BITCOIN (PART2) Getting your first Bitcoin

February 25, 2017

 

OK, so you've learned the basics about bitcoin, the next step is to get some bitcoins. But how? This guide will tell you what you need to know.

You can buy bitcoins from either a Bitcoin exchange, or directly from other people via marketplaces and pay for them in a variety of ways, ranging from hard cash to credit and debit cards to wire transfers, or even with other cryptocurrencies, depending on who you are buying them from and where you live.

 Kraken is one of the largest Bitcoin exchanges. The company was founded in San Francisco on 28th of July, 2011 and remains based in California.

The platform is an great choice for European users, but after a number of acquisitions in the last couple of years, their focus seems to be shifting from Europe to Worldwide market. They are now an excellent option for US customers.

The verification process is straightforward, but Kraken can be a bit strict when it comes to the higher tier verifications. There are four tiers. Tier 1 and 2 take only a few minutes, but it can take longer if the application requires manual review. Tier 3 verification usually takes a couple of days to complete.

Gemini Exchange is aptly named after its two founders the Winklevoss twins. The exchange is based in New York and at launch on the 8/10/15 only allowed US citizens to on board - in 26 states and Washington DC. 

The Company took an alternative route to most other exchanges in jumping through regulatory hoops by applying for status as a New York State limited liability Trust rather than a Bitlicence.  This gives the exchange the ability to deal both with institutional clients and individuals. The founders have also announced their intention to allow access to other alternative crypto markets as and when they warrant it. 

In all perhaps one of the most considered and well positioned exchanges to capitalise on the bridge between main financial markets and the present ecosystem. A breath of fresh air in bringing a touch of wall street class & security to the innovative yet nascent Bitcoin arena.  

Deposit and withdrawal fees are 0 and trading fees are 0.25% off both sides of the trade. 

LocalBitcoins is the primary site where such transactions are arranged and prices negotiated. The site also provides an escrow service as an added layer of protection for both parties.

Coinbase is arguably one of the worlds most popular wallet and exchange service that will also trade US dollars and euros for Bitcoins. The company has web and mobile apps. Originally a US-only service, Coinbase has recently opened up to a large number of European countries.

We recommend using the second option www.coinbase.com to start with as we feel this is the easiest, and safest option. You can easily buy Bitcoins at the current rates using you credit card, or debit card on this exchange, and you can even link your checking account and send a wire to your coinbase account. This is an excellent service for newcomers because of how easy it is to acquire your first coins. Keep in mind that new account are limited in the amounts that you are able to buy until you verify you account and payment types.

        GO TO

www.coinbase.com

1
SIGN UP

Create a digital currency wallet where you can securely store digital currency.

2
CONNECT

Connect your bank account, debit card, or credit card so that you can exchange digital currency into and out of your local currency.

3
BUY BITCOIN

Buy some bitcoin and ethereum to begin using the future of money.

 

The interface that coinbase built is very user friendly, and easy to get your first bitcoin using your debit/credit cards and this is why we recommend this for beginner, but once you gain some experience and more knowledge we suggest that you move all your cryptocurrency to a "cold storage method", and remove them from exchanges except for what you need for current purchases you may need to complete for say 1-2 days. If you need for you can always send more from your cold storage to your exchange account. 

 

After you get your Bitcoin or Ethereum you can trade us for Kratom, and the best part is we will give you a discount for helping support us and our plans for the future. Just place your order as usual and call us and we will finalize the transaction. Its very easy, and then you all set up for making future transactions in Bitcoin. If you look around there are many companies now conducting business in cryptocurrency, and its not just small companies even the auto manufacture Tesla has sold cars with Bitcoin.

 

Here is the link for a great review of coinbase that will provide some nice screen shots and explanations of how to buy and send your first bitcoins through coinbase.

how to use coin base

Thanks for reading part2 In the next section we will cover alternative storage methods for your newly acquired Bitcoin.

 

 

 

 

 

 

 

 

 

 

 

 

 




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