You've heard about Bitcoin. There is only ONE Bitcoin.
The 10K Bitcoin Pizza story. Let's say for the hell of it, you want some NOW. Skin in the game. Fair enough.
It's a new asset class and with anything like this? It's risky. DO YOUR OWN RESEARCH.
You don't have to call your broker. There are exchanges that follow US Regulations and it's generally safe to buy and sell Bitcoin with the US Dollar.
I'm going to keep it simple and stick with two places. Coinbase and Cash App. You can easily set up an account on your computer and download the Coinbase app for IOS or Android. If you use my "sign up link" we'll each get free Bitcoin for it! 🙂 I do not recommend to make money. I won't recommend anything for a buck. All of this info is good whether you decide to support me by signing up via our link or not.
There are no secrets here
You will need to fill in your information to buy Bitcoin in the USA. Forget anything you may have heard about Bitcoin being anonymous. Just like everything else? They need to know who you are, to do business with you. Buying from an exchange in the US means they need to follow rules and regulations. KYC - KNOW YOUR CUSTOMER. It's something banks and other money storing places are required to do. Coinbase has to follow those same laws. ONE major thing that Coinbase has that Cash App does not, is FDIC insurance on Coinbase USD wallets except if you think about it? Who's holding USD there? It's only there to buy Bitcoin.
Direct from Coinbase's site-Digital currency is not legal tender, is not backed by the government, and digital currency accounts and value balances on Coinbase are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.
The above is why it is important to know that after acquiring Bitcoin you will eventually want to move it offline to keep it safe. We'll get there and talk about storage down the line.
What I like about Cash App is that you can accept Bitcoin and other payments and you get a debit card with the account. You can use this as a stand alone account or hook a bank account to it. If you sign up using this link, we each get $5 free. You don't have to, no worries. I don't recommend anything because I'm getting paid. I recommend if I've used it, had no issues and also know others who have done the same. But if you'd like to support us, it helps! Sign Up and Get $5 Free. Read below and then click the link and follow the directions. Nothing is easier. There are no altcoins to buy which I find refreshing with much less confusion.
Here is some more info about them.
- Cash App is a peer-to-peer payment app formerly known as Square Cash.
- At the head of the company is Jack Dorsey, founder of Twitter.
- A peer-to-peer system is basically user to user. You are sending to each other not a bank first THEN to each other.
- It's good to use peer-t0-peer applications with people you know.
- One risk of a peer-to-peer network is it isn't as secure by nature. So use all security features.
- To move USD into your Cash App can take 1 to 3 days.
- You can send and receive USD with anyone also on the network.
- You can link to a bank account.
- You can spend money in the account with a dedicated Visa debit card they send you.
- It's free to send and receive USD.
- You can set up direct deposits to your Cash App account.
- If you send to the wrong person? You may never see it again, so be careful.
- For legalities the Visa debit is considered a pre-paid debit card.
- If your card security is breeched, your losses are limited to $50 for 2 days.
- There is no FDIC insurance for any USD in this account.
- There is a BOOST option like a coupon added to your Visa debit like, it's a $1 off at Starbucks, you are charged the dollar off price.
- You can buy Bitcoin easily at any time in any amount.
- They will want your photo and info KYC (know your customer) just like Coinbase.
- You will need to do that in order to buy and withdraw Bitcoin.
- It's easy but as I mentioned above about Coinbase, don't use this for long term storage.
- This is perfect for buying Bitcoin and #stackingsats which stands for basically acquiring Bitcoin.
IMPORTANT: There are other "cryptocurrencies" for sale on many sites and including Coinbase, Binance and other exchanges. These are called Altcoins. Altcoins are NOT BITCOIN. They have different names and supposedly do the same kinds of things Bitcoin does. Some were honest projects with good intentions, some were and still are pure scams. To this day, none have grown or created value (in my opinion).
There is even something as confusing as-- Bitcoin.org is the original CORRECT REAL site for Bitcoin or BTC. Then someone realized they could make a buck and bought the .com address. That website isn't run by anyone at Bitcoin, because THERE IS NO ONE WHO WORKS FOR BITCOIN. So there is no one to make these promotional articles. This is created by someone who argues they are the true cryptocurrency.
I assure you, BCH or Bitcoin Cash is NOT Bitcoin. This is one example of thousands of worthless "coins" that aren't doing anything or creating something amazing. Nothing is Bitcoin EXCEPT Bitcoin. BTC. If you aren't sure, please come on over to Twitter and ask me anything and I can help clear up any questions you may have. Many of these cryptocurrencies skirted regulations and created huge groups of people who believed in this next revolution. I will add more info on this as we go but PLEASE don't hesitate to ASK or do some research. There is only one Bitcoin. It's incredible complicated AND simple at the same time.
