your country and valid methods of payments check out here https://support.coinbase.com/customer/en/portal/topics/796531-payment-methods/articles
When you have successfully listed a valid payment method you simply enter how much GBP/EUR/USD you would like to convert and Coinbase will automatically work out the value in BTC/LTC/ETH. Alternatively, if you want to buy a certain amount of cryptocurrency you enter the value you require, and it will reverse the conversion back to GBP/EUR/USD. Finally, when you are happy with the amount you simply select ‘Buy Bitcoin Instantly’ and the Bitcoin should show in your account within a minute.
Step 3 –
Welcome to the world of cryptocurrency! You are now officially trading Bitcoin, Ethereum or Litecoin depending on what currency you selected. These can be used to spend online, invested or converted into another of the 1000+ cryptocurrencies on the market.
If you are interested in creating a Coinbase account visit this link which will give you an extra $10/£7 for every $100/£75 you purchase