This article is a summary and transcript of the Youtube video: How to Buy Cryptocurrency | HOW TO BUY BITCOIN | How to get in bitcoin and crypto
In this video series you will learn how to get started with cryptocurrencies. You will learn how to purchase most cryptos in a fast easy and most important, safe way.
I won’t be using any technical or confusing language there is a lot of noise in the crypto world so as a beginner it’s easy to get lost, confused or overwhelmed with all the information available.
Part one: crypto storage. Crypto gets stored in what is called wallets. There are three types of wallets, hot wallets which is an online storage for your crypto. These are apps or websites. One of the most popular ones is probably Atomic Wallet. There are also specialty wallets so if you’re buying Ethereum or ERC 20 base tokens you can store these on Myetherwallet.
Another kind of wallet is a cold wallet aka a paper wallet which is anything not connected to the internet. So that includes writing your private keys on a piece of paper and storing somewhere safe.
Then the third type of wallet is a combination of both and this is what I recommend. And this is the hardware wallet. Think of your hardware wallet as a hard drive to store your cryptocurrencies offline. It’s not actually holding your coins, but it’s holding your private key.
Okay so it’s time for us to take action. Step 1 purchase a hardware wallet. I recommend a Trezor or a Ledger. I’ll leave a link in the description your best bet is to purchase from the official website but you definitely want to stay away from eBay or random websites.
Checkout my video on Trezor vs Ledger to help you decide.
The reason we’re buying the hardware wallet is step one it’s because it will take a few days to get delivered and you want to make sure that you have your wallet ready for when you make your purchase. For instance the ledger gets delivered from Europe so to USA residents this is gonna take a little longer. Perhaps if you order from Amazon the order gets fulfilled quicker?
Step 2 signup for an exchange. An exchange, as the name implies is a website where you will be exchanging your cash your money into crypto currencies and Bitcoin most popular exchanges are Coinbase and Binance.
I recommend that we get started with Coinbase. You most likely already have a Coinbase account. If you don’t I’ll leave a link here and in the description below. If you use that link we’ll both get ten dollars. It’s free to sign up it’s not a scam or anything.
Its for you to sign up and Coinbase is probably the most popular crypto exchange and considered one of the most legit exchanges if not the most legit exchange.
However Binance is catching up to Coinbase there is one big problem and that is you can’t use Binance.com from within the USA. So if you’re an United States resident, you can’t use Binance.com. You have to use Binance.us and the big problem with this is that by Binance.us does not carry all the cryptos that by Binance.com carries.
However there is a little trick that you can use in order to get around this and be able to sign up to Binance.com from the US and I will leave a link in the description below or a link above that shows you how you can sign up to Binance.com from the USA. It’s a trick that a lot of people are not aware of so check it out. Click the link whenever you get a chance.
Thanks so much for watching if you enjoyed the video please click a thumbs up subscribe to the channel and leave a comment below don’t forget to watch the next video so you can learn how to get started on Coinbase.
Full disclosure: there are a few affiliate links posted in the article. Some of them offer bonuses only available thru my link.
Stay Tuned for Part 2.
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