If you are here? You are ahead of the curve and looking into this now. make sure you get a sense of this "space" and what's gone on for the past 11 years. You can get much more background under my favorite Podcasts.
After you get the hang of it, you'll want to learn more about Bitcoin cold storage eventually and you can check that out HERE.
Below are step-by-step instructions FOR COINBASE
- Go to Coinbase.com - click on this link ---> Join Coinbase
- Fill out the information.
- Go to each tab at the top starting with MY PROFILE which is self explanatory.
- PREFERENCES - check off all the boxes to receive an email or notice for anything.
- SECURITY- 2 step-FA - I recommend downloading the Authenticator App from Google. Texting a code to your actual phone number is very risky.
- There is a new "security key" option I haven't looked into yet but it says it's even MORE secure than Authenticator. I will add that info when I understand it better.
- Use 2 step authentication at all times and for EVERYTHING.
- FINANCIAL SERVICES - You can leave this on. I can explain what USDC is later.
- ACCOUNT ACTIVITY- check this every few days to make sure all looks normal. If you see logins to your account from Panama or something? Red flag.
- LINKED ACCOUNTS- There is where you add the accounts you'd like to buy Bitcoin with or send USD to if you sold some Bitcoin. You can even link a Paypal account.
- API ACCESS- nothing to worry about now.
- ACCOUNT LEVELS- self explanatory.
Once you've signed up THEN you can buy Bitcoin. They have options to sign up for re-occurring buys or you can jump on and grab a little at leisure. They've also introduced a Vault feature for a little added security if you need to leave it there for the time being. This is 1 option.
Below, find out about Cash App but important to read my alt coin info below.
IMPORTANT: There are other "cryptocurrencies" available for sale on many sites and including Coinbase. These are called Altcoins. They are NOT BITCOIN. There are different names and supposedly do the same kinds of things Bitcoin does. Some of these were honest projects with good intentions but aren't doing anything. Some were and still are pure scams and were created to be scams. There is even something as confusing as Bitcoin.org is the original site for Bitcoin and someone else bought the .com address.
That website isn't run by anyone at Bitcoin, because THERE IS NO ONE WHO WORKS FOR BITCOIN. So there is no one to make these articles. This is created by another company who argues they are the true currency. I assure you, BCH or Bitcoin Cash is NOT Bitcoin. This is one example of thousands of worthless "coins" that aren't doing anything or creating something amazing. Nothing is Bitcoin EXCEPT Bitcoin. BTC. If you aren't sure, please come on over to Twitter and ask me anything and I can help clear up any questions you may have. Many of these cryptocurrencies skirted regulations and created huge groups of people who believed in this next revolution. I will add more info on this as we go but PLEASE don't hesitate to ASK or do your own research. That's important. There is only one Bitcoin.
All set up and ready to go?
Hit the TRADE button but first, a few things to consider.
To purchase Bitcoin, push the TRADE button. You are buying Bitcoin. It will show you how much you will receive for the price and the fees. This is also true of Cash App below.
Just like everything else in this world, exchanges charge fees. So in order to buy Bitcoin, they are either going to charge you on top of it, or more for it. Maybe even both.
If you want to purchase Bitcoin and have instant access to it? You need to use a debit card and pay about $3.99 more in fees to purchase $100 worth of Bitcoin. The price shown will also move up when you go to review.
If you use a bank account and agree to wait 3 days before touching your purchase? It's about $2.99 for $100 USD worth of Bitcoin.
The cheapest way to buy on Coinbase
Request USD transfer from your bank account to Coinbase. It will take up to a week. If you want to adding Bitcoin to your portfolio, you can add USD. It's then on hand when it's time to "buy the dip" and not pay extra banking fees. Cash App also needs USD deposited to buy or a connected debit or credit card.
FYI- This is not financial advice of any kind. I promise. I will share my experience and base this on my experience. Things can change in an instant. Especially in an 11 year old really new technology. Staying up to date on who's most reputably right now is important. Coinbase has tried to follow US regulations in a space that is unregulated. Why? Because it will be soon. They have been in on the ground floor with US laws and regulations so when the time comes, they will be recognized and official. (whatever that means) Cash App also has an excellent reputation.
Once you have your Bitcoin in your account?
It is time to learn about how holding your own keys. This is ultra important and HOW to make that happen. I wish I could say this is a simple piece of cake. It's not. Coinbase has introduced a "Vault". It won't allow you to move the Bitcoin for at least 48 hours and you can make it so you use multiple emails to confirm a withdraw. If an exchange was hacked I'd rather at least have this little bit of extra security. Again- it's not safe enough. BUT moving it to cold storage isn't all that simple. So that's level 2 Bitcoining. 🙂