A step by step guide on how to buy & store the Bitcoin (BTC) cryptocurrency

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Contents are reflective of personal views and readers are responsible for their own investments and are advised to perform their own independent due diligence and take into account their own financial situation. All investments carry risk. The risk of investing in cryptocurrencies and blockchain related startups is extremely high and you may potentially loose all your investment capital.

If in any doubt about the investment action you should take, you should consult a professional certified financial advisor. This article is mean to help beginners quickly get their hands on small amount of cryptocurrency so that they can appreciate the concepts better through how to buy bitcoin step by step guide.

It is NOT meant to be investment advice or sharing of trading strategy, but rather an early starting place to better appreciate the blockchain revolution. I believe that only by getting your hands dirty and using the system can you then truly appreciate how cryptocurrencies work.

In cryptocurrency lingo, there are Bitcoins and then there are Altcoins. Examples of altcoins include Ethereum and Litecoin. For the purposes of this guide, we will be setting up your fiat-crypto exchange which allows you to exchange your fiat currency with cryptocurrency. We will also be using credit cards in this step-by-step guide to make the how to buy bitcoin step by step guide. It appears that the issuers may be blocked their credit cards from being used to purchase cryptocurrencies.

We recommend that you use our Coinbase referral link below when signing up. After you have successfully signed-up in the step above, an email will be sent to the email address that you had entered.

After you have successfully verified your email address, you will be directed to verify your mobile number. Here you will update your identity in Coinbase, make sure your details are correct as per your identity documents as you will require to verify them at a later stage. This is the critical step that you must complete successfully, otherwise Coinbase will not permit you to make any cryptocurrency purchases. Please note that Coinbase is required to comply how to buy bitcoin step by step guide anti-money laundering and terrorism financing regulations and how to buy bitcoin step by step guide Know-Your-Customer KYC checks and verification are a standard procedure.

Your ID documents are now being verified against the identify profile that you had provided earlier using Coinbase's artificial intelligence software. Do note that verification could take between 5min to 15mins.

The steps above could also be used for "Passport" or "Drivers License" instead if you prefer to use those documentations. After your documents are verified, you will be informed that your account is incomplete. To complete your account setup, you will need to link a payment method. For this guide, we will use credit card how to buy bitcoin step by step guide the payment method. Finally, you will receive a confirmation message that your "Credit card successfully verified!

You will now be able to begin your first cryptocurrency purchase! At ProButterfly TMwe encourage all our readers and subscribers to dabble a little into the cryptocurrency space as we believe that asset class has a long term potential and the wave has only just started. We encourage you to read our introduction to blockchains and cryptocurrencies as the following links: Join our mailing list to receive a weekly newsletter with the latest news and updates from our team.

We work really hard to ensure that we provide value on a weekly basis! Tam Ging Wien has been an avid equities and real estate investor for over 10 years. His passion for financial education and training stems from a desire to help others help themselves achieve financial freedom.

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This is largely written for Singapore residents, but foreigners can use this as a guide to buying Bitcoin regardless of where you are located.

And mind you, I did ask! The answer was always:. Their workshops were mostly a preview — for them to up-sell their thousand-dollar course. After evaluating both apps and asking both my friends in Singapore and abroad, I decided on using Coinbase instead. Some of the key reasons driving my choice came down to which site had more users, a higher level of security and more trustworthy team including an ex-Google software developer , as well as the fact that Coinhako had their bank accounts abruptly shut by our local banks quite recently.

Prepare your documents for verification. This is needed as part of the KYC know your customer process, similar to that of a bank or stock exchange. Download an authenticator app, like Google Authenticator. Coinbase used to send an SMS to your registered phone number as their 2FA method, but this has since been switched to a digital authenticator. Scan your QR code in your authenticator app to link to Coinbase.

Create an Xfers account here using your registered phone number with Coinbase: Write down your secret seed…. Or, a fraction of it. You should soon see this email:. You can buy Bitcoin for as little cash as you want! The process is extremely fuss-free. This article originally appeared on SG Budget Babe , and is republished here with permission. Type and hit enter to search Search. The answer was always: Subscribe to Vulcan Post Newsletter Stay updated with our weekly curated news and updates.