Baby Steps to Buying Bitcoin

READ THIS FIRST

If you had invested $100 in Bitcoin in January 2011 you would have $5.7 million today. Deloitte predicts that by 2025 10% of the world’s GDP will be in cryptocurrencies. That means for every $10,000 you invest in cryptocurrencies today, on average, will be worth $1,000,000+ in 8 years. Let’s have a look at what that growth might look like:

Year 0 $10,000
Year 1 $18,000
Year 2 $32,400
Year 3 $58,300
Year 4 $104,976
Year 5 $188,957
Year 6 $340,122
Year 7 $612,220
Year 8 $1,102,000

This is based off of Deloitte’s predictions, not mine! But from my own personal experience the returns are even better than this.

If you follow these guides and invest wisely your investment could be worth much more than that! If you’re still reading it’s because you want some of the action and I don’t blame you. Cryptocurrency investors have been getting rich off this gold rush for the past 7 years with many people turning $1,000 into $50,000 this year alone from when Ethereum went from $8 to $400+!

The good news is that you’ve come to the right place. This guide will take you 30 minutes to follow and by the end of it you will have hold of some of that digital gold called Bitcoin. If you’d like to learn how to buy other types of ‘cryptocurrencies’ such as Ethereum then you can read Baby Steps to Buying Bitcoin’s Buddies afterwards. If you want to reduce your risk and increase your gains then see Baby Steps to Cryptocurrency Investing (coming soon). I highly recommend using the general guide on the home page at your pleasure to understand how Bitcoin is different to normal money and why you should care.

In this guide I’ve outlined the most convenient way of getting your hands on some of that digital gold called Bitcoin.

Without further ado, let’s get started.

The Easiest Way

Things you will need:

  • Smartphone
  • Credit card
  • Government issued id (driver’s license, passport, national id…)

The easiest way to buy Bitcoin is with your credit/debit card. To do this you will need to download a Bitcoin ‘Wallet’ where you can put your Bitcoin when you’ve bought them. To keep things simple I’m going to use one of the most user friendly ones (Jaxx) to walk you through it. If you follow THIS LINK on your phone you will get to the page shown below.

I’m going to be using the mobile wallet for this guide so if you have an android phone (anything but an iPhone or Windows phone) click on the  ‘mobile’ link underneath ‘Android’. If you have an iPhone click on the ‘mobile’ link underneath iOS.

This will bring you to the relevant store. On android phones press the ‘install’ button, accept, wait for it to download, then press the ‘open’ button.

You will be presented with some information about their latest update. Press the ‘continue’ button. Next is the user agreement, press accept.

You need to creat a new wallet so make sure ‘create new wallet’ is checked and press ‘continue’. For now we’re keeping things simple so we’ll just do an express setup and I’ll show you how to set up a pin code and backup your wallet (very important!) afterwards.

On this screen you’re presented with all the cryptocurrencies that Jaxx supports. For now we won’t worry about the other types, make sure Bitcoin is checked and press ‘Take me to the wallet’. It will take anywhere between 5 and 30 seconds to create your wallet so be patient.

We’ll talk about some of the great features this wallet has later. For now you can skip the tips.

You should see your account balance and some other information. We will look at the rest of the wallet and how to send Bitcoin later. But now that you have your wallet set up let’s buy some Bitcoin.

To buy Bitcoin with our credit card we’re going to use Coinmama, follow THIS LINK. You should see the screen below. Fill in your details, check the box and press ‘Register’.

Check your email for a confirmation email. Press the highlighted link and to confirm. Now press ‘Continue to your coinmama account’.

This is the last hurdle before the homes straight. Log in to your account and select ‘verify your account’ from the menu. Once you’ve done this it will be much easier to buy bitcoin whenever you need to. All the legitimate services that let you buy bitcoin are required to “Know Your Customer” so you need to upload your government issued id. Make sure the picture is clear and all 4 corners are visible.

You will need to fill in some more personal details first before uploading picture of your government issued id (back and front) by clicking ‘choose file’, you can use your phone camera for this as long as the image is clear and all four corners are visible. Once you’ve taken pictures of both the front and back press upload and you should see a confirmation.

Once you’ve completed this step you will need to wait for Coinmama to verify your id. They will send you an email once this has been done (shown below). Finally, now you can buy some Bitcoin! Go back to the coinmama homepage and log in again if you’ve been logged out. Press ‘Buy Bitcoin’.

Here you can select how much Bitcoin you’d like to buy. If you’d like a specific amount you can input that in the boxes at the bottom (below right). The minimum amount is $60.

Select Credit/Debit card and now it will ask you where you want the Bitcoins sent to. If you go back to your Jaxx wallet you can copy the wallet ‘address’ shown below and paste it into the box.

Now you will go through the usual online purchase procedure of filling in your personal and card details.

Screenshot_20170912-124803

The final step is to confirm the payment with 2FA (two factor authentication, for security purposes) by writing in the 4 digit code that has been sent to the phone number you registered and clicking the link in the email you received.

Once your payment has been processed by your bank you will receieve the bitcoin in the address you specified. If you’ve been following these guides it should appear within an hour in your Jaxx wallet.

Phew! now that that’s all done if you want to buy Bitcoin again in the future you will only have to repeat the last few steps.

IMPORTANT! Now that you’ve bought your Bitcoin it is very important we back up your wallet and add some security in case someone tries to steal it or you lose/break your phone. See Backing up your wallet where I walk you through how to do this.